Whether you’re trying to save up money for something special or attempting to build an empire, passive income is something that could help you achieve that goal. Here are a few passive income ideas to help you build up your personal wealth.
1. Make Money From Daily Activities
Earn money by redeeming money on your everyday purchases. When you use Swagbucks, you earn points for shopping you’re already doing online from places like Amazon, Walmart and Starbucks. Plus, earn extra points for watching videos about a variety of topics, browsing the web and answering surveys. You can then redeem those points for gift cards to your favorite stores or get cash back via PayPal.
2. Make Your Car Work For You
If you’re already driving around to run errands, why not pick up a passenger or two? Driving your car with Uber will help you make money by driving people to their assigned destination. If can even make money when your car is not being used while you’re on vacation, traveling or just during a typical workday. With an app like Getaround, you can make thousands of dollars by renting out your car while you’re not using it.
3. Get A High-Yield Savings Account
With CIT Bank, you can get a 1.55% return on your savings. It is not money you are going to get rich from but it is free money. And since there are no monthly fees, that’s a double win from CIT Bank. An alternative option is Discover. Like CIT Bank, Discover offers competitive rates on their savings accounts. The big perk with Discover is that there is no minimum opening balance.
4. Rent Out A Room In Your House
If you have a spare bedroom, you can rent out your room through Airbnb. It is totally up to you when the room is available, what the daily rate is and you make the rules for your guests. A great way to make money while you’re on vacation or out of town is renting out your whole place on Airbnb.
5. Invest In Crowdfunded Real Estate
With just $500 you can start investing in real estate via a Starter Portfolio from Fundrise. You will get to take advantage of a REIT (real estate investment trust) with more flexibility and potentially high returns. Performance reports indicate that you will get returns of 12.25% on your initial investment.
6. Invest In Dividend Paying Stocks
Let’s say you buy shares of Colgate-Palmolive stock. When you buy stocks the price is likely to ruse over time, you will get paid for each share of stock you own. Over the past seven years, Colgate-Palmolive has paid between $0.34 and $0.68 each quarter for every single share owned by stockholders.
7. Peer-To-Peer Lending
If you want a higher than average return rate on your investment and would like to feel like you’re contributing to society, consider becoming a part of the Lending Club. The Lending Club takes your investment and uses it to help people borrow to start a business, consolidate debt and pay for medical care.
8. Affiliate Marketing
There are a few ways to get started as an affiliate. You can either form an affiliate relationship with directly with a specific company or through a commission platform like the Commission Factory, RewareStyle or ShareASale. You could also sign up as an Amazon affiliate.
9. Create And Sell An Online Course
You can create an online course to teach anything from Algebra to guitar on platforms like Udemy or Teachable. The best part about this passive income idea is that once you do the initial work of setting up your course, you will continue to get paid when people take it.