6 Ways To Earn Over $1,000 in Passive Income Ahead of Fall 2024

As Americans continue to struggle with rising expenses , finding ways to earn more money is more important than ever. Since there’s a finite number of hours in a given day, you have to look into strategies for making money without any extra effort through passive income. However, since investment scams had reported losses of $4.6 billion in 2023 based on Federal Trade Commission data, it’s crucial that you research the passive income opportunity extensively to ensure that it’s legitimate.

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Here are different ways to earn over $1,000 in passive income ahead of fall 2024 .

Learn More: I Rent Out a Home on Airbnb — Here’s How Much Profit I Actually Bring In

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Rent Your Vehicle Out

“Peer to peer rental market places have grown in popularity offering options nowadays to rent your car when it’s not in use to others through sites like Turo and GetAround.com,” said Andrea Woroch , a consumer finance and savings expert. “The benefit of using these sites is that they serve as a marketing tool to get your vehicle in front of drivers looking for a car or truck for the day or weekend and include liability insurance for peace of mind.”

According to Turo (per LoneStar Tracking ), the average host makes $545/month. While this isn’t purely passive income since you’ll still be responsible for maintenance and cleaning, it’s less hands-on than taking on a side hustle or trying to find another job.

Rent Out Your Home (or Any Space)

If you don’t want to rent out your vehicle, you can rent out other things, like your home or a specific space. If you want to invest in real estate or already have the extra space, you can make around $14,000 annually as a host through a platform like Airbnb, per Azibo . You can outsource the process of managing the listing so that it becomes passive income. You can also make anywhere from $100 to $600 monthly by renting out your garage on Neighbor .

Some other examples of space that you can rent out for passive income include:

• Your swimming pool through Swimly.
• Your parking spot through SpotHero.
• Your tools on Rent My Equipment .

Open a High Yield Savings Account

High-yield online savings accounts currently earn over 5% interest due to the rate hikes over the past few years. Moving your funds to one of these accounts will easily earn passive income, and you won’t have to stress about risking your money. The returns won’t be substantial if you don’t have the money to invest, as this is an ideal passive income stream for those who have saved up a significant amount of money.

However, this is your best bet if you’re looking for risk-free returns.

Invest in Dividend-Paying Stocks

“Investing in dividend-paying stocks or ETFs can earn you regular payouts from a company’s shareholder profits,” remarked Erika Kullberg — an attorney, personal finance expert, and founder of Erika.com . “The key here is to focus on companies with a strong track record of consistent and reliable dividend payments.”

If you have a decent amount of savings you’re willing to invest upfront, dividend returns can be noticeable passive income. Dividend payouts are typically issued quarterly, but once that arrives, you can choose to reinvest the dividends to grow your holdings or simply take the cash as income.

Check Out Real Estate Crowdfunding

Kullberg noted that real estate crowdfunding platforms allow investors to pool their money together to invest in commercial or residential properties. The best part is that, with some platforms, you can start with a relatively small investment compared to the huge sums typically required to begin real estate investing. For example, Fundrise allows you to start building your portfolio with just $10.

Returns are often distributed quarterly, and your results will vary based on the market and specific properties you’ve invested in. However, it’s generally seen as a reliable way to earn passive income without the hassle of owning and managing physical real estate as a landlord.

Find a Flexible Side Hustle

While a side hustle often isn’t technically passive income, due to the gig economy, you could double up on jobs and make money with minimal effort.

Kullberg urged that you consider a flexible side hustle you can do from home. You could consider pet sitting, which can help you bring in an extra $1,000 monthly on sites like Rover.

You could also accept house-sitting gigs if you work from home, so that you could get paid for a change of scenery. Fortunately, numerous flexible income streams are available these days, and you can increase your income without much additional effort.

This article originally appeared on GOBankingRates.com : 6 Ways To Earn Over $1,000 in Passive Income Ahead of Fall 2024