Passive income: how to quickly pay off debts in the USA
Passive income is the type of income you earn with minimal effort. For example, fees from landlords. But the current digital age gives us even more opportunities to profit in this way. Passive income, among other things, can help you pay off loans. Go Banking Rates.
- Open a savings account
You can open it in a bank and receive additional income through compound interest. Choose favorable conditions - and you will be able to repay the loans at the expense of the accrued interest.
- Purchase of certificates of deposit
Many financial institutions issue certificates of deposit for 20 years. When the term increases, then you receive cash and additional interest, which can be used for further investment or debt repayment.
- Purchase of securities
You can invest in securities, which will increase your passive income over time. Use the profit to pay off the debt. The main thing is not to invest in riskier high yield bonds.
- Become a dividend investor
Dividend stocks are issued by major companies such as Coca-Cola, McDonald's and AT&T and return a portion of their profits to investors. Investors make a profit depending on how the securities are priced.
- Buy property that can be rented
Buying investment property is by no means an easy process, but it can generate a lot of passive income.
- Rent a room
If you do not have the opportunity to buy a rental property, but you have an empty room, you can rent it out and earn extra money. You can rent a room through SpareRoom and Cozy to find a good neighbor.
- Take advantage of real estate investment fund
If you do not have the opportunity to rent out a house or a room, then you can invest in a real estate investment fund. REITs are traded on the open market - they can be bought in the same way as company stock. REITs must distribute at least 90% of taxable profits as dividends to investors.
- Invest in real estate crowdfunding
Real estate crowdfunding offers good passive income with less volatility than the stock market. Sites such as RealtyShares and FundRise allow investors to deposit small amounts that can later be used to buy real estate.
- Peer lending
It is a way of lending money to unrelated individuals or “equal parties” without involving a traditional financial intermediary (such as a bank or other conventional financial institution). Loans are made online on the websites of designated lending institutions through a variety of lending platforms and credit check tools. Interest rates are either set by lenders (lenders) competing for the lowest rate in the reverse auction, or are determined by the intermediary company based on the analysis of the borrower's loan. Borrowers who, based on the assessment, are more likely to go through default are assigned higher rates.
- Invest in Storage Lockers
There are more than 50 thousand warehouses in the USA. Many of them are owned by large companies, you can invest in them on the REIT principle and also receive passive income.
- Use the machine
You can make hundreds of dollars a month to pay off your loans if you rent out your car for advertising. Sites like Wrapify pair drivers work with large companies willing to pay money to turn cars into moving billboards.
- Rent a car
Use the Turo car rental website. You can register on it as the owner of the car and rent it out in order to get passive income again. The service provides vehicle insurance.
- Buy or lease a vending machine
Sites like Gumball.com help rent vending machines. You can rent one of them and earn income throughout the year.
- Buy or rent an ATM
Let's say ATM Money Machine can help you buy your own ATM and start your own business.
- Buy a billboard
Advertisers pay good money to post their ads, and you can buy one of them. It is important to understand how the market works and to ensure that all permissions are in order.
- Get a credit card with cashback
You can apply for a credit card with a cashback function, to which money will be returned after making purchases. The main thing is to replenish your account on time, and then you will not pay a commission for the funds used.
- Register on sites offering cashback
You can shop through the Ebates and Swagbucks websites. For purchases made in this way, you can receive gifts, points or a refund.
- Create an application
Many free apps make money from showing ads. Build your app and sell ad space.
- Earn on YouTube
Funny videos of pet cats and incredible tricks of skateboarders or other viral videos are spreading across the Internet at the speed of light. Create your own YouTube channel and monetize it with advertising or merchandising.
- Start a blog
Starting a blog can take a lot of work, but it will generate passive income afterwards. The main thing is to choose a theme that you like, register a WordPress blog and fill it with fun, useful and engaging content. Income can be generated through advertising and subscriptions.
- Buy an existing blog
It's not everyone's power to promote a blog from scratch, but sites like WebsiteBroker.com allow you to buy existing blogs that have already been set up to monetize. For example, a website that makes $ 300 monthly sells for $ 99.
- Buy site
You can expand your scope and buy not blogs, but functioning e-commerce websites. The Flippa website offers to buy any of them - from dating to selling watches.
- Sale of photos
Instead of wasting your photography talent on Instagram posts, you can monetize the hobby and sell stock photos, like offering your services on Shutterstock.
- Publish to E-Book
Several competing companies offer writers the opportunity to publish their e-books. Amazon Kindle Direct Publishing allows authors to publish both digital books and paperbacks.
- Acquisition of royalties
One of the benefits of rock stars is royalties, which are paid as long as the audience listens to their work. You can buy intellectual property on Royalty Exchange and make money.
- Write greeting cards
Your artistic leanings can also be profitable, such as drawing or writing poetry. Companies like NobleWorks and Calypso accept applications and pay for the best. So your words and illustrations can end up on greeting cards.
- Buy a patent
Even if you think that all good ideas have already been implemented, you can still make money from these ideas. The patent market empowers people to buy an existing patent and make money from it.
- Publishing and selling online courses
Perhaps you are good at something and can teach others. The Digital Chalk and Click4Course platforms offer the tools you need to sell your knowledge. They will help you design and publish your own online course.
- Rent your stuff
Perhaps you have a good camera that you rarely use, or a pinball machine, they can be profitable too. Use the PeerRenters site to display photographs of items for rental.
- Rent a bike
Perhaps you have a bike that is gathering dust in the garage. Sign up for a spinlister and rent your bike. Thus, you can earn up to $ 500 per month.
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