Easy ways to make passive income now
With persistent inflation and higher interest rates, many Americans may be looking for any advantage they can get. This could mean cutting debt, looking for new ways to save or even refinancing their existing loans. It could also entail exploring new ways to make ends meet.
While taking on another full-time or part-time job can be arduous, there are other, easier ways to make income now - many of which can be done from the comfort and security of your own home.
Enter passive income opportunities. Passive income activities, as detailed by the IRS, "include trade or business activities in which you don't materially participate. You materially participate in an activity if you're involved in the operation of the activity on a regular, continuous, and substantial basis."
Passive income gigs won't make you rich but they could help you pay an extra bill, or two, each month. They could also be used as a way to boost your savings. How much (or how little) you want to earn is really up to you.
Easy ways to make passive income now
Here are three simple ways to start earning passive income today.
Take paid surveys
Chances are you've probably already taken a survey or two (or three) for free. So why not get paid for your time and take paid surveys online now? It's easy to get started and there are multiple companies you can choose from (or you can set up accounts with various vendors and earn money from all of them).
"Make money online by answering surveys about different products and services," Swagbucks, a paid survey company, explains online. By being active on their site members can earn points that they can later redeem for gift cards or they can elect to get cash back from Pay Pal.
As of early February 2023, Swagbucks says its members have received more than $843,000 in cash back. So how much can you make?
"Most Swagbucks members should be able to earn $1 to $5 a day (or $365 to $1,825 a year). There are some offers that pay $50 to $250, but on a typical day, earnings could average out to $1 to $5 a day," Swagbucks explains on its website.
"You won't get rich taking surveys and it's not meant to take the place of a full-time job but it can supplement your income and give you a little extra flexibility in your budget," market research site Survey Junkie explains. "Complete three surveys daily and earn as much as $40 monthly. Share more, earn more and make it worth your while."
So sign up, become a member and start earning easy money by taking paid surveys now.
Rent your real estate
Renting isn't just for those who can afford multiple homes. In the era of Airbnb and other property rental sources, almost anyone that owns property can potentially rent it out. Get creative. You can rent a side apartment, a basement apartment or even an empty bedroom.
If you want to keep the interior of your home and your rental income separate then consider renting out your home garage, instead. This could be used to store boxes, clothes, or even as an alternative home for someone's car. And all you'll have to do is collect the passive income you've earned at the end of each month.
Advertise on your vehicle
This isn't exactly passive (you'll still need to drive around) but it can be an easy way to make a few extra bucks. Companies like Free Car Media will pay you to put advertisements on your car.
"Get paid to drive up to $400 a month depending on the advertiser you are matched up with," the company explains. "You simply self register yourself using our registration form and if you match an advertiser's criteria, you will start getting paid to drive. It really is that simple.
"When chosen by an advertiser, your vehicle will be either fully wrapped in a vinyl decal, know(n) as a car wrap, or sometimes just the rear window will display an attractive advertisement. You will get paid monthly to display these advertisements on your vehicle. Most programs average anywhere from 6 to 24 months or longer."
The bottom line
If you're committed to making passive income the sky is the limit. A simple internet search will uncover dozens of ways to earn extra money. If you want to get started now consider paid surveys. You can easily build an account (and start making money) online today.
