The 4 Best Ways to Earn a Passive Income in 2023
You’ve probably heard the term passive income.
It sounds appealing right? According to the definition of passive, it would mean you’re earning income without participating or having to do anything at all.
Free money? Sign me up!
Unfortunately, that’s a common misconception. Just like you can’t pluck money from a tree, you can’t expect to earn passive income by being, well, totally passive.
However, it’s a viable way to make money, and offers you security and freedom.
If you’re interested in establishing a flow of passive income, here’s a guide to understanding the term and getting started.
1. Killing Time on Your Phone? Play Bingo for up to $83 Per Win
Our smartphones are the world’s greatest time-killers. Browse Facebook, Twitter, TikTok or Instagram. Watch a video on YouTube. Play some Minecraft or Roblox.
Oh, and there’s bingo. We found a free iPhone app called Bingo Cash that lets you play for real money. You could get paid up to $83 per win.
You might be thinking: There’s got to be a catch. This is definitely one of those spammy apps, right?
But there really isn’t a catch. Sure, you can pay to play in some higher-stakes tournaments, but there’s no pressure. And, in fact, there aren’t even any annoying ads.
The game is based on a classic Bingo format. You’ll battle it out against other players at your same skill level. Everyone gets the same board and sees the same Bingo balls. The top three players in a game can win real money — anywhere from $1 to $83.
Over on the App Store, it has a 4.7-star rating (out of 5).
To get started, just download the free app and start playing your first game immediately.
2. This Free Debit Card Gives You Cash Back on Every Purchase
Wouldn’t it be nice if you got special treatment wherever you went? You can actually get rewards wherever you shop, using this free debit card from Discover.
You’ll earn 1% cash back on every single purchase you make using your Discover® Cashback Debit account, on up to $3,000 monthly.* There’s no impact on your credit score for signing up and no minimum balance requirements ever.
Need groceries? Tap your card for cash back. You can also get paid sooner with Early Pay direct deposit, protect against overdrafts and access to over 60,000 ATMs without fees. You can handle all of your banking needs through the app and connect a virtual wallet like Apple Pay to amplify your rewards. And on top of all that, checking-account deposits are FDIC-insured up to the maximum amount allowed by law.
Does your bank do all that? If not, open a free Discover checking account to get special treatment from a bank that will actually put money back into your account.
*See website for details.
3. Fund Your Retirement with Amazon, Google and Netflix
Saving for retirement is smart. Having your company contribute to your 401(k) is helpful. But having an ownership interest in a Fortune 500 company that you don’t even work for help get you to your retirement goal? That’s awesome.
And it’s surprisingly easy to make happen, with an app called Stash.1 It lets you own pieces of well-known companies, like Amazon, Apple, Google and more for $5 or less.
Seriously — with only a few dollars, you can invest in thousands of stocks and ETFs, which can help you grow your investing portfolio and reach your retirement goals. The best part? Some companies may even send you a check every quarter for your share of profits, called dividends. If these companies profit, so can you.
It takes two minutes to sign up, and your investments are protected. With Stash, investments are held by their custodian, Apex Clearing Corporation, a member of the Securities Investor Protection Corporation (SIPC) — that’s industry talk for, “Your money comes with protection.”2
Plus, when you use the link above, Stash will give you a $5 bonus once you deposit $5 into your account.3
4. Get Paid $225/Month While Watching Movie Previews
If we told you that you could get paid while watching videos on your computer, you’d probably laugh.
It’s too good to be true, right?
But we’re serious. By signing up for a free account with InboxDollars, you could add up to $225 a month to your pocket. They’ll send you short surveys every day, which you can fill out while you watch someone bake brownies or catch up on the latest Kardashian drama.
No, InboxDollars won’t replace your full-time job, but it’s something easy you can do while you’re already on the couch tonight, wasting time on your phone.
Unlike other sites, InboxDollars pays you in cash — no points or gift cards. It’s already paid its users more than $56 million.
Signing up takes about one minute, and you’ll immediately receive a $5 bonus to get you started.
1For retirement, Stash offers access to traditional or Roth IRAs.
2To note, SIPC coverage does not insure against the potential loss of market value. Apex Clearing Corporation is a third-party SEC-registered broker-dealer and member FINRA/SIPC.
Remember, not all stocks pay out dividends. And there’s no guarantee any stock will pay dividends in a quarter or year. Dividends may be subject to additional taxes, and are considered taxable income. Please refer to the IRS for additional information.
Investing minimums for fractional shares start at $0.01 for a Personal Portfolio
3Offer is subject to Terms and Conditions. To be eligible to participate in this Promotion and receive the Bonus, you must complete the following steps: (i) successfully complete the designated registration process of opening an individual taxable brokerage account (“a Personal Portfolio”), (ii) link a funding account (e.g. an external bank account) to your Personal Portfolio, AND (iii) initiate and complete a minimum deposit of at least five dollars ($5.00) into your Personal Portfolio. In the event you only complete the designated registration process to receive the Financial Counseling Service (as defined in your Advisory Agreement) or do not otherwise complete the account opening process for an individual taxable brokerage account (“Personal Portfolio”), you will not be eligible to receive the Bonus.
The Penny Hoarder is a paid solicitor of Stash.
This information is for educational purposes only. This material is not intended as investment advice and is not meant to suggest that any securities are suitable investments for any particular investor. Investment advice is only provided to Stash customers. All investments are subject to risk and may lose value. All product and company names are trademarks ™ or registered ® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.
