Private lending can be risky, and loan opportunities are typically categorized by borrower credit worthiness," says Meyer. "Lend your money to someone else on a peer-to-peer lending platform and earn interest paid by the borrower. Meyer says that peer-to-peer lending is another potential way to make a steady stream of passive income with a smaller upfront investment. Peer-to-peer lendingĪnother thing I've never considered doing with my money to make passive income is peer-to-peer lending. "Remember that any real estate investment is illiquid, so best for long-term investors," says Meyer. I've always wanted to get into real estate as a way of making passive income, but shied away from it when I saw how much cash it would take to buy a place and rent it out.įinancial planner Cynthia Meyer says there are real-estate investing sites, like Fundrise, that offer options where people can begin investing with just $500 to participate in a commercial real-estate investment.
#PASSIVE INCOME 2021 HOW TO#
Here are five tips, from financial planners and advisors, on how to start making passive income by investing just $500 or less. Which is why I wondered what other things I could do that wouldn't require me to drop a lot of money at the start. Over the years, I've started to do this in a handful of different ways, from switching my cash over to a high-yield savings account to offering digital services through my business that bring in money without me having to do much work.įinding new ways to make passive income is a way for my finances to evolve and grow, though some of the new ways I've been exploring require me to invest a lot of money (for example, buying an apartment to rent out and collect monthly income).
One of the biggest things I'm working on this year, when it comes to personal finances, is finding more ways to make passive income.
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