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But another route to go is to get an income property only for the purpose of renting it out. That is even better if you reside in a touristy area, since you can probably make even more than usual during the high tourist seasons. "Rental properties offer a source of passive income and the possibility of total appreciation of this property with tax advantages," Lou Cannataro, partner at Cannataro Park Avenue Financial, tells Bustle.
Rental properties can supply that constant income (individuals always need somewhere to live) that is not directly tied into the market and one cannot outlive. "In fact, according to Airbnb, women hosts are using their Airbnb income to help afford their homes more than men, particularly single mothers who sponsor (62 percent internationally ).
"The key is to keep your spending charges the same and pay your balance off in full at the end of each month. Additionally, it is important to cover your bill on time. That way, you are not paying interest or getting struck with any late fees, and any money back you earn is pure gain.
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Perhaps you're that person who creates handmade greeting cards for friends and loved ones. Or perhaps making candles is more your thing. Whatever the case may be, why not simply take your talent to Etsy or an online site, especially if you currently have a bunch of your product already made"Make your own merchandise and services," financial blogger and life coach Michael Tamez tells Bustle.
However, your individuality can never be replaced! I encourage you to explore your creative talents and abilities more. What are you good at How can you monetize that talent and perhaps even build a business from it Perhaps you have experienced something extraordinary in your life, and due to it, have tons of knowledge and wisdom to share...
Essentially, you bust your butt once and get compensated for the remainder of your life even when you're sitting on the beach, sipping coconut rum. Just remember this: When you invest in your creative abilities, you become irreplaceable!" 4Write An eBookHannah Burton/BustleOK, I know what you're thinking maybe you are not a writer.
Additionally, chances are that other people want to know what you know. So whether you write an eBook on dating or tips on the best way to fix your car, once you compose, self-publish the publication, and let it go, it can sit on a website like Amazon and promote itself. Of course, you can promote it, also, but that's another story! Some sites let you keep most of the earnings, but some do not.
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That's a major percentage. Writing a book is not easy, but once you invest in the time that it takes, you can reap the monetary benefits.5Use a High-Interest Savings AccountAshley Batz/BustleWhile some people today tend to use a savings account at precisely the company website same bank where they have their checking account, make sure it's a high-interest one, not simply a convenient one.
"While many traditional banks offer as little as 0.1percent interest on savings, online banks tend to provide higher interest prices. By switching into an account that offers 1% interest or more, you would be making 10 times as much by simply moving the money" 6Use A High-Yield Checking Accountmichael spring/FotoliaAlong the same lines of using a high-interest savings account, another simple way to make and have more money is by using a high-yield checking account.
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"One caveat: If it's important to you to have a convenient, nearby branch or easy access to ATMs, your options will be limited by your geographical area. "7Invest In Low-Cost Index Funds You probably already know that investing can result in earned money down the line. Nonetheless, this really is a friendly reminder about investing even if you don't know anything about investing! Particularly in low-cost index funds.
"As legendary investor Warren Buffett recently told CNBCs On the Money,'Consistently purchase an S&P 500 cheap index fund. I think that it's the thing that makes the most sense practically of all time.' By not picking individual stocks and, instead, buying a low-cost fund that tracks the current market, you pay less in fees and require less of a risk.
Oftentimes, that person gets paid a commission when you do. If you've got a site, the exact same can happen for you. It is a win-win-win for everyone involved you, the product that you're recommending, and the person who clicks on the link to acquire the item. Pat Flynn talks about this at length on his website, Smart Passive Income, where you can learn a whole lot more on the subject, aside from affiliate marketing.