4 Realistic Income Streams That Can Bring In $100 a Week
Sometimes referred to as "set it and forget it" strategies, passive income streams can be a great way to alleviate money tensions. Of course, many can involve upfront costs of be more of a hassle than they are worth. However, there are lots of relatively simple ways to an extra $100 a week passively, and that additional income in your bank account can help pay for groceries, fill up your car or be set aside in a savings account.
We spoke with several financial experts to better explore ways to earn $100 a week in passive income that could be considered realistic to the average person. Here's what they recommended:
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1. Dividend Stocks
The stock market has always been the go-to place for passive income, but there is a certain kind of stock you really want to invest in to make this model of earning work for you: dividend stocks.
"Investing in dividend-paying stocks can provide steady income," said Rhett Stubbendeck, CPCU, CEO and founder of Leverage Planning. "Companies like AT&T and Coca-Cola offer good dividends. I've invested in these and earned consistent payouts. It's an easy way to grow wealth slowly."
"These stocks distribute a portion of their earnings back to shareholders, often quarterly," explained Benjamin Klesinger, CEO and co-founder of Reliant Insurance Group. "Companies in stable industries -- like utilities or consumer goods -- tend to offer reliable dividends. For instance, an investment portfolio well-selected for dividend yield can easily achieve the $100 per week mark with the right mix of high-yield stocks."
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2. High-Yield Savings Accounts
You could also consider stashing some money away in a high-yield savings account to earn passive income.
"Put your money in high-yield savings accounts or CDs to earn more interest than traditional accounts," Stubbendeck said. "I believe in maximizing every dollar with better returns for minimal effort."
3. Rental Income
"Fixing a property with the idea of renting it out is one of the easiest ways to create a passive income stream," said Boryana Stefanova, who runs the personal finance site Cash Embrace. "It will allow you to benefit from a business model that always works -- flipping a property without selling it."
Renting out a room as a short-term rental with platforms like Airbnb can generate extra cash too, according to Stubbendeck. "A client of mine makes an extra $100 a week this way," he said. "It's a practical use of unused space."
Of course, it's worth noting that due to local regulations and ongoing management, considering rental income as passive might be a stretch initially. Once you get in a rhythm, however, the idea becomes a bit more tangible.
4. REITs
REITs, otherwise known as real estate investment trusts, pay out dividends from income made on rentals.
"I invested in REITs and get regular payouts," Stubbendeck said. "It's a hassle-free way to earn passive income."
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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