Passive income, who wouldn’t want a passive income source that flows in with little or no effort on your part?
Passive income may seem like an unrealistic dream, but there are actually a number of ways to make passive income. The key is finding the right opportunity for you. I want to make that easier by giving you a list of passive income ideas.
At first you may only be making a small amount of money passively, and you may even want to re-invest that money so it compounds and grows faster. But with some time, it’s possible to create enough passive income that you could quit your job or retire early.
1. Share Your Good Credit – Make Thousands
Rent your credit card authorized user spots. Here is a lucrative passive income source that may be new to you. You can add 3-5 authorized users to your credit cards (without giving the person added a card or access to your information) and you’ll be paid to do it. People who need to boost their credit scores can increase their credit scores and build credit history by piggybacking off of your perfect payment history. How much you make depends on the age and the credit limit on the account.
If you’ve never heard of selling/renting tradelines before it probably sounds too good to be true. The process only involves adding the credit repair companies client to your account, the card will be sent to your address and you can destroy it after you send a photo or scan of the card with the clients name only( this needs to be sent to the credit repair company, so they can know you did your part and so their client can also know they have been added as an authorized user.. The credit repair client user never has access to your account/s enrolled in this program.
It’s not for everyone, first off you must have perfect payment history but some people are making $2000 or more each month with very little effort, others have made upwards of $50,000 in one year. I have a few cards enrolled, the average pay is 100 350 per person added. I go through a company that was featured on the news for paying it’s card holder partners thousands of dollars monthly… It only requires 2-4 minutes to add/ remove a client and IZM Credit Services pays well.
They even pay you 5% Residual Income to refer other card holders and 10% to refer people in need of credit repair or credit fast building.
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2. Peer-to-Peer Lending
Peer-to-peer lending has become extremely popular. Borrowers and lenders can be matched up through a website or app.
The peer to peer borrower might not be able to qualify for a loan at a traditional bank. In many cases the peer to peer borrower gets a better interest rate than they get from a bank. As an investor, you can also earn a good return.
Peer to peer sites operate differently, but you will be able to see the credit risk of a loan prior to investing your hard earned cash. The higher the risk, the more interest you will earn, that is assuming the borrower will make all of their payments.
3. Invest in REITs
REITs offer another way to invest in real estate without being a landlord. The REIT owns income-producing real estate like apartment complexes, shopping malls. REITs make it possible to invest in real estate, and to earn a share of the income produced.
There are different types of REITs. Some are traded on stock exchanges and some are not. If you’re looking for a way to get started with real estate, REITs can be an great investment.
4. Buy Rental Property
You could buy a condo, single-family home, or multi-unit property.
The more properties you own and the more tenants you manage, the more time you will need to put into it. If you want it to be a passive investment the best option is to hire an experienced property manager.
5. Credit Card Sign Up Bonuses
Many credit cards give a bonus just for signing up and making a minimum amount of purchases on the card during the introductory period. For example, right now Chase is offering a $150 bonus if you sign up for a Chase Freedom Unlimited card and spend $500 on the card within the first 90 days. If you’re like me and you make most of your purchases with a credit card, hitting $500 in 3 months is easy.
- It’s critical that you avoid high-interest credit card debt. Pay your bill in full each month.
6. Bank Account Promotions
Credit card companies aren’t the only ones who are willing to pay you to open an account. Some banks will give you a bonus simply for opening a checking or savings account. Again, this isn’t something that you’re going to do all the time, but it is an easy way to make a little extra money with no work involved.
Capital One is currently offering a $25 bonus for opening a checking account or savings account (for new customers).
7. Place an Advertisement on your car
Some companies now pay to put an ad on your vehicle. So, If you’re looking for a passive side hustle, how about using your car to as an advertisement?
There are companies that match up advertisers with car owners who want to make extra money. It could be panel, or full wrap or rear window advertisement, . The ad will not damage your car, it will be removable and the ad company will install it for you. Average pay is $50 – $400+ per month. Some of the biggest companies in this industry are:
8. Rent Out Your Stuff
One way to make some money is to rent out your stuff to other people. There are a lot of possibilities here, and it really depends on what you have, and what you don’t mind other people using. Fortunately, there are also several websites that allow you to list your items for rent, and make it easy for renters to find you.
Style Lend – At Style Lend you can rent women’s fashion items, like clothes and accessories. If you have a closet full of nice clothes this can be a nice, easy side hustle for you.
Turo – This site allows you to list your car for rent. People can rent from you instead going to one of the major chains, and you can make thousands per year doing it.
Fluid Market – At Fluid Market you can list your truck for rent.
RVshare – RVshare allows you to list an RV for rent, which can be a potentially lucrative side hustle.
Fat Lama – Fat Lama will allow you to rent about anything from electronics, to to baby items & sporting goods.
9. Rent Your Spare Bedroom
You can rent out a spare bedroom in your home and make some money without too much effort by allowing someone to rent the room. A popular side hustle is to use sites like:
10. Invest in Artist & Musician Royalties
Royalty Exchange is a nique marketplace where you can invest in royalties. Artists and musicians are allowed to raise money by selling the royalties to their work. As an investor, you could make money passively from the right royalty investment.
Get Started with Passive Income Today
After reading through this list, pick a few that look like a good fit for you. The sooner you get started with passive income the sooner you’ll be making money, and you’ll have more to re-invest. There is definitely some low-hanging fruit on this list that is easy to get, even if you don’t have money to invest.