Need to make more money, but you just don’t have the time to take on more work? Then you might want to consider these passive income ideas to increase your paycheck. These passive income investments and opportunities include getting paid to shop online, starting your own website, maximizing your savings, refinancing your mortgage, investing in rental properties, etc.
What is passive income?
Passive income is income you receive while not actively working for it. For example, interest earned from a high yield savings account is passive income. Whereas income earned from working for someone else is active income, because you trade your time to get paid.
You think you have the time for a passive income gig or side hustle? We’ve got you covered. We’ve got 11 great passive income ideas to increase your paycheck.
Keep in mind that some of the passive income ideas listed below require some upfront time and some require some money.
Here we go:
11 Passive Income Ideas to Double Your Paycheck:
1. Get paid to shop online.
Are you doing your shopping online? Then go through sites like Ebates and Topcashback and receive a percentage of your purchase in cash or gift cards. This is not only one of the best ways to earn passive income, but it is also a great way to save money. We recommend signing up for Ebates and Topcashback. They are free and offer some of the best retailers like Amazon, Macy’s, Walmart, etc…
Simply sign up and create an account for free. Then simply visit the site and click through the stores you normally visit. You’ll get cash back (or gift cards, depending on your preference).
2. Earn passive income on your savings.
This is one of the best passive income ideas. If you have a good chunk of money lying around, then consider putting it in a bank that offers a high interest rate. Online savings banks like CIT Bank currently offers a 2.25% APY. This is 25 times better than what a traditional savings account provides. Plus, your money is FDIC secured which means that you won’t lose your money,
3. Start your own website.
If you’re really interested in making money with passive income, then you need a website. It’s one of the best ways to make money.
Starting a website with Bluehost takes less than 15 minutes, costs hardly anything.
Read out step-by-step guide on how to create a WordPress blog with Bluehost. It’s definitely one of the best passive income streams you can have.
4. Get Paid to do normal activities.
Just like you can make money from completing online surveys, you can earn passive income by doing things like you would normally do in your spare time, like watching TV or surf the internet.
Sites like InboxDollars pay you for simply surfing the web, watching videos and playing games. You’re literally earning extra income for doing what you already do online.
5. Refinance your mortgage.
It might sound crazy, but not losing money is a great way to save money.
The interest you pay on your current mortgage is money you could be saving. Right now mortgage rates are historically low. So it’s time to shop around and compare the best refinance rates. Once you refinance your mortgage, you’ll see more money in your pocket.
6. Invest in rental properties.
Real estate investment is by far the most significant passive income streams that has the potential not only to make you money, but also to make you rich. The way to make passive income with rental properties is to buy an inexpensive house, rent it out and collects monthly rental income from tenants. If you don’t have time to manage the property, then hire a property management company to do it for you.
7. Sell your ideas.
If you’re an expert in some area, then why not put your expertise to good use. Creating an e-book could bring some passive income. Once the initial work is done, all you have to do is collect your money. You can use Amazon to upload and publish your e-book.
8. Make more money by selling your gift cards on CardPool.
Sell, or trade gift cards. If you have gift cards that you don’t use, why not get quick cash for them by selling them on CardPool?
If you’re interested in starting a blog that makes money fast, I created a step-by-step guide that will help you start a blog of your own for cheap, starting at only $3.95 per month (this low price is only through my link) for blog hosting. In addition to this low price, you will receive a free blog domain (a $15 value through my Bluehost link if you purchase at least 12 months of blog hosting.
9. Sell your photos on shutterstock.
Do you like to take photos for fun? Why not get paid for it? Shutterstock is a marketplace that allows you to sell your photos. This is one of the best passive income ideas to make money.
10. Make money driving your car with ads.
Advertise for companies with a car wrap is one of the best ways to make money on the side. Websites like Freecarsolution.com allow users a way to drive a new car for free with no catch or hidden fees, as companies give free cars to people who will drive around with their ads on them.
Or you can get paid driving your own car around with the company’s ads on them.
11. Teach an online course.
Build an online course and teach it through a site like Udemy or Skillshare. Platforms like Udemy and Skillshare allow you to do this easily and make extra money.
These passive income ideas, while they’re not gonna make you rich — with the exception of a few, will certainly increase or double your paycheck. Choose a few to start with and start making money.
Tools to Grow Your Savings
1. CIT Bank Savings Builder. If you’re looking to earn great interest on your hard earned money, then try CIT Bank Savings Builder. CIT Bank offers 2.45% APY, 25 times better than what a typical savings account is offering. You’ll need only $100 to open an account.
2. CIT Bank’s Money Market Account. CIT Bank’s money market account offers an impressive 1.85% and only requires $100 to open an account. This is better than most money market accounts out there. Check out CIT’s High-Yield Money Market Account.
3. Acorns. If you want to invest your spare change, then Acorns is right for you. Acorns rounds up your spending to the nearest dollar every time you make a credit card purchase and invest the difference in index fund and ETFs. You’ll get $5 Bonus when you sign up using my link.
4. Digit. If you have little money to save, then try Digit. Digit, one of the best apps for saving money, finds extra money in your budget and save that money for you automatically.