Who doesn’t want to get paid for sitting back and doing whatever you want? The traditional 9–5 is outdated and technology is playing a bigger role in our income generation every day. For me a full time job is a lot like a hostage situation, if you don’t work your family suffers. If you don’t have a family to support its still not much better.
So lets break down the struggle. Not working means not being able to pay rent, eat, see a doctor or enjoy basically anything the world has to offer. Working a full time job in most cases means that you can afford these things, but you have very little extra time or money to enjoy any of them or do anything remotely fulfilling. So then the question is “what can we do about that?”
While I can’t give you the magic formula to let you break free from your job and sip fruity drinks with little umbrellas in them on the beach all day every day (at least not over night), I can let you in on a few of the things I do that are working for me and I believe can work for you too.
- We’re all probably familiar with Robinhood by now and I’m sure you’re probably tired about hearing how you can get a free share of stock by signing up through my link ( which is right here by the way), so I’ll go ahead and get this one out of the way. You probably won’t get rich from investing unless you’re a super genius, insanely lucky, or already have a ton of money to invest. BUT this is still a really good way to leverage your money and make some passive income. The way I like to do this is through dividend stocks:
This is just a glimpse of the past couple of weeks. I like Coca-Cola because they are a dividend aristocrat, which means that they have a long history of increasing their dividend payout every year. Another of my favorites is SPLV which is a generally safer ETF with a strong dividend. Robinhood is the foundation for my passive income for a few reasons. Its free, my equity grows with time, and the dividends are generally a safe bet. If you’re not sure where to start, its my opinion that this is a really great place.
2. Fluz App. This one is my new favorite, I think it has a great deal of potential. Whether or not it ends up generating a lot of passive income is to be seen, but its well worth having either way. So this is a cash back app (Stop rolling your eyes, I know there are a million of them). This one is different for two reasons. 1. Its a higher than normal cash back percentage. and 2. Anyone who you invite will earn you income any time they use the app to make a purchase. This one is really a no lose situation to me because its free to download, and if I share it I can get my friends some cash back. This short video should explain how it works. If you’re not feeling the video here is a quick glimpse that should give you the gist of it.
3. Turo. Probably one of the best passive income sources I’ve seen so far in terms of immediate cash flow is Turo. This is an app where you can list your vehicles and let guests rent them. The rental could be for a day to several months, you decide how long you’re willing to lend out your vehicle. The vehicle has to be at least 2006 or newer and less than 130,000 miles (obviously has to be in good working order too). I’ve just started in mid March and in spite of the current situation with the world I’ve already had to add a vehicle and am getting ready to add one more. You can find out how much you could potentially make through their calculator to decide if it works for you. For me, my first car is paid off so anything I got minus depreciation and insurance was pure profit (you only need your personal insurance, Turo will provide commercial which is subtracted from the total the customer pays).
I took out a loan for my second car because I can get a greater return on Robinhood than I would be paying in interest on the car. So, what I am paying is $135 per month plus $80 insurance on the car, but it has generated roughly $400 both months it has been listed, giving me a positive cash flow of close to $200, plus the equity on the car as it makes its own payments.
4. Lending Club. I was a bit apprehensive about P2P lending, after all I’m pretty sure there’s a kid from 2nd grade that still owes me a dollar. So, I only invested $1,000 to start with. I’m quickly realizing that if I reinvest every month my passive income grows FAST. Here you can basically leverage your initial investment to cover about 2x dollar value that you invest. So basically, what I mean is that as you receive payments in you get both principal and interest, so if you reinvest that principal you haven’t actually put any additional money in, you are still receiving the full payments from your initial investments, but now you are getting paid on additional investments. I’m a visual person, so I need a chart-
So you can see, I have received $2,702 in payments, $542 in interest. I first put my $1,000 in about two and a half years ago and now I’m comfortable enough with it to start investing a little more because that $542 return on my $1,000 equals out to about 24% annually. Notice that its telling me that the annualized return is only 8.35% (which is still good). That’s because I have reinvested my principal every time I get paid, so that 8.35% is on the initial thousand about two and a half times over. Keep in mind though, that every month that I reinvest my passive income theoretically should grow. Now please note, this is a lot riskier than Robinhood because some loans do default.
5. Swagbucks. I know a lot of people think that this is just a survey thing, but its really a lot more than that. I never qualify for any of their surveys, but I still really like Swagbucks. You probably wont get rich from it, but you can definitely make something. There are tons of offers and this is another great one for cash back. Plus, you can stack Swagbucks rewards with Fluz to really boost your earnings. While SB doesn’t give you cash immediately, it can actually be leveraged in your favor. The way it works is you redeem Swagbucks for gift cards, but there are always discounts. So if you have 2500 SB you can redeem for a $25 Visa gift card which may be discounted to about 2100 SB. So this is definitely a good one if you want to use your spare time to make a little on the side.
So there you have it, five ways to start chipping away at that 9–5 shackle. I have a few more ways I earn that I will share later, but these just felt like a good place to start. They’re very easy to jump into and once you’ve got a taste of passive income there is no going back.