Money: Passive Income: How To Make An Extra $1000
What is Passive Income?
When you earn passive income it means that you are putting out very little work in order to get extra money for yourself. For a lot of people, getting passive income is important because they spend a lot of time at work all day and still don’t have quite enough money for all the things that they want. If you’re one of those people then rest assured you are definitely not alone.
There are plenty of other people just like you.
Officially, according to the United States government, you can only earn passive income through rent or by some type of business activity that provides you with immaterial gains. That means you earn very little from it.
We’re going to talk about passive income instead as any way, outside of your normal job, that you can earn some extra money to bring into your household for whatever reason. We’re also going to count a variety of different activities as types of passive income (even if they may not be considered that way for government purposes).
Just keep in mind that when you earn passive income you still have to put it on your taxes and claim it (but only if you earn a certain amount).
Make sure you check out your tax forms to see if you’re required to report your passive income.
The great thing is that there are actually a lot of different ways that you can earn some passive income. Whether you want to put very little work in, a moderate amount of work or no work at all, there are different tasks that you can undertake and different things that you can do to generate that income.
With this book we’re going to help you figure out 10 different ways
(with varying amounts of effort or risk on your part) that you can earn at least $1000 per month without spending your time on a second job. It’s important to keep in mind that if you earn a lot of money through any other means than your normal job you do still need to note it in your taxes.
Depending on where you live and whether you’re filling out forms for the state or the federal government will change what amount of money you need to start reporting but if you don’t take that time and claim the money you earn through the methods in this book you could end up with fines and big trouble from the government.
We’re going to talk about several different options so that, no matter how old you are or how much money you’re looking to make, you can put a little dent in it with only a limited amount of time every day. If you have ten minutes to devote that’s great,
you’ll be able to still make at least $1000 per month. If you have more time to devote
you’ll be able to make even more money every month. So get out there and start bringing more money into your family easier and much faster than your regular job.
Cash Back From Credit Cards
One of the easiest things that you can do, that actually requires no additional time at all from you, is to get cash back from your credit cards.
A large number of credit cards are giving you this option and all you have to do is take advantage of it.
Check into the credit cards that you currently have and what they are offering you.
Some may not offer anything, while others are giving you amazing rewards that you’re not even taking advantage of or using when you could be getting great prizes or even cash in your pocket.
There are plenty of credit cards out there that are offering some type of rewards. Some offer you points that you can turn into gifts, cash or gift cards.
Others may give you money off your bill if you spend a certain amount each month. What you want to do is find out which or your cards is offering you the best rewards and try to use that card as much as you possibly can.
You’ll be able to rack up your points or savings which means you’re going to get stuff, money or discounts on your bill just for continuing to shop like you normally do.
If you don’t currently have a credit card that gives you points and rewards they are simple to get. Keep in mind that just because one seems to offer you the best rewards doesn’t mean it actually does.
Some provide a flat 2 points per dollar spent in any category and that may seem like a great deal but others will offer specials such as 1 point per dollar in most categories but special categories with 3 or even 4 points per dollar in certain months of the year. These are going to give you even better rewards in the long run.
You also want to keep an eye on which categories are going to get you the most points. Some credit cards will reward you most for food purchases while others may reward gas purchases. Others may give you great rewards for plane travel. Make sure you’re choosing a card that fits with your lifestyle.
If you’ve never traveled on a plane then you don’t want a card that provides great points for flying and very little for anything else because you’re not going to get a lot of points that way.
Which Cards to Choose Of course, which cards are the best will vary slightly from one year to the next.
But that doesn’t mean we can’t give you an idea of which are the best cards or at least credit card companies to work with. These companies are the ones that will give you the highest amount of rewards points on your purchases. Some will even give bonuses on all purchases within a certain amount of time of signing up for the card. Look to see if any of these are ones you currently use. If they are you could be racking up points without even realizing it.
Chase Freedom-5% cash back in bonus categories American
Express Blue Cash Preferred – 6% cash back on grocery purchases and 3% on gas Citi Double Cash – 1% on all purchases when bought and 1% when the purchase is paid off Discover It – 5% cash back in bonus categories including online purchases.
If you’re using one of these then keep using it and make sure you check your last statement for more information about where to find your point totals and how you can use them. Most are going to require you to log in online and then you’ll be able to see all the great categories that you can spend your points in.
If you don’t usually spend a lot of money on credit cards think about this,
if you spend the same amount with the credit card as you normally do with cash then you can take that cash and pay the bill off before it’s due.
That means you won’t pay any interest on the card.
You will still get all the points though which means you’re actually getting more for your money than you would buying in cash. Isn’t that worth it?
Let’s say you normally spend $200 a month on groceries. With the cards above you could earn anywhere from 400-1,000 points on that purchase of groceries. Then you can spend those points to get yourself more money back.
You can get gift cards so you don’t have to spend as much on groceries next month, free items like dishes or appliances or even just money in your pocket.
All of those benefits are definitely going to make up for the fact that you’re now using a credit card almost exclusively instead of the cash you’re used to using.
The best thing about this passive income is that it’s literally passive.
You just keep doing what you’ve been doing (spending money exactly the same way) and the only active part you need to have is spending that money once you convert your points over to something that you want.
And you can probably manage to find the time for that part right? I mean who doesn’t have a little bit of extra time for spending money that they were given completely free? I know it sounds good to me.
What’s really cool is you can actually get gifts for other people with this money that you’ve technically already spent. So let’s say you spend that $200 a month on your groceries and you end up with 1,000 points. You can use those points to get your grandma’s birthday gift this year or your best friends Christmas present.
Maybe you get them a gift card or maybe you get cash back and then use that to buy something you know they’re going to love. You’ve already spent the money but now it’s like you’re getting to spend that same money again.
Take Surveys and Provide Reviews
This method is going to require a little bit of work from you.
There are a number of different websites that will offer you money to take surveys or to review their products. All you have to do is find them. You can sign up for a variety of different websites and then you’ll be able to make different amounts of money based on the website itself and what the company that the survey is for is willing to offer.
Some may pay you a few dollars each for surveys while others may only get you a few cents each.
This is generally also going to depend on the amount of time it takes to do the survey. If you decide to get involved with a few websites taking surveys you’re going to have lots of options.
The first thing you have to do is fill out some information about yourself to make sure that the surveys they offer you are going to be ones that you qualify for.
If you don’t qualify then you’re not going to get any money for doing the survey so you want to make sure that you fill out your profile accurately from the start.
That’s going to make sure that you don’t waste your time.
Now product reviews can sometimes pay you a bit more.
Depending on the company you may be able to get full size products completely free and then they also pay you decent money to write a review of the product and post it to their website and maybe a few other websites as well.
So you get something completely free which could be anything from a bottle of shampoo to a full size vacuum cleaner and then, on top of getting to keep the free product, you also get paid to tell other people what you think
(a completely honest review).
Doing either one of these things is going to take you a bit of time.
Surveys could, individually, take you anywhere from five minutes to an hour.
Generally any survey site that you choose is going to tell you about how long the survey is before you take it so you can work around your schedule.
If you have time for a quick survey you can check your list for one that only
takes 5-10 minutes.
If you have more time you can work on some of the longer ones
(which will generally pay more as well).
Product reviews are going to take a little time as well.
You have to be able to try out the product at least once in order to know what the benefits and drawbacks are.
Then you have to make sure that the review you write it thorough so that anyone looking to buy that product will have a really good idea of whether it’s going to work for what they need. When you write the review it’s generally going to be evaluated before you get paid which means they may ask you to revise something or they may offer a graduated system of payment based on the quality of the review.
What’s fun is that sometimes you’ll get a survey from a website that actually sends you products to review.
These are going to be really easy because they send it to you completely free and then you get to try it and take another survey telling them what you really think of it. You get to try new things, sometimes even before they ever make it to the store, and then all you have to do to pay them back for it is answer a few questions about whether you liked it and what you liked.
If you’re looking for just a few extra dollars every week or every couple weeks then surveys are going to be a good bet. You won’t get a lot of money this way unless you spend a decent amount of time on it but you will get some benefits.
The same goes for product reviews. In order to make a lot of money you’ll need to devote some more time and turn this into a little more active type of income. But even just doing a couple surveys a week could help you earn $10 or more.
This is probably the most risky method of earning passive income that we’re going to talk about.
That’s because when you invest money in anything you never know if you’re going to get it back. Some methods of investment are very low risk, you invest with a trusted company or a bank, but others are going to be very high risk.
The greater the risk that you take, the higher the return could be.
But remember that higher risk means you could also lose everything you put into it. Now probably the lowest form of investing is to get a CD or savings bond from your bank, credit union or the government.
These are extremely low risk and you’re almost 100% guaranteed that you’re going to get your money back when you are done.
The only negatives of these are that they generally take a long time before they are fully mature (meaning you get any money back) and you usually aren’t going to get a lot of extra money from them.
That’s because the low risk equates to a low level of interest on the money.
But you will earn something for your trouble.
What you’re technically doing is giving your bank or the government a loan.
You’re telling them that they can use your money and in return you want them to pay you some interest. It’s the exact opposite of getting a loan from the bank but the process works in the exact same way.
The only difference is you’re not going to get as much interest as the bank and government would charge you if they were the ones holding that loan slip.
It doesn’t seem fair but you’ll be able to get a little bonus.
A higher risk version of investing your money is stocks.
Stocks are what you see on NASDAQ for example.
These are basically pieces of a company that you are purchasing.
The company issues out a certain number of stocks based on the value of the company.
Those stocks sell for a specified price based on how many there are compared to that overall value. Then you get to purchase the stocks.
As the value of the company goes up, the worth of your stocks will also go up. So you can end up making a lot of money from stocks.
MONEY: PASSIVE INCOME HOW TO MAKE AN EXTRA $1000 PER MONTH: Make Money Online, GET DEBT FREE By: Griffin Pier