- As a solopreneur, there are a finite number of hours I can earn money. So passive income is key.
- I’m earning passive income from cash-back rewards and investing in small businesses.
- I’m also doing peer-to-peer lending and offering print-on-demand merch on my website.
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One of my biggest financial obsessions is around how to make more passive income every month. As a solopreneur, there are only so many hours in the day for me to work and bring in income. With passive income streams, I can collect cash payments every month that can be used to pay off debt, fund my retirement account, and give my savings account a healthy boost.
I’ve been making passive income for the past five years now in a variety of ways, from selling digital courses to putting my money in high-yield savings accounts. Recently, I’ve added a few new ways to position my money so it’s actively working for me and bringing in returns on a monthly basis. Here are five ways I make over $2,500 in passive income every month.
1. Cash-back rewards
An easy way I’ve been making passive income lately is through cash-back credit cards and websites.
I decided to get a cash-back credit card to use for my everyday purchases. I get unlimited 3% cash back on dining, entertainment, my
subscriptions, and at grocery stores. I usually find myself getting around $30 to $50 a month in cash back from using this card.
I also use cash-back websites, like Rakuten and TopCashBack, for online shopping. All you do is shop through their portals, and when you buy an item from a store, you can get anywhere from 1% to 30% cash back.
2. Investing in small businesses
As a small business owner myself, I wanted to find a way to invest in other entrepreneurs and make passive income as their businesses begin to take off and see profit. I decided to invest a small percent of my income every month in businesses that agree to share a percent of their future revenues until this investment is paid off.
While my monthly passive income from this route will pick up over time, it’s allowed me to become an investor in businesses for the very first time. If you’re interested in doing this, you can start with a small amount ($100 even) and do it through a platform like MainVest.
3. Peer-to-peer lending
Another way I decided to diversify my investment portfolio and make passive income was through peer-to-peer lending. This is when you loan money to borrowers who might not qualify for traditional loans.
Since I’m just getting …….