Passive Income Ideas
The first thing you need to do is to choose your passive income and then invest your time. There are so many opportunities out there to make residual income, and one of them is through network marketing. Well, you might be feeling somehow but this list is legit, and they are some legit ways for you to make money while you sleep. Of course, be aware that no passive income stream is always steady. There will be factors that contribute to the equation so just know that ahead of time. Most people just assume that all passive income or side hustles always guarantee a stable passive income result every single time but that is not the case. Although there are risks in some options, it is totally worth doing because will bring in more than you currently have now so that in itself is worth it!
- Invest in Crowdfunded Real Estate
One of the best and legit ways to make money while you sleep is going into real estate. It cost a lot to buy a home talk more of in investing in more estates; this is why there is a platform like crowdfunding where you can invest in real estate and make a legit profit. So, if you are looking for the best company to choose that will make you cool cash consider using a company like Fundraiser. All you have to do is to pay $500 to get started – this fee allows you to invest in more than 48 real estate products through the platform. IF you want something that is not as high as Fundraiser you can check Rich Uncles. With Rich Uncles, you can start investing in real estate with as little as $5. Their goal is to make real estate investing available to everyone, and even student can invest in their Student Housing REIT
- Dividend Income
Another great option for people looking to make a living with passive income is Dividend income. This is the money paid to shareholders of stocks in the form of cash in your bank account. Dividend income as attracts big names in the industry like Warren Buffet. However, if you are planning to choose this option make sure you get educated and pick solid stocks that can get you set up for years to come. For those who don’t have an investment account Ally Invest is the best place to get started for as low as $3.95 per trade which is a very low cost to start up and begin collecting your passive income by selecting the right stocks that pay dividends.
- Peer-to-Peer Lending
Peer-to-peer lending is a great platform for people who do not qualify for traditional financing but still need loans. You can invest in a company like Lending Club where you can get returns between the range of 3-8% range. This can get you income percentage more than a typical savings or money market account. You can also check out Worthy for a lower risk option, and they offer $10 bonds and pay a 5% return. The best part is that you can take your money back anytime you want to without having to wait for days.
- Get Out of Debt
I know it’s cliche but most credit card companies interest rates are through the roof. So although you can make the “minimum” payments, little by little you are just paying more and more over time. The obvious option is to get out of debt entirely at least credit cards. I used to be guilty of this myself where I would rather have the cash in my pocket rather than give it to my creditors but it actually does more good for you than keeping the cash in your bank account. Plus , if you are like me you ultimately end up spending the cash and you still have that credit card debt looming! Getting out of debt quickly can increase your income and is no doubt one of the best passive income options. Another way to speed up your debt payoff is for you to pay a lower interest rate. You can check out Credible if you want to get a lower interest rate with offers as low as 4.99% for refinancing your credit card debt.
- Open a High-Yield Account
IF you are looking for a low-risk way to make passive income, opening a high-yield savings account with an online bank like CIT Bank is a great option to look at. They that pays 19 times more than traditional banks, and they even pay up to 2.45% which is unreal. Ally is also a great option as well with 2.20% on any amount you deposit. This might not make you rich, but it is still a safe way to make a consistent income.
- Write a Book
Selling books are a great way to make some serious residual income. All you have to do is to create a book and sell on a website like Amazon. Doing this can make you passive income monthly without doing anything. Also, note that you still need an effective marketing plan because the more marketing you do for your book, the more money you tend to make. But this is actually a great source of truly passive income. I have written several e-books myself which still bring me a few hundred dollars passively per month. You can also use CreateSpace which is an on-demand publish/printing software service that will print your beautiful creations and ship them to your customers on demand!
It’s really fantastic. Of course most of the sales will probably be via e-book but there are some people that still love to hold a physical book in their hands (me included).