How much you know about passive income?
“Study hard, go to a good university. Get Masters or PhD, land yourself a good job. Go and work for an MNC and climb the corporate ladder. Vote for trump. Invest in stocks and shares just like all my friends do.”
Sounds familiar? The above must be the most frequently spoken in everyone mouth. Schools teaches that and probably your next door neighbour tells you these too. But is a successful life just circled in this? Well, it is not wrong to do these. But if you are ambitious or wants to be very rich, you need an unconventional way.
There are 3 types of income namely active income, passive income and portfolio income. passive income is a regularly earned money with little or no effort on the part of person receiving it. You just need to build the foundation for each income stream.
Passive incomes types
My friends, it is now a growing trend that one should be building assets to be richer. Assets that brings in money. Best if it is some form of passive incomes that brings in money even while you sleep. Building these enables you to grow your wealth exponentially. Passive incomes still rules even after many years. let us explore the various types of passive incomes.
Stocks and Shares
There is nothing wrong to buy stocks and shares. However, lots of research is needed to buy it as passive income. Returns are generally not a lot unless you are sharp eye to notice the high potential ones. You will need a significant amount of money to invest in these and no guarantee of good returns.
Dividend stocks is one of the most popular. If you consistently invest the money into it, you can amass a nice residual income over time.
Invest in REITs
Investing directly in real estate need a high capital. Maybe you’re not yet an accredited investor. It is okay. You can still fulfil the advantage of real estate in your investments through REITs – Real Estate Investment Trusts.
These are investment vehicles that hold property within them which you as the owner get to benefit from the gains, sales, refinances, income (or loss) on the property.
Buy bitcoin and other cryptocurrencies
Bitcoin and other cryptocurrencies as digital asset are becoming extremely popular nowadays. Many people buy it as a store of value over the years. It is recommended to have 10% of your total portfolio on bitcoins. It is a good alternative investment considering that there are only 21 million bitcoins in the world.
Known also as “the peoples money”, the big draw is that bitcoin is run on blockchain. All transaction on blockchain is transparent which is favoured by many people. Being a new type of asset, there is so much room for it to grow. However, extensive research is needed due to rampant scams around the cryptocurrency realm.
It is recommended to buy these cryptocurrencies from reputable sources. Holding it for at least 5 years can possibly see great results.
Rent out a room in your house
If you have available rooms, why not just rent out the spare rooms in Airbnb? Or at Flipkey? These rooms can bring in the cash without you doing anything. Well, perhaps only to ensure these rooms are well maintain.
If you’re on vacation or out of town, renting out your whole place on Airbnb also sounds good. It can be strange leaving your space in the hands of strangers. However, Airbnb has up to one million dollars of insurance in case something goes wrong. There is a rating system too. You can review the reputation of the renter before letting them rent your place.
This has to be the easiest for making passive income. There isn’t any criteria to rent your room out. There is also no skill involve. You can get to interact with your tenants.
Best is, you get to choose the daily rate for them. Location, size and how nice you decorate your room will influence people’s decision. So you are like the boss here!
Create and sell an online course
This got to be a real chance to create passive income. Do you have a unique skills that you wish to share with people? You can earn money from these. Just need to take a look on the different platform online. There is YouTube where so many people are gaining subscribers for their channels. There are also LinkedIn learning, Consera and Udemy.
Sign up for those and upload your course videos. You will be earning money even while you sleep. You will continue to get paid while people watch your created course videos. People don’t just learn at colleges or universities. Learning no longer confine within 4 walls of your school. It is predict that online course industry will expand exponentially within the next 10 years.
Well, this isn’t new. But still very applicable in today internet obsessed people who spend many hours online. If you have a website that draws many visitors each day, you can seriously consider this. All you need to do is to sign up on the suitable affiliate programs out there. Choose those that are reliable in payouts and high commission per click. Integrate them into your website.
Then bingo! You will start seeing your account starts to load with money. This isn’t a dream. It is a reality if you act now.
Check out some great list of affiliate programs that may interest you. Forex referral, Tech radar and many more.
Sell stocks photos
If you are a photographer, this is a very attractive source of income. You can capture these photos to sell them on websites. All you need is to upload them into the stock photo database. Interested parties will purchase your stock photo and automatically you get paid. Isn’t this wonderful?
Stock photography is simply a term use for imagery that buyers use for the visual content in everything from news stories, blogs and websites. It can be for design materials use in ads or promotional materials. It can be competitive in this type of passive income. You generally should have above average images that are relevant for use in the commercial world.
If you have what it takes to be successful in this line, you should try it. Getty images
Create a mobile app
This got to be one of the most insanely profitable income if do it right. With almost everyone owns a mobile phone today and everyone tuning in to apps, what better ways to start earning money create these mobile apps to attracted thousands or even millions of people.
The mobile app industry is expected to top $200 billion in 2020 alone with projection to soar beyond this number. Past success stories including creator of Angry Bird gaming and Pokemon Go.
There are many successful stories of people who create gaming apps to launch them. Some even become billionaires just having apps that are one of the most downloads on apple store. You can also create apps of different types like fitness, lifestyle, cooking to self-learning etc.
Don’t have the skills to create apps? fret not. You can always go to platforms like UpWork, Freelancer and several others to help create app of your idea at bargain costs
Buy and sell domain names
Domain name is a website name. Think about facebook.com. This is a domain name. Domain name is no longer just a simple name purchase with just $5 or $10 that we know about 20 years ago. It has evolved to a industry of it’s own. Businesses in the world is always growing. Good names are harder and harder to get, many have start to purchase good domain names and then sell them at higher price to earn a profit.
Do you know facebook had purchase the name fb.com for 6 million dollars? Well, it can be lucrative business if you know where to buy value-for-money names to sell them at higher price. There are lots of competition in this trade. You will need sufficient research if want to excel. It is no longer just the .com, there are .org/ .net/ .io/ .ai/ .app and many more.
Several platforms allow you to do that- Sedo, Flippa and Go Daddy just to name a few.
Design built to print T-shirt
If you enjoy design and has a flair for artistic things, this one is for you. There are several built to print online companies to store your T-shirt design. Creating it is not difficult if you use photoshop. Similar concept as stock photos, these company keep stock of your design in their huge database as if anyone buy your design, you will earn a commission.
It is not difficult to design as long as you have the creativity. Redbubble is one such platform that you can use to sell your T-shirt design.
You can create an e-commerce site to sell things. You will need to find trendy products from wholesaler. But these days, there are many online wholesaler that you can engage with. Think of Alibaba, where you can find manufacturers and exporters of products easily in China.
If you do not want to buy in bulk due to higher risk, you can use the drop shipping model. For each item sold, product from manufacturer will ship to customer directly. It means there isn’t a need to hold inventory, greatly reduce risk and capital. From there, you use sites like Aliexpress, which is affiliate to alibaba. Another site is Spocket, which is also highly popular
So this can be a passive income by make your site automated. This way, any buyer request can be process automatically with automated transaction. it saves you the time to earn money.
There are always different types of passive income as time progress. One must be constantly update ownself of new trends. Check out more on the main page for more ideas!