What would you rather have, time or money?
We know, it’s one tough question.
However, would you believe me if I told you that you could have both?
It’s called passive income. So, you better start believing, and we are going to tell you why.
“It is known earnings that an individual derives from a rental property, limited partnership or other enterprise/s that he/she is directly or materially involved in” (Investopedia).
To put it simply, it is essentially money that you are earning by putting in very little to no effort at all. Sounds wonderful, doesn’t it?
What’s more, within the three categories mentioned above, there are many ways to earn a passive income. To help you, we have compiled a list of the top 5 ways to be one of the increasingly growing trends.
Investing & Dividend Income
What is dividend income?
It is a sum of money that is paid to a company’s shareholders in the form of cash as part of a return for their investment [according to Investopedia].
What is an investment?
An investment, according to Investopedia, is the purchasing of an asset or item with the hope that it will generate income or appreciate in the future.
Most investing is done on the stock market, which is where shares of the many listed companies are bought and sold all the time.
Why is it a good option?
If you have done your research and choose strong, stable companies to invest in, you will be able to safely depend on your dividend payments for years to come. However, there is always a risk in investing in any company.
As a result, it is imperative that you educate yourself as much as possible about the market and companies within the market in order to choose the correct company to invest in.
Affiliate Marketing & Advertising
Are you a business owner or do you have your own personal website? Good, because you can use it to earn some good passive income, and we’re going to tell you how.
Affiliate links, which is a specific URL that contains the affiliate’s ID or website username, can be added to your site.
When adding these links, you should make an agreement that lets you earn commission or a fee when an online user clicks on the link you have added.
Another way to earn passive income using your website would be by allowing companies to display adverts on your site. You can charge these companies the same way you charge companies adding affiliate links to your site.
Looking to earn some money using little effort and little thought?
Surveys are the perfect way to do so. The benefits of them are as follows:
- They are fairly short.
- You can do them in our spare time.
- They generally don’t involve much thinking.
What’s more, you can get them emailed to you by signing up, which is the easiest part. We recommend using My Survey, it’s easy to use and offers more than just cashback incentives.
House & Pet Sitting
What could be better than getting paid to look after someone’s house, and occasionally their pets, if they have any? Nothing, right?
Essentially, You are getting paid to live in someone else’s beautiful home. Not the other way around. We know you can’t dream of a better way to be earning money.
Remember, you are taking care of someone else’s property. Earning passive income this way is solely based on reputation, and to keep a good reputation, you need to look after the place, not break or damage anything and make sure you keep their pets safe and healthy.
Parking Space Rentals
Are you frustrated at the underutilisation of the secure parking space that you currently own?
Good, that means you’ll be motivated to put it to good use, and we have the perfect opportunity for you.
What’s this opportunity? Rent out your space.
I mean, individuals complain about the lack of parking spaces and the safety of their vehicles all the time. Now, with our help, you can take full advantage of the need for a safe and secure parking space.
How easy does all of that seem? Just sitting back, relaxing and watching your bank account grow.
Now it’s up to you. You need to reflect on what you have available to you, figure out exactly what you need, and then make a decision as to which form of passive income is best suited for you.