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However, another route to go is to get an income property just for the purpose of renting it out. This can be 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 provide a source of passive income and the chance of overall appreciation of the house with tax advantages," Lou Cannataro, partner at Cannataro Park Avenue Financial, informs Bustle.
Rental properties can provide that constant income (people always need a place to live) that is not directly tied into the market and one cannot outlive. "In actuality, according to Airbnb, women hosts are using their Airbnb income to assist afford their homes more so than men, particularly single mothers who sponsor (62 percent internationally ).
"The key is to maintain your spending rates the same and also pay your balance off in full at the end of each month. It's also important to pay your bill on time. That way, you are not paying interest or getting struck with any late fees, and any cash back you earn is pure gain.
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Perhaps you're that person who produces handmade greeting cards for friends and family. Or perhaps making candles is more your thing. Whatever the case may be, why not simply take your talent to Etsy or an online website, especially if you already have a bunch of your merchandise already made"Create your own products and services," financial blogger and life coach Michael Tamez tells Bustle.
Nonetheless, your individuality can never be replaced! I encourage you to explore your creative talents and skills more. What are you good at How can you monetize that talent and possibly even build a business out of it Have you experienced something extraordinary in life, and due to it, have tons of knowledge and wisdom to share...
Essentially, you bust your butt once and get paid for the rest of your life even when you're sitting on the beach, sipping coconut rum. Keep in mind that: When you invest in your creative skills, you become irreplaceable!" 4Write An eBookHannah Burton/BustleOK, I know what you're thinking maybe you are not a writer.
Also, chances are that other men and women want to know what you know. So whether you write an eBook on dating or advice on the best way best to fix your car, once you write, self-publish the book, and let it go, it can sit on a site like Amazon and sell itself. Obviously, you can market it, also, but that's another story! Some sites allow you to keep the majority 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 it requires, you can benefit from the monetary benefits.5Utilize a High-Interest Savings AccountAshley Batz/BustleWhile some people today tend to use a savings account in precisely the exact same bank where they have their checking account, make sure it's a high-interest one, not just a convenient one.
"While many traditional banks offer as little as 0.1% interest on savings, online banks tend to offer higher interest rates. By switching into an account which 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 exactly the very same lines of using a high-interest savings account, another easy way to create and have more money is by using a high-yield checking account.
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"One caveat: When it is important to you to have a convenient, nearby branch or easy access to ATMs, your options will be restricted 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 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 low-cost index fund. I think that it's the thing which makes the most sense almost 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 take less of a risk.
Oftentimes, that person gets paid a commission when you do. If you have a blog, the same can happen for you. It's a win-win-win for everyone involved you, the product you're recommending, and the person who clicks on the link to get the product. Pat Flynn talks about this at length on his website, Smart Passive Income, where you can learn much more on the go to website subject, aside from affiliate marketing.