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Everything is more expensive these days. From the cost of housing, utilities, groceries and more, we’re all feeling the pinch. Luckily, passive income can help supplement earnings from your 9-to-5 so you can make ends meet.
Earning passive income means earning money with little to no effort. The more passive income you can earn, the more your money will work for you. This summer, there are many different ways you can start earning passive income to boost your financial standing.
Here are five ways to earn $1,000 a week or more in passive income this summer, according to Shopify.
Rent Out Extra Space in Your House
If you have unused space in your house, consider renting it out to make some passive income. You can list your empty room, basement or guesthouse on platforms like Airbnb and Vrbo, which tend to cater to short term travelers. The beauty of renting out extra space in your house on platforms like these is that it’s flexible. You only have to rent the space when it works for you, unlike renting to a full-time tenant with a formal lease agreement.
Open a High-Yield Savings Account
Opening an interest bearing high-yield savings account is a no brainer. These savings accounts pay interest rates that are well above average compared with those at traditional brick-and-mortar banks. So, if you have extra cash sitting in a checking or savings account that pays little to no interest, be sure to park it in a high-yield savings account instead so you can start earning passive income.
Buy Shares of Dividend-Yielding Stocks
When you buy a stock, you’re buying a share of a company. Some companies pay shareholders regular dividends just for owning shares. If you haven’t gotten started with investing yet, consider buying dividend-yielding stocks so your money can grow over time — and you’ll also earn passive income along the way.
Buy a Rental Property
Owning real estate is still considered one of the best ways to earn a passive income. Consider buying a home, apartment or an entire building as an investment. While being a landlord involves more effort than other forms of passive income, not only can you earn money via rent payments from tenants but there’s potential that the property’s value could increase over time as well.
Rent Out Your Car
If you have a second car that you only use occasionally or perhaps you work from home full-time and don’t use your primary car that often, consider renting it out to make extra income. Similar to Airbnb but for cars, platforms like Turo and Getaround allow hosts to rent their vehicles when it works for them. You’ll earn money for each day that someone rents your vehicle, which will earn you a passive income. It could even be enough money to cover your monthly car payment and insurance costs, depending on how often you rent your vehicle.
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Source: How To Earn $1,000 a Week or More in Passive Income This Summer
