Passive income ideas reddit6/4/2023 ![]() You will have to do a lot more homework in regard to online banks. The advantage in that aspect remains with the local bank you can walk into and have confidence it’s a real and trustworthy bank. ![]() It remains true that you shouldn’t toss your money into the first online bank that pops up at the top of a Google search. I understand if you cringed a bit when I said the dreaded words “online bank” (ooooh scary), but this is 2020 and it’s time you open your eyes to the changing landscape. Meanwhile, some online banks offer much higher rates in the area between 2.10% and 2.25% ( ). I know what you are thinking, “I already have a savings account.”īut do you really? In 2020, the average savings rate for the common brick and mortar bank, think Bank of America, Citibank, Wells Fargo, and those alike, is floating somewhere between 0.06% and 0.15% ( ). So are you ready to learn about these mythical passive income vehicles once thought to be reserved for the rich and famous? Let’s take a look. There are passive income ideas for beginners that just require some cash to get started: ![]() Passive Income Investments for Beginners That Require Cash Also, this will be a long term effort to increase your wealth, not a get rich quick plan. What matters is that passive income is passive income, and the goal is to increase the amount you earn from 0% to 0.1% to 0.2%, or $1 to $2 to $3 and so on. ![]() In a simple form, that means is your money is making money for you or you are making money while you sleep.Īs you read this article, I want you to keep reminding yourself that the amount of money you get from passive vehicles does not matter. Separate from your regular earnings, passive income is money you earn with little to no effort usually done by completing a few (or more than a few) actions upfront and then reaping the rewards over time with little maintenance later. How to Pick the Best Passive Income Stream for You What Is Passive Income? ![]()
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