Have you ever wanted to make passive income but felt like you didn’t have the money it took to get started? Well, in this article I will share with you 7 passive income ideas that take little money to get started!
Idea #1: Leverage High Interest Bank Accounts
If you have money laying around in the bank and have never thought twice about it then more likely than not you are not maximizing the return on these funds. While using bank accounts to make passive income won’t make you rich overnight, moving your money into higher yielding accounts can help your money grow at a faster rate than you’ve normally been experiencing. And the best part is that most banks don’t require a minimum balance meaning that even if you don’t have much money to your name, you can start to gain a bit of extra interest on the money you do have.
You see, as of 2019, the average savings account interest rate was a measly 0.09% but what a lot of people don’t know is that there are a number of better options available. For instance, if you’re looking for a low-risk, high interest-earning cash account, Betterment Everyday, currently offers a 2.44% APY (NO LONGER OFFERED) which is more than 27 times the average and this account is fee-free meaning that the difference in interest you earn is yours to keep. Now, you’re probably thinking, how much of a difference will this make on a yearly basis? Well, if you had $500 in a standard savings account earning just 0.09% annually, you would earn just 4 cents a year however in the high interest bank account, earning at 2.44% annually would leave you with $12 and while I’ll admit this is nothing to get too excited about, it takes next to no effort and will only compound as you contribute more into the account.
Idea #2: Start a blog
If you’re a good writer or even a mediocre one, starting a blog can be an excellent way to make passive income. While starting up a blog does take a good amount of upfront work, once you have your content online and it starts to gain traction within the Google search engine, you’ll be making money whether you continue to publish content or not. So you may be wondering how a blog makes money so let me explain. As your blog gets views (i.e. traffic) readers will interact…