Do you desire to create a passive income stream but don't really have the time or skill-set required to do it yourself? Well, who said you couldn't get people to do it for you. In what is called "put your money to work for you," many expert investors have sent their dollars down the production line, only for the dollars to return to them in several multiple folds. 

But how can you also put your money to work for you? You wonder. Well, it doesn't take an expert to put their money to work for them. With the right information, even an average, newbie investor can do the same.

So let's find out the number of ways that are there!

Open a high-yield savings account

If you're looking to send your money to do the heavy lifting for you while you relax in your room, then high-yield accounts are certainly one of the options you want to consider. Unlike in regular savings or checking account where the interest rate is often around 0.01%, high-yield savings or checking accounts offer almost 100 times more. These accounts are usually available at online banks, which keep costs down by forgoing brick and mortar locations. Typically, many of these digital banks offer customers as high as 0.15% APY on balances $2,500 - $24,999.99 and 0.25% on balances $25,000 and above. 

Go passive

Perhaps the sort of income you desire is not the little returns that come from a bank. You need not worry; there is still another option for you. According to Investopedia, passive income is the term used to describe any money earned with little to no effort expended. Once you've set it up, passive income streams have the potential to fetch you as much as you desire even while you sleep. Sounds too good to be true, right? Well, it certainly isn't a get-rich-quick scheme, and you may need to put your money on the line too, that is, take some investment risks. 

Common forms of passive income include real estate investment, silent partnerships in businesses, investing in people, trying out index funds, or purchasing high dividend stocks.

Get some funds into IRAs and 401(k)

Retirement accounts such as IRAs and 401(k) are investment accounts, meaning your savings are invested in the market and have the potential to grow exponentially. All you have to do is stow away a significant amount of money in any of these accounts, and you can expect your money to grow exponentially over time.

Invest in the markets

By now, you must have heard about the money-making potentials of markets like the stock market, forex, CD's, cryptocurrencies, and Bonds. Well, these markets legit give you the chance to make money from the comfort of your home. 


Whether you choose to hire someone to trade the market for you or you just invest in some market traders, there are numerous ways to leverage the forex markets to make money. 


CDs are another way to get better returns than bank returns. With CDs, the idea is to leave your CD money invested for the full term, or pay an early withdrawal penalty. Typically, CDs offer between 1.25% and 4% in returns depending on the value and duration of the investment.


Bond is another way to have your money doing the heavy lifting for you. Although there are lots of bonds, with different interest rates and risks, long-term government bonds often offer the best rates, even better than bank bonds. 


Although bonds can be great at times, especially when the interest rates are high, stocks are a better bet. In fact, in the 20-year holding periods between 1871 and 2012, stocks outperformed bonds 96% of times. 

Bear in mind, though, that not all markets are created equal, meaning that some markets fluctuate more frequently than others, and as such, might not offer the same profit-making potentials as others. In any case, you can check out this website to learn about market volatility before you decide on which market you want to invest your money in. 

Credit cards can work too

Considering the context we've been discussing, the sound of credit cards might seem counterintuitive at first, but the fact remains that they can technically be used to make money too. Using a credit card might not feel like putting your money to work, but choosing a card with rewards appropriate for your lifestyle (for example, airline miles for someone who travels a lot) means each dollar you spend on your cards is doing double duty.