The U.S. has been in a period of low inflation for three decades, but this week’s report on consumer prices revealed that the number of people who saw their bills increase was higher than expected and reached its highest point in over a decade.

Inflation is the increase in the general price level of goods and services in an economy over a period of time. Which of the following is true about inflation? A) It’s caused by too much money being printed. B) It’s caused by too many people spending money instead of saving it. C) It can be measured using a price index. D) It causes unemployment. Read more in detail here: which of the following is true about inflation.

 

Nothing is more tedious than paying bills – unless maybe researching how Americans handle their finances. But one personal financial website did just that, and the findings are both serious and bizarre.

 

The website Doxo analyzed the bill-paying habits of over 7 million Americans of all ages and income levels and discovered that 89 percent said their household expenditures have increased, despite inflation being at a 40-year high.

 

“Consumers are most likely to pay their bills immediately before noon,” the survey revealed on a lighter note. Which days are the most popular for paying bills? Fridays and Mondays On certain days, almost 4 out of 10 bills are paid. “The weekend is the least popular time for customers to pay their bills,” according to the study.

 

A quarter of Americans placed an ever-increasing amount of expenses on their credit cards at the peak of the epidemic, according to the Doxo research, an expensive approach that financial experts caution against. Interest rates on credit cards are typically about 20%. If you don’t pay off your debt each month, you’ll pay $1 in interest for every $5 you put on a card.

 

The money adds up. Late payments and overdraft penalties cost the typical American $387 per year, up from $216 in 2021. Credit cards are still used by some individuals to pay their debts. About 10% of customers pay for water, sewage, garbage, or the internet using their credit cards.

 

Because most Americans have seen their expenses rise, it’s probable that this will just become worse. Inflation is at a four-decade high, and the Federal Reserve is expected to boost interest rates once more.

 

Other noteworthy results include:

• A typical family has ten monthly bills.
• At least one bill is postponed by 16 percent of Americans each month.
• Bills account for around 36% of the typical American’s income.
• After paying their bills, 27% of individuals report feeling “glad” or “content.”

Utility bills were the most often skipped, presumably because suppliers are more indulgent in this sector.

 

“We all know that energy providers are quite tolerant if I’m making a judgment about which bill I’m going to defer,” Jim Kreyenhagen, Doxo’s director of marketing, told CBS. “My electricity isn’t switched off straight away if I don’t pay a bill….” But we also understand that missing a rent or mortgage payment may be expensive.”

 

The average cost of utilities is $328. Americans who are trying to make ends meet could be in for a harsh shock. Utilities are likely to change in tandem with petrol costs.

 

“We believe utilities will increase – we’re already seeing signs of it,” Kreyenhagen told CBS. “Fuel costs are to blame.”

 

Debt.com suggests the following if you’re having problems paying your bills:

• Find a technique of budgeting that works for you.
• Consult a credit counselor about debt management.
• Save money in minor ways, such as at the gas station or over lunch.

This item was syndicated by MediaFeed.org and first published on Debt.com.

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There are 38 different techniques to generate passive income.

 

 

Nowadays, having many sources of income is rather typical. It’s a means of subsistence for certain individuals. Others see it as a method to increase their fortune. It may also help you feel more comfortable financially. If one source of money fails, there is always another to fall back on. While a normal work is the most prevalent source of income, there is also passive income.

 

It is not a passive activity to create and manage passive revenue sources. Building a passive income stream needs upfront effort and, in some cases, investment. Depending on your passive income source, such as a blog or podcast, you may need to invest time each week to maintain it profitable.

 

25 Things to Know Before Renting Out Your Airbnb

 

 

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Passive income is money earned without active participation. To put it another way, it’s money that isn’t tied to an hourly pay or an annual salary. Cash flow from rental properties, dividend-paying investments, product sales (that take little or no work), royalties, and other passive income sources are examples.

 

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There are various sorts of revenue you may get besides passive income streams:

• Earned money is the most prevalent source of revenue.
• – money earned via employment. You are exchanging your time for money when you make money.
• After expenditures have been subtracted, profit money comes from the selling of a product.
• Interest income is money generated when one entity lends to another, such as a person, a corporation, or a bank. Interest on accounts such as savings accounts and certificates of deposit (CDs) for which you get a 1099-INT at the end of the year is also known as this.
• Dividend income: The majority of dividend income comes from corporations distributing profits to shareholders who own dividend-paying equities.
• Rental income is produced when you rent or lease a home, automobile, or other piece of property that you own to someone else.
• Capital gains: When you sell an item like stock or real estate, you make a profit (or gain) that is subject to taxes. Depending on how long you kept the asset before selling it, there are long-term and short-term capital gains tax rates.
• Royalty revenue is earned when you possess the rights to a work of art, music, literature, or another asset that is licensed for others to use, or when oil, gas, or minerals are extracted.

 

istockphoto / Pinkypills

 

A day has just 24 hours in it. If you go to work every day for a certain amount of money, it is the most money you will ever earn in a 24-hour period. This is referred to as earned income.

 

You may be able to enhance your profits by investing part of your earned money and generating passive income streams. Diversifying your sources of income might help you feel more secure financially.

 

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• More free time: You may be able to free up time in your schedule by generating money from passive income sources. You may spend more time with your family, work on a creative project or start a new company, or travel across the globe.
• Financial security: Having numerous sources of income may help you boost your financial security, even if you expect to maintain your 9-to-5 employment. If you lose your work, become sick, or get hurt, you may still be able to pay your bills. This is particularly critical if you have a family to support.
• Tax advantages: You may desire to preserve your own assets legally or qualify for tax reductions. Consult an attorney and/or a tax expert before forming a formal business structure such as a sole proprietorship, a limited liability company (LLC), or a corporation to see whether this is the best option for you.
• You’ll have more freedom to travel about and maybe live anyplace in the globe if you don’t have to go into an office every day. You can handle a lot of passive income sources from your phone or laptop.
• Achieve financial independence: Financial independence is defined as having enough money to meet your costs without having to actively work to pay for them. This may help you to retire earlier and have more flexibility to live your life your way. Whether you want to retire early or not, passive income may assist you in achieving financial independence.
• Pay off debt: Passive income may help you supplement your income so you can pay off your obligations faster.

 

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Although quitting your work and traveling the globe seems like a dream come true, obtaining passive money is not that straightforward.

• Passive revenue generation is not a passive activity: You will still need to put in some time and effort whether you make passive income via a rental property, a blog, or another method. Getting various sources of revenue up and running takes time, and they don’t always work out as intended. If you own an Airbnb, for example, you must keep the home in good repair, provide a high-quality experience for visitors, and resolve any problems or concerns they may have in order to get favorable ratings.
• Passive income necessitates variety: To make enough passive income to leave your work and pay all of your bills, you’ll almost certainly need many sources of income. Even if you no longer need to work a 9-to-5 job, you will almost certainly need to manage various revenue sources.
• It’s lonely up here: While it may seem appealing to never have to work again and to have the ability to travel, earning money via passive income may be lonely. You may feel lonely if you don’t have someone to chat to throughout the day, and if you aren’t self-motivated, you may struggle to remain on task if you need to handle your passive income sources.
• Getting started may need a financial investment: It may be necessary to make an initial financial investment depending on how you want to create passive income. You may need funds for a down payment on a rental property, the development of a product you intend to sell, or dividend-paying stock investments.

 

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Passive income may be earned in a variety of ways. Some choices, such as the ones listed below, need minimal active monitoring.

 

 

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You may be able to start earning passive income on your money just by placing it in the bank. The first $250,000 of your money is safe if you invest in an FDIC-insured account. High-yield savings accounts are available from both banks and internet platforms.

 

 

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Buying into a firm and becoming a silent partner may be another form of passive income, however it does require an initial commitment.

 

 

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You may be connected to a person requesting a loan via a peer-to-peer or crowd-lending website and lend your money as an installment loan, earning interest. Depending on the loan, you may make more more than you would from a bank.

 

 

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Rental property is another prominent form of passive income. You may buy a house to rent to a long-term renter or list a property on a short-term rental service like Airbnb. Hiring a property management firm reduces your daily engagement, making this a passive rather than active enterprise.

 

 

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You may always check out your alternatives on crowdfunded real estate sites like Fundrise and CrowdStreet if you don’t have thousands of dollars to invest on a piece of land. To get started with Fundrise, you simply need $500.

 

 

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Although there is no assurance that dividend-paying equities will continue to provide passive income, some investors may enjoy the excitement of the stock market’s ups and downs. Dividend-paying equities generally pay dividends quarterly or yearly, with the option to reinvest them.

 

 

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If you’re just starting started with investing, automated investment tools may help you determine the right asset allocation for your objectives.

 

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You have the option of investing your retirement account anyway you wish when you open it. Mutual funds are one approach to generate passive income from a retirement account. You may determine the degree of risk you wish to accept with your money by selecting a greater or lower risk mutual fund.

 

 

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When you join a business’s affiliate program, you are paid a commission on every product sold by that firm. Simply include the link in your blog, website, or social media accounts. Starting with Amazon Associates is a good idea.

 

 

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Renting out your automobile on a service like Turo is another excellent source of passive money. Turo describes it as “the Airbnb of automobiles,” with the average yearly revenue for one car on the service being $10,516.

 

 

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Consider contacting a car advertising firm if you have a clean driving record and a modern vehicle. You may easily generate passive cash by just driving about town with adverts on your vehicle.

 

 

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Do you have unused parking space in your driveway? Then hire it out on sites like Stow It, where you can locate folks willing to pay to rent it out.

 

 

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Use a peer-to-peer storage platform like Stashii to locate others who need your space if you have excess room in your garage, shed, or storage facility.

 

 

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You may not have enough room to keep other people’s belongings, but you may consider investing in a storage-focused real estate investment trust (REIT). Public Storage, for example, owns or has a stake in 2,548 facilities in 38 states.

 

 

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Maybe you don’t have a vehicle, but you do have a bike that you don’t use. If you reside in a high-traffic region, your bike may be a great passive revenue source. To get started, post your bike on Spinlister.

 

 

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Even if you don’t own a rental property, you may be able to rent out a room in your apartment or advertise it on Airbnb with your landlord’s permission and start adding to your passive income sources.

 

 

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If you like animals, you may make money by hosting them at your house while their owners are away. For example, the cost of operating a doggie daycare might range from $30 to $80 per day. You may locate consumers by word of mouth or by using a site like Rover.

 

 

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When your friends travel out of town, they may want assistance with basic tasks such as watering their plants and collecting their mail. You may easily generate money while also having a new place to stay for a while. You may sign up to be a home sitter on HouseSitter.com in addition to making yourself accessible to friends.

 

 

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Some domain names are inexpensive, while others are expensive due to great demand. Purchasing domain names that you believe will be popular is one way to create another passive revenue stream. Purchase low-cost items for $10 to $100 and then sell them for much more afterwards.

 

 

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Have you ever undertaken a home repair project that necessitated the acquisition of tools? It’s possible that you’ll never need those tools again. Thankfully, peer-to-peer services like Sparetoolz now allow you to generate passive revenue by renting tools and renting out your equipment.

 

 

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Let’s imagine you don’t have any songwriting skills but want to profit from other people’s work. Royalty Exchange allows you to invest in royalties and generate passive income from intellectual property.

 

 

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If you own a billboard where businesses may promote their goods and services, you can earn thousands of dollars every month. Before committing to a billboard, do your homework and make sure you have the proper licenses.

 

 

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If you don’t have the time or energy to develop material for your own blog, check into existing ones and see if the owners are prepared to sell them. You might also pay someone to run your blog so that you can make money without having to work.

 

 

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You may be able to establish a video course where you educate people about a certain subject and charge them to take it if you have a unique ability or understanding about that area.

 

 

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You may wish to look into online marketplaces where you can sell anything from digital art to e-books. You can sell digital things online whether you’re an artist, graphic designer, or writer.

 

 

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Stock pictures are often used by businesses, blogs, and people. You may be able to make passive money by uploading your finest images to stock photo sites.

 

 

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If you’ve been thinking about creating an awesome phone app that you believe a lot of other people would like, you may want to consider hiring a development team to help you.

 

 

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You may be able to generate passive income by selling a product you created. This may be a book you’ve written or a tangible product you’ve created. You may also sell stuff you currently possess on websites like eBay to supplement your income.

 

 

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Do you like writing songs? Then you may start licensing your song and earning passive revenue. To get started, you’ll need to partner with a music licensing firm.

 

 

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You may self-publish a book and earn a royalty every time someone buys it using systems like Amazon’s KDP. You will be able to determine the price of your book and have complete control over its Amazon page, which will include images of the book, reviews, and promotional videos.

 

 

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You don’t need to write anything to start selling books online. How? By concentrating on blank books like notebooks, sketchbooks, and planners. Simply choose a design that you think people will like and start getting royalties when people purchase your books.

 

 

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Creating greeting cards to sell to a wholesale or retail stationery firm that accepts independent artist submissions is another creative venture that might be a potential passive revenue source.

 

 

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You may always look into dropshipping to create passive income if you want to sell things online but don’t want to store any of the goods. You don’t require much money to get started with dropshipping since you don’t need inventory to fulfill consumer orders.

 

 

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If you like writing and are enthusiastic about a certain subject, you may want to consider starting a blog and earning money via advertisements and affiliate connections.

 

 

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Consider launching your own YouTube channel if you like making videos over writing. You may generate passive revenue from YouTube advertising after you have a large enough audience.

 

 

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Podcasts are hot right now, and they may help you create some passive money. You may build your following and monetise your program by sponsoring with ad partners if you create a podcast that people like. You may be able to join up for podcast advertising networks if you have a large enough audience.

 

 

istockphoto/vadimguzhva

 

People who are out at a bar or nightclub, or who visit a cash-only establishment, may want cash immediately soon. You might start earning passive revenue via surcharge fees if you run an ATM company and install your ATM in high-traffic areas. You might make roughly $3 every withdrawal on average.

 

 

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A vending machine company, like an ATM business, enables you to utilize your imagination to identify high-traffic places where you can earn a lot of money. You may save money on the food and beverages you buy for your machines if you buy in bulk.

 

 

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It’s critical to maintain track of your money and short- and long-term financial objectives, regardless of the form of passive income you seek.

 

It might be difficult to keep track of many sources of income in a monthly budget. To be successful, keep track of how much money you spend on the upkeep of your passive income stream(s), such as property maintenance or monthly internet services.

 

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Creating passive income streams is one approach to diversify your income and may help you grow wealth and attain long-term financial independence. Passive income may be generated in a number of ways, including via investments, rental properties, and royalties. Some passive income sources, such as buying a rental property, involve a financial investment up front, while others may just need time.

 

Find out more:

• 10 long-term investment tips
• DINK: I’m a single parent with no children.

This article originally appeared on SoFi.comand was syndicated by MediaFeed.org.

 

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