Whether you are looking for good passive income or a side hustle for a boost in cash, there are a number of ways to grow your bank account. Consider renting out your unused space, eating in rather than out, obtaining the cheapest car insurance, and making a conscious effort to spend less money every week to start uncovering your hidden wealth.
Passive Income Ideas
One of the best ways to get wealthier in the New Year is to create passive revenue streams. This isn’t just for the rich. Passive income can be had by just about anyone who puts their mind to it. Consider your skill set, your interests, and the physical space around you. After that you will have to invest some money and time, so being patient is key. The rewards of earning passive income are well worth the investments.
- Rent out your car
- Use cash back apps
- Invest in a business
- List your home or a room on Airbnb
- Ask your employer about matching contributions
- Sell stock photos
- Purchase stocks and earn dividends
- Buy a rental property
- Design T-shirts
- Refinance your mortgage
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Be Passionate About Saving Money
About 1/5 of all millionaires became millionaires because of their commitment to saving money. Yes, they started young and made a choice not to spend lavishly, saving about 20% of their income and then rolling their savings into investments. What does this say about the average person? It means that even if nothing else changes (your income, your residence situation, etc.), as long as you make a pledge to save money and stick to it, you’ll be well on your way to discovering avenues of hidden wealth you never knew existed.
- Avoid brand name purchases. Store brands are just as good (if not the same exact thing) and cheaper.
- Use the self-checkout. Studies have shown that people who use the self-checkout spend less money on impulse purchases (self-checkouts usually don’t have the racks of impulse items surrounding them).
- Rent out an unused room or space in your garage for a few hundred dollars extra every month.
- Research and discover the cheapest car insurance to avoid paying too much for the same policy you can get for cheaper.
- Brake less and coast more. To increase your gas mileage, avoid braking and instead, coast when you are able to.
- Get a gas buddy app. There might be a whopping 50 cent difference in fuel prices from one place to another, before heading out check the fuel finder app for the best price.
- Eat out at lunchtime instead of dinner. Most restaurants offer lunchtime specials that are less expensive and nearly as large as dinner offerings.
- Find a cheaper cell phone provider. With cell phone companies providing practically the same amount of coverage everywhere, there’s no excuse to pay 3 or 4 times what you need to pay. Do some research to find a good, inexpensive provider (they can go as low as $15/month) and you’ll feel like you gave yourself a raise.
Make Economical Changes
In every home there are ways to save money that require a quick investment (such as a tankless water heater) but are also done with the mindset of saving money into the future. Plus, bonus, most of these changes are also great for the environment.
- Consider switching to an EV. Prices on EV models are coming down, thanks to most car manufacturers getting into the game. Driving 12,000 miles a year or so will allow you to break even in 2 or 3 years, as opposed to a gas powered vehicle. Charging stations are cropping up more and more, and there are apps to help you find public stations.
- Install motion detectors. Most people think of motion detectors associated with lights, but you can install them for practically anything that has an electric device. If you’re someone who tends to leave the fan on even when you’re not in the room, a motion detector will turn it off when you leave; just like it will a light.
- Unplug things. We tend to leave electric appliances like televisions and game consoles plugged in even when they are not in use. The truth is, these devices are energy sucking pits that could save you over $100 a year if you unplugged them while not in use.
- Change to LED lighting. As winter hits and darker days lie ahead, electricity usage goes way up. Swapping out incandescent light bulbs for LED’s will cut down light bulb energy usage by 90% and they will last 25 times longer than regular bulbs, so you won’t be purchasing them as frequently.
Ring in the New Year with positive thoughts on health, happiness, and discovering hidden avenues of wealth that will make you fiscally confident and future proud.