8 Passive Income Ideas: 2019 Edition
There is almost no better feeling than raking in those paydays. And, while working for your money is all well and good, having your money also work for you is really the dream. That’s where passive income comes into play. Requiring little to no ongoing time and work (but still for sure requiring some upfront investment of time and/or money) you can almost sit back and let the dollars flow to you.
There are a number of avenues you can take, but these are some of our favorite ideas to capitalize those capital gains in 2019:
Ready to play the stock market but don’t really feel like doing the hard work of researching, selling, buying – all that jazz? Look into auto investments with a robo-advisor (such as Betterment) that will automatically invest for you based on a profile you put together and questions you answer.
The stock photo market is huge and there is always demand for more and more content. The monetary and time commitment to sell is low and, if you’re any good at photography, you can turn what was a no-income hobby you love into a hobby that now earns you some extra bucks. Check out any number of stock photo websites to see how you can set up a portfolio and earn commission whenever a photo of yours is bought.
Photography not your thing? You can design and sell print-on-demand funny or cute t-shirts through sites such as Café Press. Royalties are a great way to get ongoing money from one project.
No matter the space that you already own – house, extra room, apartment – you can put that existing commodity to use earning you some money back when you rent it out. And with AirBNB, the risk on your end is greatly reduced.
PAY DOWN DEBT
OK, this one doesn’t sound as fancy or fun, but it you can pay down credit card or loan debt, you are making yourself money – money that would have typically been going to one of those institutions in the form of interest is now going into your bank account to stay.
Make the most of these modern times by signing up for rebate websites. From apps like Upside that give you money back on gas to websites like eBates that send you money back for shopping from affiliates, you can earn money back simply from buying your typical purchases.
Swap out airline miles for cashback from your credit card provider. You can put that money right back to paying down your bill – and even earn extra percentages on different purchases or at different times.
OPEN A HIGH-YIELD SAVINGS ACCOUNT
Not all saving accounts or money markets are created equal – do your research to find which institutions and which plans offer the highest percentage of interest on the money you keep in there. Some may have a minimum balance, but as long as you stay above that threshold, you have a chance to earn more money on existing money by doing absolutely nothing.