15 Passive Income Ideas to Build Wealth
4. Pay off Consumer Debt
For many Americans, the simply do not have sufficient funds to make an investment to create a passive income. For people in this situation, focusing instead on paying off one, two, or many credit cards or consumer debt accounts will be the equivalent of creating additional passive income. This is especially true when taking a look at credit cards and the required monthly payments on the card(s). For many, paying off just one card that has a minimum payment of $250 a month will result in freeing $2,600 a year in cash money. Normally this cash flow would go to bills, but if you do not have additional credit cards, it will be extra profit. If you do, then it should be applied to the next, or bigger bill if possible.
