Creating multiple residual income streams is the true mark of an individual who appreciates the financial security and strives towards financial freedom. However, there are very few legal ways to make passive income by doing nothing extra. I will be providing some options. These 5 options have been tested and trialled but will not make you a millionaire nor will they get you out of debt. But they may prove to beat the income from your savings’ account interest rates or they may cover one or two of your regular expenses.
Money through your search engine
- Qmee is an innovative program (browser app) that rewards you for what you already do online: searches on your search engine. It works with Google, Amazon, Yahoo, Bing, Ebay and other websites to provide immediate cash rewards, price comparison deals and vouchers. The relevant links come up on the sidebar and you can choose to interact with them or not. Your PayPal account is linked and you can choose to cash out instantly, turn your money into gift cards or donate to a charity of your choice. You can also get paid for answering their surveys through the website or the mobile app, which I do during long train or bus journeys. When I first joined, I was a bit sceptical about the concept of quick free money. Then I learnt that brands pay to appear in Qmee’s search results and that income is split with you, the searcher. The instant and £0.01 minimum cash out option doesn’t hurt either.
- If you’re a Nectar Cardholder, the Nectar browser app with a mobile app alternative, powered by Yahoo, is another way to get easy points that equal money off your shop. You get points by searching EVERY TIME you search for ANYTHING in the search bar and points when shopping online on certain websites (400+ of them). Points equal money off your food shop, electricals, flights, hotels and for those with a certain guilty pleasure, magazine subscriptions, amongst others.
Money through cashback websites
- Topcashback and Quidco are cashback websites with over 5000 retailers combined. Sign in, choose the retailer you were originally going to shop, use the link provided and get a specified percentage cashback on your purchase. This type of scheme is especially useful when you’re changing insurance providers as you can easily net up to £80 back as cashback when you get a new policy. The mobile app also allows you to get cashback from groceries in supermarkets. My only nag is payout isn’t instant and it can take up to a few weeks before it gets credited to your account.
Money through renting out items
- RentNotBuy have an interesting concept where items can be rented an hour, a day or a week at a time. It does come with a risk but ensures that the risk is covered in your asking price. You can rent anything from sound and PA systems, toys and DVDs to sewing machines, garden equipment and studio space.
Money through pet sitting
- If you own pets or your own place, looking after other animals might be killing two birds with one stone. With Tailster, Holidog and similar companies, you will be able to. If you walk your dog daily or at the weekends, you can choose to walk other people’s dogs at the same time. Similarly, if you own your own place, you can dog-sit for a few hours or days, at your choosing. In my experience, pets are easier to take care of than babies and at up to £25 an hour, it would be an opportunity not to miss out on.
This post was written by Joy.