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Learn Some Amazing Tips With These Passive Income Ideas
If you are looking to start a business from home, or just want to earn a little bit of extra money on the side, this article goes over some of the best passive income ideas on the market today. Don’t miss out on these great tips!
If someone told you that you had hundreds of dollars with your name on it, waiting to be claimed, how would you react? If you’re anything like us, you’d immediately go claim it. Money is usually tight, and most people could do with a little extra cash in your pocket.
The fantastic news is, you do actually have hundreds of dollars just waiting to be claimed. Passive income includes ways of making money that doesn’t actually require any additional effort on your part. Read on to find out about some of our favorite passive income ideas.
Credit Card Rewards
Credit card rewards are one of the best ways to earn passive income. The premise is that you get cashback (usually at a percentage rate) on certain purchases you make with your credit card. This means you get paid for spending money.
When you set up your credit card, you’ll probably want to choose which rewards program you want pretty carefully.
If you drive a lot, you’ll probably want a credit card that offers the most money back on gas purchases. If you tend to buy a lot of clothes, maybe look for a card that offers the money back on retail purchases.
Rent Unused Space
One of the best ways to create passive income with no money is to use assets you already have. For instance, let’s say you have a spare bedroom in your house. You can rent that room out (or even rent out your whole house on weekends) and watch the money start piling up in a hurry.
Services like Air BnB allow users to rent out their spaces for a small percentage fee. You will need to follow their guidelines for renting. Mostly, this includes keeping your space clean and furnished and ensuring guests will have all the necessities during their stay.
Dividend Income
Playing the stock market has been one of the most popular sources of passive money for a long, long time. Sure, this kind of investment comes with some risk. But imagine if you had been one of the first people to buy stock in Apple.
When you’re getting involved in dividend income, you want to be sure to do your homework first. Check out the long-term history of any stocks you’re considering buying, and try to avoid any that have fluctuated too much.
If you have a little more seed money to work with, you may consider hiring an investment banker to help manage your investment profile.
Use RoboAdvisors
Of course, if you don’t want to hire an investment banker to help with your stock profile, you can always use a robo-advisor. Robo-advisors are artificial intelligence programs that monitor the stock market, track patterns, and sell and reinvest your money at optimal times.
Given the speed of the market fluctuation and the mathematical power that computers bring to the table, it’s a match made in heaven.
When you’re setting up an account with a robo-advisor, you can set the level of risk you’re willing to take in your investments.
The robo-advisor will then tailor its investment strategy to that level. Remember, a high risk may mean high rewards, or it may just be very costly.
High Yield Savings Account
At almost the opposite end of the thrill spectrum of passive money, we have high yield savings accounts.
These are certainly not glamorous, but they are certainly safer than playing the stock market. High yield savings accounts mostly center around online banks and can offer up to triple the interest rates that brick-and-mortar banks do.
The idea with a high yield savings account is that you put your money in the account and just… wait. (If you get bored in the meantime and would like some extra cash faster, visit this website.)
Your money will accrue interest at about a 1.5% rate per year, and that will start to add up eventually.
License Your Photos
If you’re a shutterbug, you may want to consider putting all those photos you take to work for you.
Stock photography has to come from somewhere, and if you have a good eye for photography, you may be able to make quite a bit of money licensing your photography to stock photo companies. Every time your photo is sold, you could get a percentage that will keep the cash coming in.
Some stock photo companies offer flat fees for photo licensing, and others offer what are effectively royalties. Once you find a company whose terms you like, you will be able to create an account, upload your photos, and let the digital tech manage the rest. You can also add photos to more than one platform to diversify your reach.
Use Your Car for Ad Space
Most of the time, owning a car is a huge source of expense. You have to buy gas, have oil and filters changed, buy new tires, pay meters and parking tickets, and generally dump a lot of your money into this machine. But what if the machine could start dumping some money back?
Some companies will pay you to advertise their product on your car. Sort of like a crowdsourced Wienermobile, your car can become a rolling ad for whatever company can offer you the most money.
Drive around on your normal route and watch the dollar signs keep ticking up.
Crowd Funded Real Estate
We’ve all heard it a thousand times. Real estate is one of the best forms of investment in the market. But houses are expensive, and if you’re trying to figure out how to create passive income with no money, dropping an extra few hundred thousand isn’t so much a practical idea.
Crowdfunded real estate allows you to sidestep the financial barriers of real estate investment. Effectively, you and several dozens of other people buy shares as investors in real estate projects. As those projects make money, so will you.
More Passive Income Ideas
There are dozens of ways to make money while you sleep (in some cases, literally; have you considered being paid to participate in a sleep study?). The trick is to find one that fits your lifestyle and be smart about your investments. Some passive income ideas are more successful than others, so keep your wits about you.
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