7 Ways To Make Passive Income In Utah
What’s better than making a little extra cash? When you’re doing it with little to no effort.
Passive income is just that — earnings that come from something that you are not actively involved in. It is commonly gained from something or someone who is not a contractor or employer.
It may sound too good to be true, but an increasing number of people are finding unique ways to make passive income to help grow wealth. Passive income can be immensely beneficial to those who want to pay down debt or beef up a savings account and retirement nest egg. In Utah, there are many ways to make passive income. Some of your options include, investing in dividend-paying stocks, renting something out, starting your own online venture, watching videos, storing people's stuff, starting a side hustle, and using Utah installment loans. What's best of all, you can get started right away.
Extra Income Options
1. Invest In Dividend-Paying Stocks And Index Funds Or Open A Savings Account With A High Yield
Since this is secondary income, it may be worth the ever-present risk of riding the stock market’s ups and downs. Stocks that pay dividends usually do so either quarterly or annually and you will likely be able to reinvest your dividends.
But one of the best ways to make passive income may just be depositing money in a high-yield savings account set up with your bank. Most online banking platforms and brick-and-mortar banks offer such accounts that are insured by the FDIC, meaning it protects the first $250,000 you deposit.
2. Rent Something Out
You’ve likely heard of people who find that renting out a room or their entire house is one of the best ways to make passive income. It certainly can be lucrative, but there are other rent-related options that require even less work on your part.
You can rent out your car and easily make over $10,000 a year. You can even rent out a parking space you aren’t using at certain times in the year, a particularly popular venture for those living in big cities or on vacation.
3. Start An Online Venture
If you have a passion for a specific topic or have expertise in one, consider starting a blog or a YouTube channel as one of your ways to make passive income. Blogs are usually hosted for free, and if you love to write and develop a following, you’ll easily earn cash through affiliate links and ads.
If writing isn’t your thing, YouTube advertising is a good source of passive income for those who start and maintain a popular YouTube channel.
4. Watch Videos
Yes, you read that right. Simply watching videos from the comfort of your own home is one of the easiest ways to make passive income. Several companies like Inbox Dollars offer cash for those who have time to watch some viral videos.
It won’t yield a lot of cash — at the most, you’ll earn maybe $100-$150 a month — but it’s a good option for those with busy schedules.
5. Store People’s Stuff
You may cringe at the thought of devoting your own space to housing the goods of strangers, but if you have a large home or a half-full storage unit, you can rent out such spaces without having to do any work. The monthly reward can be upwards of $300.
6. Find A Side Hustle
Some side hustles require so much work they feel like a second full-time job. But finding the right-side hustle that balances a doable time commitment with steady cash is one of the top ways to make extra income.
For example, if you have just a few hours free over a few days, you could get paid five times a day if you deliver items through Uber Eats. Although this income isn’t fully passive, it can be a simple way to supplement your regular income.
7. Consider A Utah Installment Loan
If you’re looking for ways to make passive income in Utah to help address a financial emergency, one option is a Utah installment loan.
Installment loans are designed as short-term loans that offer a small amount of cash that’s paid off in increments over time. Such loans should only be used for financial emergencies, such as an emergency room bill, unexpected but necessary travel, or home and car repairs.
And how’s this for minimal effort: It can take as little as 30 minutes to qualify for up to $1,500 in a signature installment loan offered by Utah Title Loans, Inc. You can start the process online by filling out the short installment loan inquiry form on our homepage and a loan representative will give you a quick call and guide you through the rest of the process.
Once you qualify and are approved, you get the cash you need that same day or the next business day.
Get Started Today
While there are numerous ways to make passive income in Utah right now, a Utah installment loan can offer reliable assistance for any financial emergency. Start online, give us a call, or visit us today to see how an installment loan can help you.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.