Jul 18, 2023
Madelyn Machado claims she joined Meta as a recruiter in the fall of 2021 with a stunning salary of $190,000 per year — but wasn’t able to actually perform the job she was hired to do.
“We weren’t expected to hire anybody for the first six months — even the first year,” she said in a TikTok video discussing her experience at Meta. “That really blew my mind.”
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The clip has gone viral and has been watched more than 470,000 times since being posted in March.
Machado’s LinkedIn profile shows she worked at Meta from September 2021 to February 2022. Publications, including the Wall Street Journal, New York Post and Fox News, tried to contact the company but did not immediately receive a comment.
It’s an astonishing story of corporate waste that many of us will never experience, but may serve as motivation to find ways of boosting your income on the side with little to no effort.
Here are four ways you can earn passive income.
1. Invest in dividend stocks
Dividends, which are payments made by publicly traded companies to their shareholders, can sometimes offer you a bit of stability even while the market is rocky.
Although this option is not without risk, dividend-paying companies typically don’t want to stop paying dividends — but it can depend on the company. It might help to pick a solid performer by looking at a company’s payment track record.
Shareholders regularly receive a dollar amount or percentage for each share they own. So for example, if the company pays a $1.50 cash dividend per share, and you own 40 shares, you’ll receive $60 over the year.
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2. Get cash back from credit cards
One of the easiest ways to generate passive income is to simply apply for a credit card that gets you cash back for your everyday purchases.
Some cards will get you a flat rate on anything you buy, while others may reward you with more cash depending on what you buy (e.g. higher rates on groceries and gas) or when you shop at certain retailers.
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Ultimately, you need to pick the card that best suits your spending habits. And remember, don’t be cajoled into racking up credit card debt with the promise of rewards.
3. Get interest back in a savings account or CD
If you’ve been burned by the stock market before and are looking for a safe, low-risk place to stash your cash, consider a certificate of deposit (CD) or a high-yield savings account.
A high-yield savings account could come with an interest rate as high as 4%, while your average traditional savings account has an interest rate of 0.30%.
Just keep in mind that a high-yield savings account may come with caveats, like a minimum deposit or balance that must be maintained or extra fees you need to pay.
Meanwhile, locking your money in a CD can get you an annual percentage yield of over 4%. That said, the return may not keep up with inflation, and if you withdraw money earlier than the set term you agreed to you’ll have to pay a penalty.
Read More: Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
4. Rent out your space
If you’ve got a spare room you never use or a garage that’s totally empty, consider turning one of them into a rental space.
You can clean up the extra space and become an Airbnb host for short-term rentals, or let someone pay you to use your garage as storage space.
For those who own a second property outside of their primary residence, like a summer vacation home, they can rent it out during the times they’re not using it.
It’s up to you when and how often you host, and it’s a great way to make passive income out of something you already own.
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Serah Louis is a reporter with Moneywise.com. She enjoys tackling topical personal finance issues for young people and women and covering the latest in financial news.
