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It just means you dont have to work as hard or as much to do it.
Here are some ofthebest passive income ideasif you plan to retire in five years, according to experts.
CD rate caps can be quite high, especially compared to traditional savings accounts.
The national rate caprangesfrom 5.75% APY (12-month CD) to 5.99% (1-month CD).
Real Estate Crowdfunding
Another relatively low-risk option for soon-to-be retirees is real estate crowdfunding.
For more passive participation, you’re able to even invest in a self-storage REIT!
If you have an extra room on your property, you could also rent that out.
The same goes for space in your garage or that empty toolshed youve got out back.
And if you want to make it even more passive, youve got options.
Peer-to-peer lending platforms allow you to choose and fund loans that provide interest income, said Kullberg.
Note that peer-to-peer (P2P) lending comes with some level of risk.
Choose a reputable platform and check that to only lend what youre willing to lose.
If you have a spare room, you could become an Airbnb host.
If you have a vehicle youre not using, list it on a site like Turo.
Even things likeequipment or toolscan be rented out on certain online platforms.
This can go toward your retirement travel fund or anything else you have in mind.
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