Dreaming of boosting your income without getting a second job or even leaving your house?
Passive income can work for you while you're cooking dinner, taking a shower, or working at your main job. Adding multiple streams of income that are (mostly) hands-off can help you bulk up your bank account.
Let's explore several different ways for you to create income streams from the comfort of your own home.
Earn money online by taking surveys
$55,000 might sound crazy … but with a company called Survey Junkie, it’s possible to get your share of it every day by taking their surveys in your extra time.
Follow these simple steps to start earning:
- Sign up for an account with Survey Junkie here.
- Take surveys.
- Repeat daily and get paid for sharing your opinion!
P.S.: You can cash out with as little as $5 through PayPal or bank transfer, or transfer to gift cards from a number of stores.
Open a high-yield savings account
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If you're saving up for a big purchase like a car or house, why not move the balance to a high-yield savings account and put your money to work?
Switching your cash to one of the top high-yield savings accounts is a smart way to earn compound interest. Most of these accounts have no or low minimum balance requirements.
Purchase certificates of deposits
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CDs are available for a variety of term lengths, usually with at least a 3-month minimum. The longer you leave the money, the more interest you will earn.
There may be minimum deposits needed of around $500-$1,000 for this passive income strategy.
Invest in peer-to-peer lending
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Peer-to-peer lending allows you to lend money directly to individuals or small businesses. You then earn money on the interest while the borrower is repaying their loan to you.
This type of lending may allow you to receive higher-than-average returns.
Stop overpaying when you shop online
Shopping online has its perks. It's super convenient, but it can be time consuming to find the best deals. Instead of hunting for coupon codes (that don't always work!) and opening tons of browser tabs comparing prices, you can try Capital One Shopping.
Capital One Shopping makes saving money effortless. Just add the browser extension and when you check out, it'll scour the internet for coupon codes to help you save cash. And before you check out at 25+ major retailers, Capital One Shopping will notify you with a friendly pop-up if the item you're buying is available cheaper somewhere else.
Capital One Shopping is free to use and won't show you ads. Add it today and stop overpaying!1 <p>Capital One Shopping compensates us when you get the browser extension using the links we provided.</p>
Join a real estate crowdfunding platform
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You can skip the hefty upfront cost by using real estate crowdfunding platforms like Fundrise or Crowdstreet. These platforms pool money from multiple parties to fund real estate projects.
Investors make money when these projects turn a profit, though profits are not guaranteed.
Start a YouTube channel
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With an audience of 2.7 billion people, YouTube offers creators a gateway to passive income.
Building a loyal audience can take some time, but once you do, you can monetize your content through ads, brand partnerships, and even sell your own products.
Trending Stories
Design print-on-demand items
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Print-on-demand services like Printify or Printful, work by creating, packaging, and shipping custom items after a customer makes a purchase.
Using free design software like Canva, you can create digital art or graphics to put on t-shirts, tote bags, mugs, and more.
Rent your car
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Car marketplaces like Turo and Getaround allow you to rent your car when you're not using it. These platforms even offer key-free exchanges so you don't have to meet your renters face-to-face.
Rent your unused spaces
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Using sites like Stow It or Neighbor.com, you can rent your unused space to people who need it. It's like Airbnb but for your stuff. You can rent an empty garage, shed, barn, driveway, or land. Rentals are on a month-to-month basis, but you can allow people to rent for several months to years at a time.
Shop through rebate sites
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Sites like Rakuten and TopCashBack offer shoppers cashback credit on purchases from hundreds of online stores. Whenever you want to buy something online, you click through their affiliate links and they give you a small percentage back.
You can also make even more by choosing to redeem your credits for a gift card instead of a cash payout.
Borrow up to $50k to finally crush your debt
If you have thousands in debt and you’re barely making it paycheck to paycheck, you know how suffocating it is. Debt is always on your mind. It controls your life. And even if you make on-time payments, they’re so expensive that you have nothing left over.
A personal loan could help you get out of this situation and lift your monthly debt burden significantly. You could finally pay off all of your debt at once, get rid of the sky-high interest rates, and slash your debt load to one manageable monthly payment.
AmONE is a marketplace where you can find some of the best personal loans available. They match you with loans up to $50,000 with rates as low as 2.49%. That’s better than most credit cards. And easier than draining your bank account every month. Seeing what you qualify for doesn’t affect your credit score, and if you’re approved, you could get money the next day.
Sell digital products
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Digital products take an upfront effort to create the product. But once you create a course, ebook, or digital journal, you can sell the item over and over again.
The best digital products are ones that solve a specific problem, like a household budgeting spreadsheet or digital journal for weight loss.
You can sell your product on a marketplace like Etsy, or build your own store through Shopify and drive traffic to your site with online ads.
Start a blog
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Pick a topic you know a lot about and write blog posts that answer specific and highly searched questions. Sites like Answer the Public can help you find highly searched terms in your niche.
You can monetize your blog through Google Adsense or affiliate links. This will take some time to build up an audience, but once the work is done, you can start collecting passive income and building wealth.
Bottom line
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Not every stream of passive income is completely autonomous. With a little time and effort on the front end, you can set up multiple streams of income that will bring you extra cash on the back end.
SurveyJunkie Benefits
- Over $55,000 paid to members daily
- Earn up to $130 a month taking 4 or more surveys daily
- $76 million paid out to date
- 20M+ lifetime members and BBB accreditation
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