If you have struggled for money in the past, then at some point you will have likely searched the internet for quick ways to make some to help you get out of a sticky situation. However, most of the time, you end up spending hours upon hours filling out surveys for little reward, or having to sign up to some pyramid scheme in which you actually end up losing money as you’re stuck with a product or service no one wants.
But there are ways you can make money without putting in all that effort. This is called passive income, and it’s when you earn money through activities that require little to no effort or interaction. Some ways of getting this kind of income is easy enough for anyone else to do, other possibilities to generate passive income require some serious investment. But we’ll cover both scenarios now as we look at 7 ways to earn passive income to help you make money.
This method is one that requires you to have a lot of money to get into it, because to be able to rent out a property, you need to own one. You may be able to borrow money for a second home on a buy-to-let mortgage, but even then, you will need a sizable deposit. But once you have the house and it’s ready for someone to move in, work required is minimal so you get to sit back and relax as the money rolls in each month. That is unless something goes seriously wrong and you may have to arrange for someone to do some work on the property.
If you don’t quite have the capital for this, you could also rent out a spare room in your home (taking in a lodger) or possibly rent out your garage if you have one and don’t use it. This won’t be as lucrative in the long run, but it does mean you don’t require a second mortgage or a lot of money to get started.
Now you may think there is a lot of effort in this, and a high risk. And there can be. However, many of the best online sportsbooks now offer a cashout service that allows you to claim some potential winnings from a bet even if it doesn’t end up coming in. You can either leave some of your initial stake in or withdraw the whole lot, but essentially it gives you a return on your initial investment.
How to make it passive though is you can set alerts that cashout at certain values. So once it hits a certain target you are happy with, it’ll automatically withdraw winnings to make you money without the need to focus too much on the events themselves. A great way to earn a passive income, if you’re lucky.
One popular way people can earn a passive income is by investing their money into a savings account. The more money you have, the more you will make, but anyone can do this. All you do is deposit your funds into a savings account, and the bank gives you interest on your savings.
It is best to shop around to see who offers the best interest rates first though, as you’ll want as big a return as possible on your savings.
Now this is very similar to saving, in that you give someone money and receive interest. However, it’s more like you loan someone money, and then they pay you back with interest. Be careful though, you don’t want to just go around asking people if they want to borrow money, there are institutions set up who operate as a third man. Now normally you want to cut them out, but they have the added security of protecting your money, so they’re actually very much appreciated here.
One method that is currently quite popular for generating passive income is Token Staking. We won’t go too much into it now, because we have a specific article on Token Staking already on Veloce. Essentially it involves staking crypto tokens, which will offer rewards in return. You can check out more about this on the link just above.
Use cashback sites or credit cards
Nowadays, most people buy stuff online, or if they go to shops, they use their card rather than cash. It’s more accessible, it doesn’t really weigh your wallet down, it’s quicker and cleaner. There are loads of benefits.
But there are specific cards out there, or websites you can buy through that offer cashback on their purchases. It may be a percentage of your purchase value, it could be a set amount as a welcome gift for joining a new cable provider, either way, it’s free money. And best of all, if you were going to buy these things anyway, you’re not really doing anything extra or paying any more than you would normally, but you are getting more benefits back.
Stocks and Shares that pay dividends
Much like the way that Cryptocurrencies pay out rewards for token staking, you are able to buy stocks and shares in companies that offer rewards too. These are called dividends, and depending where you live, can be tax free amounts of money.
The way it works is by owning these stocks and shares, you own part of the company. So when the company is making profit, it rewards its shareholders by splitting those profits and giving each person invested a slice of the money they’ve made. All you have to do is buy the initial shares, and then sit back and wait for money to come rolling in.
And there you have it, seven different ways to earn a passive income. Although a couple had some tips combined. Have you found other methods of earning a passive income yourself that are not on our list? Let us know in the comments, we’d love to hear what works for you, and what may not have worked for you too.