Passive Income Ideas That Actually Work

Become a Private Lender

Lending people in your social circle can earn you serious cash. Here, people use your capital on a short-term basis in exchange for an interest rate that’s mutually agreed upon. It’s important to get the terms of the loan written down, signed and notarized so that it’s recognized in a court of law. Draw up an agreement stating the terms of the loan, known as a promissory note. Be sure to go through this documentation process before you hand over any money. The promissory note must be signed and notarized by both of you before you provide the loan. This is the best way to ensure that you will get your money back on time.