Have you been looking for new ways to earn a passive income? Passive income is the best kind of extra money to make because it doesn't require you to clock into an hourly job or put forth a daily effort. Passive income is income that comes from either a rental property or from a business that you don't participate in regularly.
Passive income isn't a second job, and it isn't money you get for doing nothing either. Instead, you'll put all your hard work into it upfront. Then, you get to sit back and relax while earning money.
You might still need to put in some work here and there along the way, but you won't be actively working to receive the income. This leaves the question: best ways to make passive income? There are many great ways to earn passive income, and you'll find a few examples listed below.
Continue reading to learn more!
Affiliate Marketing
Do you have a website or blog that's already up and running? If so, then you need to take advantage of affiliate marketing. How does it work?
Within your content, you'll promote a third party's product or service by including a link to their page. Each time a visitor on your website clicks the link, you'll receive a commission. The commission rate will vary depending on the third party and their terms.
To earn a significant amount of money, you'll need to have a good amount of traffic to your page. Keep in mind that it's beneficial to know your target audience and then promote products or services that you know they're interested in. You'll get more clicks this way than trying to promote something unrelated to your content.
Don't forget that you can use your social media platforms to do this as well. You might know it as being an influencer, but it works the same way. Affiliate marketing is thought of as passive income because you simply need to add the link to your content to earn money.
A High-Yield CD
There's no better time than now to start looking at different CDs (certificate of deposit). Do some online research to find one that offers the highest interest rates. These are the ones that'll grow your money the fastest.
You might be able to find an online bank from out of state that you can open a CD with. You'll need to have cash in hand to put into the CD in order to open the account, but once it's there, it'll continue to build interest for you. Some CD accounts might require a minimum of $500 to get it started, for example.
You can then add money to your CD account when available. Placing your money in an account like this is much more beneficial than placing it in a regular savings account.
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Airbnb Listing
If you have free space in your house or apartment, or if you have an entire house or apartment you're not currently living in, then you can list it on Airbnb for rent. You will need to put in some work upfront to clean the space and market it. Once you have guests booking their stay, your property will then make money for you.
Aside from needing to clean the property after each guest, renting out your home or apartment is another source of passive income. Plus, you can always hire professional cleaners to clean the place for you.
Car Rental
Renting out your car is similar to renting out your home. If you have a spare car that's not being used, then why let it sit in one place and take up space? Why not let it make money for you?
Find a car rental platform to sign up for and then create your account. Of course, the car will need to be in great shape to ensure everyone is safe. If your car passes the test, then you can list it for rent.
People will then rent your car and most platforms will take care of the rest for you. You'll be sent your portion of the rental cost, and you don't even have to get off the couch!
Cash-Back Rewards
Do you use a debit or credit card for the majority of your purchases? Some people prefer to use their cards over cash. If this sounds like you, then you need to make the switch to a cash-back rewards card.
Many banks offer this option on credit cards or debit cards, and you don't have to do anything extra once you make the switch. Each time you use your card, you'll receive cash back or points to spend on specific products.
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Bitcoin ATM
More and more people are beginning to invest in Bitcoin. You might even have dabbled in it yourself. With that being said, you know how important it is to stay on top of the latest trends and find new ways to invest in them.
What's another way to invest in Bitcoin? If you own a retail business, then you can host your own Bitcoin ATM machine. Customers in your store will use the ATM to manage their Bitcoin transactions.
In return, you'll receive compensation for allowing the ATM on your property.
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Which Form of Passive Income Will You Try?
There are so many great forms of passive income that there's something for everyone. Do you know which method you'll want to try? Don't feel stuck with choosing one.
Try out a few different methods until you find one or some that work well for you! To find more topics similar to this one, make sure to visit on a regular basis.
