Lifehacker explains that there are several effective ways to generate passive income, including a high-interest savings or checking account, rental income, blogging and publishing an informational book. While most passive income methods do not bring instant riches, they don't need require much of an investment.Continue Reading
For earning more interest on a checking or savings account, it's best to do so through an online bank, according to Lifehacker. Some credit unions and smaller banks also offer reward checking accounts, but the account holder might have to make a certain number of purchases through the account's debit card every month.
While flipping houses can be a profitable way to generate a passive income, it's not without its risks, according to Lifehacker. It can take a lot of time to find property worth investing in, and the buyer has to qualify for and have the funds to buy the property. However, landlords have to maintain their property and deal with tenants. Spare rooms, attics and basements can also be rented out to produce income.
According to Lifehacker, it's best to use advertisement and affiliate programs that add links to widget stores when making an income from blogging. Published books should look as professional as possible, offer real value to the reader, have a professional cover and be looked over by a professional and reputable editor.Learn more about Investing