Passive income has become quite a popular buzzword in recent years, and for good reason. Who wouldn’t want to live life financially independent and pursuing dreams?
The most lucrative passive income strategies almost certainly require a significant initial investment of time, money and effort. Still, lack of resources is no excuse for you to quit before you start. Check out these methods for using what you already have to generate a revenue stream:
1. Invest Nominal Extra Cash
You don’t need tens of thousands of dollars to become an investor.
Plus, just like the big guys, reinvesting your returns can contribute to the snowball effect.
Invest in P2P Lending
Peer-to-peer lending is an excellent way to support the community and make money doing it. Your investment will provide people with financing for things like medical bills or startups. Best of all, some platforms can get you started as little as $25.
Capitalize on Micro-Investing Apps
Micro-investing apps remove the minimum dollar barrier that might exclude you from traditional investment firms. Some even allow you to link your debit card, rounding up all of your transactions and investing it in the stock market. Stash and Acorn are both great apps to get you started investing.
2. Repurpose Your Home or Car
Frugality is the battle cry of the FIRE movement, and that can also mean putting your excess to use.
Rent Out Extra Space
If you have an extra room in your house, rent it out to a friend, family member or another member of your community.
Try an online rental website like Airbnb if you’re regularly away from your home to make extra cash with your empty space.
Share Your Ride
Rideshare platforms such as Lyft, let you go on or off duty anytime you want, so anytime you’re out in your car, switch it on and give a paying customer a lift.
If you don’t use your car much, you could take advantage of rental apps that come with some pretty cool perks like primary insurance coverage and rental credit.
3. Take Advantage of Internet Visibility
Generating an income from your existing blog or skill will probably take some time and energy, but you’re very likely to get a high return on your effort.
Develop an Online Class
No matter how trivial you believe your talent is, the chances are that someone out there can benefit from your take in an online course.
Always remember that no matter how many times it has been done before, no one else can do it with your experience, perspective or voice.
Partner With Affiliate Marketers
If you have a lifestyle blog that already draws traffic, developing a relationship with an affiliate can generate passive income. In many instances, you could be recommending products that you already use to your audience.
4. Earn With Everyday Activities
It takes minimal effort to start getting returns just by continuing with your everyday spending habits.
Reap Credit Card Rewards
Virtually every bank and creditor offers a credit card that earns rewards for the dollars you spend.
From travel expenses to gift cards to cash back, the benefits are as wide-ranging as your shopping history, and it should be painless to find a rewards card that already fits your lifestyle.
Earn With Coupon Apps
You can easily download couponing apps to your phone, which offer discounts and cash back at brick-and-mortar and online stores.
Some make it as simple as registering your store loyalty cards to earn savings on qualifying purchases automatically.
Don’t merely wish that you could travel the world or dedicate your life to your hobbies; do it.
Get started today with simple rewards programs on CreditSoup and get excited about the future.
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