Tips to choose the best passive income source that suits you.
With current context, money you earn from working whole month is not sufficient for your needs. The rising inflation, interest rates and the increase of the cost of living make everybody to look for an additional income or a passive income.
What is a passive income?
Passive income is any money earn in a manner that does not require significant commitment of time or money. Even though for most passive income sources require initial resources, they will require only minimal monitoring on an ongoing basis.
Best passive income ideas.
Investing money in savings accounts or stock market
Investing extra money in banks or in stock market is a primary passive income source. However, investing in bank accounts is low risky than investing in stock market. Investing in bonds is also a safer source of income. Investors can lend money to companies in return for a regular interest payment.
Dividends are paid by the companies to their shareholders and it’s a good way of passive income. If you have better understanding of how the share market works investing in shares will make you success.
Investing in a property – Rental income
If you can invest in real estate, you can generate income from a long-term or short-term rentals. Even though this involves a significant capital and ongoing monitoring and management, this can be turn out to a good way of income as real estate market is booming all over the world.
Peer to Peer Loans – (P2P) Loans
Peer to peer lending is high risk investment strategy.P2P loans mean making loans directly to customers for a higher return. In P2P loans you won’t invest in the whole loan. You will be investing a small portion of the loan amount. In P2P loans, you might lose your money due to fraud, negligence or bad debt.
Create & sell online courses
If you have any skill/knowledge of something which you can create an audio or video course,
You can sell them in different platforms. Alternatively, you can create some content which you can distribute for free. Then you can make some follower base and you can use your strategies to sell your advanced online courses to your followers.
Affiliate marketing
Affiliate marketing is a marketing arrangement by which an online retailer pays commission to an external website for traffic or sales generated from its referrals. Amazon, eBay, ClickBank are the most popular affiliate programmes. If you have a website or social media profile with a huge follower base affiliate marketing would be a classic passive income source for you.
Create a Blog or YouTube channel
Do you have a passion for travel, food, entertainment or sport. Take your passion for a subject and turn it in to a blog or YouTube channel. You can earn money through ads, sponsors etc.
Writing e-books
If you are an expert of a specific field and you got the skills and the abilities that very few offer but that many readers need you can think of writing e-books. You can take the advantage of low cost in publishing and high volume of distributing as if you choose to sell it through Amazon.