Passive income ideas to consider now
With tax season ramping up and tax returns already being accepted, millions of Americans are taking a closer look at their income. While many people may be content with what they made in 2022 (and what they are likely to make this year) millions of others may be looking for new ways to make cash. This can come in the form of a new job, an additional part-time job, or a side hustle to help make ends meet.
Fortunately, there are also multiple ways to generate passive income. Passive income activities, defined 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."
With a shift to remote and hybrid work amid the pandemic, there are many ways to go about generating passive income, some of which won't even require you to leave the comfort of your home.
Passive income ideas to consider now
If you could use the extra money that a passive income stream can generate then consider the following options.
Take paid surveys
While not as "passive" as some other options on this list, taking paid surveys can be a painless and simple way to make extra cash. And you can take as few or as many as you want, on your time and your schedule.
"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.
"We reward our members with free gift cards and cash for the everyday things they already do online," Swagbucks, another paid survey company, explains on their website.
As of late January 2023, Swagbucks says its members have earned more than $834,000 in rewards. So how much could you make?
"Per month, you can reasonably earn an extra $50 to $250," they say. "When it it (sic) comes to paid surveys, you get what you put out of it. It helps to set small daily goals. If you wanted to make an (e)xtra $100 a month, that's $3.33 a day you would need to earn. That's very doable on a paid survey site."
You can get a $10 bonus by signing up with Swagbucks now.
Rent real estate
If you have the money to purchase real estate and can afford to rent it out for a profit each month, then that may be a good way to make substantial sums of money without having to deal with the daily grind of another job.
If you can't afford to buy real estate but still want to go down this route then think of some creative alternatives. You can potentially rent out your basement, your side apartment in your two-family home or even a bedroom on Airbnb. You can also provide storage options for those who may be interested. For example, you could rent out your garage each month as storage for people who need an extra spot for their cars or to keep their possessions safe.
Buying and renting traditional real estate is a great option to pursue but if you can't afford it then consider some other ways to make money with the property you already have.
Download an app on your phone
You probably already have dozens of apps installed on your phone. So why not add one more to the mix and get paid in the meantime? By downloading an app like the one provided by Nielsen you'll be entered to win rewards and "up to $60 in points for gift cards."
"By participating in Nielsen research, you can improve products and services you use online today," the company explains on its website. "Nielsen Computer and Mobile Panel combines your device usage with people like you to build a picture of consumer behavior."
Yes, the app will track your activity but the amount of work you'll have to complete will be negligible. Just set it and forget it and passively make income each month.
The bottom line
There are multiple ways to make a passive income this year and in the years to come. By simply downloading an app or renting out a property you already have you can start boosting your income. Start by getting paid to take surveys online now.
