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Passive income is generated from existing assets. There are two approaches to generating passive income. The first is to invest money and the second is to invest time and effort. Here are 10 passive income ideas that you can start today, even if you’re a total beginner. ➡️ https://bit.ly/ideas-for-passive-income
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1. Open a high-yield savings account (2:14)
If you have a traditional savings account, it’s likely that the interest rate your money is earning is virtually non-existent. Luckily, there are online banks that offer significantly more enticing interest rates. The higher the interest rate, the more money you can make off your savings!
✅ Best Online Savings Accounts: https://bit.ly/best-online-savings-accounts
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2. Invest with a robo-advisor (3:28)
Investing is often considered a cornerstone component of any wealth-building strategy.
Betterment is a robo-advisor that gives you an individualized, professionally built portfolio. All you have to do is tell them a bit about yourself and your long term investment objectives, fund your account, and they take care of the rest!
✅ Betterment: https://bit.ly/betterment-investing
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3. Cashback shopping apps (4:28)
Another way to make easy passive income is by getting cash back for shopping you already do with cashback rewards. Wither with cashback credit cards (used responsibly) or with an app like Rakuten.
✅ Rakuten ($10 sign-up bonus): https://bit.ly/rakuten-cash-back
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4. Invest in dividend-paying stocks (6:12)
It’s one of the oldest and least sexy passive income strategies. But there’s something to be said about investing in stocks that pay quarterly dividends. With these types of stocks, you get paid when the stock goes up in value and when dividends are paid out.
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5. Buy a rental property (6:52)
If you have a larger amount of money ready to be invested in some way, you can look into buying your first investment property. Roofstock that lets you buy properties with as little as twenty percent down that already have tenants living in them. That means you start getting paid from the first day of your investment.
✅ Roofstock: https://bit.ly/roofstock-investing
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6. Start a YouTube channel (7:55)
There are hordes of people, and even college students, who make a full-time income with their YouTube channels. And their channels cover an array of topics! Like travel, unboxing videos, makeup tutorials, and vlogs. Because YouTube is such a popular platform, there are more than enough eyeballs to attract an audience to even the most obscure niche.
✅ Make Passive Income on YouTube: https://bit.ly/make-money-on-youtube-guide
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7. Start an online advertising agency (8:51)
Another way to make some extra passive income is by starting an online advertising agency. Even with very little experience, learning the art and skill of Facebook ads is doable. Anyone can pick it up and land their first client within a month. Most Facebook ad agencies will usually charge a flat monthly retainer of around $1,000-$2,000 per month per client.
✅ Facebook Side Hustle Course: https://bit.ly/fbsh-course
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8. Create an online course (10:05)
If you know a lot about a certain topic, you can create and sell an online course. Whether you’re skilled at algebra, or guitar, there are people out there who would love to learn more and pay you for your knowledge. You can create an online course and launch it on a platform like Teachable or Udemy.
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9. Put your car to work (10:54)
If your car is sitting around unused while you’re traveling, on vacation, or even during a typical workday, you can use it to make some passive income! Like renting out your car with Getaround. The average annual cost of owning a car is almost $9,000. But by renting your car with Getaround, you can make some (if not all) of that money back.
✅ Getaround: https://bit.ly/getaround-rental
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10. Affiliate marketing with a blog (11:39)
Affiliate marketing is a way to make money online by promoting other people’s (or company’s) products and services and earning a commission for each sale you generate. One of the best ways to get started with affiliate marketing is by having a blog. By sharing your link with your audience, you can make some easy passive income as you bring more traffic to your content!
When it comes to making money with passive income, there are so many ideas out there. Ultimately, you can pick a combination of these passive income ideas or try them all. The right one for you will depend on your short and long term goals, how much time or money you have, and the talents or skills you possess.
✅ Start a blog: https://bit.ly/how-to-start-a-blog-tutorial
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Marissa’s channel: https://www.youtube.com/thebudgetingwife
Links may contain affiliate links.
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