Everyone talks about the importance of passive income, but what do they mean by that? Passive income is a way to make money with little to no effort. Sounds like a dream, right? The goal of this post is to help you STOP leaving passive income on the table. Let’s learn to take advantage of every opportunity to make passive income.
Make Your Money Work For You
The easiest way to create passive income is with the money you already have. There are two important ways to create passive income. If you listen to nothing else in this blog post, LISTEN TO THIS: Create passive income by opening a high-yield savings account. A high-yield savings account will take the savings sitting in your bank account and grow it. Depending on the account you could secure a 3-5% in interest by just having your money sit in the right bank account. Personally, we have our high-yield savings account through our bank Capital One, but I would shop around to see what account fits you best.
The second way to earn passive income is investing for retirement. Depending on your situation, there are a number of ways you can invest for retirement. If you work for a company offering a 401K, start there! Most companies match your own savings to a certain percentage. I would recommend meeting the requirement to earn the full company match. This is literally free money the company invests for you.
Let’s say you don’t work for a company that provides a 401K, you can start investing in a Roth IRA. I would recommend investing in an index fund that has shown consistent returns over a long period of time. Wherever you are, the key is to start and be consistent.
Make Your Spending Work For You
Now that you see the importance of passive income, what are some other forms of passive income you don’t want to miss? Credit cards. Now, if you cannot pay off your credit card every month this is not for you. Credit cards only make you passive income if you pay them off each month. If you don’t know which credit card to start with, check out our entire page devoted to money making credit cards. I would recommend the Chase Freedom Unlimited card or the Discover It card. Both cards have no annual fees and provide easy cashback.
Another way you can make passive income through your spending is by using the right apps: Rakuten, Capital One Shopping, and Pogo are great starts.. Rakuten and Capital One Shopping are similar. When you shop through these apps you can earn cashback on purchases you already were going to make. If you’ve ever bought a hotel stay, placed a grocery order, or purchased just about anything online without these apps, you’re missing out on lots of passive income. A special plug for Rakuten – if you sign up here you will get a free $30 once you spend $30 through the app! The app Pogo is a little different as you link your credit cards to earn points on the app for each dollar you spend. Pogo won’t make you rich, it’ll earn you money you didn’t have before!
Other Passive Income Options
This post would be incomplete if I failed to mention a couple other passive income options. While most people want complete privacy, we’ve found lots of financial success signing up for various data collection companies. To start, try Online Insights Study and Nielsen. All you do is add an extension and get paid for doing nothing at all. I get paid about $3 a week with these apps which isn’t life changing, but does add up over time! We currently have $200 total between the two companies.
While this isn’t 100% passive, here’s an app to earn money on something you’re already doing each day – Noom Vibes. This app tracks your steps and gives you points for how much you walk each day. All you have to do is open the app and claim the steps at the end of the day. You can also invite others and get points for their steps too! Click here to join my team and enter code: 9823542.
Finally, I want to leave you with the opportunity to become an Amazon Influencer. This isn’t passive upfront. You take video reviews of any products found on Amazon in your home. However, after posting the video, you’ll get paid over and over again as potential customers watch your views, then purchase the product. If you have any interest in this, you can check out a FREE guide on how to become an Amazon Influencer.
What other ways do you make passive income?
See ya around!
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