Simple Ways to Generate Passive Income
Thinking about an extra source of income but has no time for a demanding business? Try generating passive income.
Passive income simply means generating revenue from a business that you don’t actively participate in.
So, is it possible to earn some good cash from such a business? This article answers you with some of the simplest ways to generate passive income.
Earn Money on Your Daily Activities
You can make extra money by redeeming the money you use in your daily purchases. When you shop in online places like Amazon, Starbucks, and Walmart, you’re able to earn points. You can also earn extra points by watching videos about various topics.
Alternatively, consider browsing the web and answering survey questions. After earning the points, you can redeem them for gift cards that you can use in your favorite stores or get cash backs from PayPal.
Use Your Car to Make Extra Cash
If you’re driving, then you’re in a good place to start earning passive income. You can pick passengers when you’re going around running errands.
You’ll possibly make even more money when you drive people to their destinations as an Uber driver.
You can also earn money by placing advertisements on your car. Consider renting out your car when you’re not using it to make some income instead of letting it gather dust in the garage. You can use apps such as Getaround for this.
Take Part in Peer-to-Peer Lending
Be part of a lending club if you want a high return rate on your investment. The lending club can also enable you to get a personal loan in Canada if you’re an active member.
Peer-to-peer lenders take your investment and help other group members to start a business. After that, they consolidate debt and then pay medical care.
All you need to do is open an account and transfer some small amount. After that, you then invest in loan increments by building your portfolio.
When borrowers repay their loans, you’ll start receiving monthly payments. You have the freedom to withdraw your money or reinvest; the choice is with you.
Rent Out Your Unoccupied Room
Use Airbnb to rent out that extra space in your house. Airbnb allows you to dictate everything, starting from the rates and turning it off and on whenever you want.
Don’t hesitate to try this method when you’re looking for a way to make that extra cash. Put that space up for rent and turn the spare bedroom or guest room into a lucrative passive income source.
Anytime you’re on vacation or out of your premises, think of making money with that unoccupied space. You don’t have to worry about leaving your room to strangers when you’re using Airbnb.
Airbnb has got great insurance that can come to your rescue in case things goes south. Before you also rent your space, there’s a rating system where you can check the renter’s reputation before accommodating them in your room.