How about earning on the side while you hold to your day job? Passive income, or the idea of earning with little effort on your side, can go a long way to helping you build up your investment or prepare for your retirement. Not the least, help pay the bills. But passive income does require an effort, especially when putting it up to work. It’s like planting the seed—the biggest effort is in digging and preparing the soil—then you watch it grow with minimal everyday effort of watering it. The challenge is to find one that suits your skills, mindset and resources. Here are some ideas to get you started.
Online Opportunities
The Net offers a plate of ways to earn money on the side. Article writing, apps development, affiliate marketing and more… most of them can be done by one person. All you need is a good Internet connection and a basic knowledge of the online landscape. Your kid can surely help you out here.
Build Up Equity
Learn the ropes of stock trading and investment. Be cautious though, it’s a different ballgame out there. Immerse yourself in business news. Follow technology trends. This will give you a better grasp on how things are going up or down. Equity is best for long-term plans. So don’t expect a quick return if you want to earn more.
Rent Out
If you own a property, you can rent it out when demand for rental is on the rise. Couple this with a low down in home ownership you’re in for a nice return. That means more people are renting today than buying a house and you can fill this gap. Be wary though of some rental pitfalls and hassles.
Networking
It sounds as outdated as many abandoned Amway offices around the world. Yet network marketers are still increasing in number… and in profits. The key is to know if this kind of work matches your personality. Do you have a gift of gab? Do you enjoy meeting people? Also consider that you can use the network you build in this business for your other plans. No one said it better than financial guru Robert Kiyosaki: “The richest people build networks. Everyone else work.” It’s the people you know that can help you succeed, whether in or out of network marketing. Here’s a list of the top network marketing companies.
Real Estate
Despite the bubble, real estate will always be a good investment in the long term. Like food, we all need a place to stay. The key is timing, when to buy and sell. Generally, you start to earn from your mortgage after five years, when most of the interest rates have been paid up. Many experts believe that this year is a turning point, and if you’re planning to buy a house soon, you can take advantage of below-the-market priced properties that will soon go as more buyers come in. The site tells you where to buy and not to buy. It’s just a guide and you should take it with a grain of salt.
Do you have a passive income now? Share it with us.
Why is FinancesOnline free?
Leave a comment!