Money guru with £75k in savings shares five ways to make passive income

dailyrecord.co.uk:

A financially savvy young woman has divulged how she amassed a staggering £75,000 in savings.Mia McGrath, from London, who frequently gives financial guidance and tips online to aid others in honing their money management skills, identifies herself as a "financially responsible 24-year-old." The finance whizz recently uploaded a TikTok clip detailing five strategies she uses to generate passive income and stretch her funds further.These techniques include reaping profits via interest and dividends.

During the video, she stated: "These are the five ways I make passive income. Making passive income is everyone's dream, not having to work and making money in your sleep."Mia broke down her methods for earning passive income:Mia's initial approach to obtaining money with minimal effort is through cashback.

She elaborated: "When I spend, I get cashback with the banking app that I use which is Chase and now I literally can't go back to using a regular debit card with zero rewards, because what's the point?

I may as well get rewarded for spending."So far, I think I've earned over £200 from just spending what I would have spent on any other card." Cashback is a type of rewards program where consumers can earn a segment of the money they spend back while shopping.Chase offers its customers the chance to rake in 1% cashback – capped at £15 per month – on everyday debit card purchases, both in-store and online, during their first year, potentially equating to savings of up to £180 annually.Mia shared: "Number two is interest on my savings.