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With tax season ramping up and tax returns already being accepted, millions of Americans are taking a closer look at their income. While many people may be content with what they made in 2022 (and what they are likely to make this year) millions of others may be looking for new ways to make cash. This can come in the form of a new job, an additional part-time job, or a side hustle to help make ends meet.
Fortunately, there are also multiple ways to generate passive income.
Passive income activities, defined by the IRS, “include trade or business activities in which you don’t materially participate. You materially participate in an activity if you’re involved in the operation of the activity on a regular, continuous, and substantial basis.”
With a shift to remote and hybrid work amid the pandemic, there are many ways to go about generating passive income, some of which won’t even require you to leave the comfort of your home.
Passive income ideas to consider now
If you could use the extra money that a passive income stream can generate then consider the following options.
Take paid surveys
While not as “passive” as some other options on this list, taking paid surveys can be a painless and simple way to make extra cash. And you can take as few or as many as you want, on your time and your schedule.
“You won’t get rich taking surveys and it’s not meant to take the place of a full-time job but it can supplement your income and give you a little extra flexibility in your budget,” market research site Survey Junkie explains.
“We reward our members with free gift cards and cash for the everyday things they already do online,” Swagbucks, another paid survey company, explains on their website.
As of late January 2023, Swagbucks says its members have earned more than $834,000 in rewards. So how much could you make?
“Per month, you can reasonably earn an extra $50 to $250,” they say. “When it it (sic) comes to paid surveys, you get what you put out of it. It helps to set small daily goals. If you wanted to make an (e)xtra $100 a month, that’s $3.33 a day you would need to earn. That’s very doable on a paid survey site.”
You can get a $10 bonus by signing up with Swagbucks now.
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