We all need more than one income source, but there are only so many hours in a day to work. For that, we have brought you 3 of the best options out there. Trust us there are hundreds of others but I’m sure you’re not buying a laundromat anytime soon.
Let us first break down what passive income is and why you need it.
What is Passive Income?
There is a lot of chatter in the personal finance world about passive income, why you need it and how great it is. But what is it and why is it such a topic of conversation?
Passive income is money that you earn without doing much to make it. Some passive income ideas take a degree of upfront work to earn, like writing an e-book and some don’t take any effort at all, such as investing with a robo advisor. However we have found some options that are much less work upfront to make that extra bundle of cash.
Why You Need It
It’s never a good idea to put all of your eggs in one basket whether it comes to income streams, your portfolio, or applying for jobs. Almost no one has 100% job security and with automation set to take over more and more industries, finding and keeping a job is more uncertain than ever.
Having passive income streams may not replace your entire salary if you were to lose your job but having something coming in is better than having nothing coming in. It can keep you from depleting your emergency fund and can help keep you from sliding into credit card debt.
Pursuing some of your passive income ideas can also speed your path to financial freedom. Here are 3 ways to start!
Big surprise we listed this option eh? However, it is the truth. $0 to get into and is 100% profit. A credit report tradeline is simply an industry term to describe a credit account. If you have credit accounts, you therefore have tradelines. Tradelines come in the form of credit cards, lines of credit, car loans, mortgages, and payday advances. Here at SplendidCredit.com we focus solely on credit card tradelines.
Essentially, you are adding authorized users onto your credit cards, temporarily (for a month or two, before you remove them), and getting paid to do so. People are earning on average over $600 a month with some of our customers hitting the thousands. We offer referrals and all that fun stuff which can take you to a whole new level of income through this one source.
Fundrise an investment service that allows you to invest directly in commercial real estate. Fundrise created a marketplace that is fairly transparent and their goal is to “make the process of investing in the highest quality commercial real estate from around the country simple, efficient, and transparent.” Essentially, they bridge the gap between the investor and the developer.
Fundrise (along with many others) is cutting out the middle-man and allowing you to directly invest. Also, by cutting out the institutions, it should hopefully reduce the overhead expenses and keep fees low. They let you invest as little as $500 at a time and you get to pick the allocation of the funds into different REITs.
Turo is a car sharing marketplace where travelers can rent any car they want, wherever they want it, from a community of local car owners. Travelers choose from a totally unique selection of nearby cars, while car owners earn extra money and help fuel their adventures.
A pioneer of the sharing economy and travel industry, Turo is a safe, supportive community where the car you rent is part of a story. Whether it’s an F-150 truck to help out on moving day, a Tesla for a luxurious weekend away, or a classic VW bus for a picture-perfect road trip, travelers can rent the car that's perfect for them.