Image from Go Fire Yourself
Wouldn’t it be nice to earn with so little effort required? Wouldn’t
it be nice if you can just sit back and relax knowing you will earn at the same
time? Wouldn't it be nice if we were older then we wouldn't have to wait so
long? Ok, erase the last line right there. That’s Beach Boys song Wouldn’t It Be Nice.
Singing aside, it would really be nice to indeed earn money
without pouring all of our time and resources in there. And many refer to it as
passive income. It simply is an income that one can receive on a regular basis with little effort required to just maintain it.
So did I get your attention now? I hope so yes so you would
read on.
Passive income is considered the most desirable type of
income. Imagine having money that’s working for you instead of you working for
it. You can be able to use your time to things that matter rather than working
to earn it. It is no wonder that most people you know could earn so big yet
have all the time in their hands. I am certain this is your dream too as it is
mine.
However, before I even suggest great passive income ideas
let me burst your bubble right here. It has been defined that this kind of income
requires little effort. Let me stress the LITTLE (all caps for emphasis). When
you decided to jump in the bandwagon of passive income, you need to shell out
work still. Not to mention, with that work, you need to allocate time,
resources, money and such.
Aside from that, passive income doesn’t come in an instant. Hence,
you won’t be able to earn after one second or after a day. It takes time to
build it. If you are still starting out with this mode of income, dedication is
important to put everything into place. You don’t need to worry as such will be
repaid greatly.
Hence, here are a few passive incomes with varied degrees of
simplicity and money requirement.
Blog/Website. Creating a blog or a website is one of the
simplest passive income mode. You can earn via ads and affiliate. To date,
there are already many sites you can resort to such as Adsense, Nuffnang,
Amazon Associate and Infolinks. Bloggers can in fact earn from their sites. It
can be labor intensive especially if you are starting up your niche however the
monetizing part that goes with it runs in the background. You might not know it
but your blog is already earning for you. You can earn by the number of clicks
or views. Other business might also contact you for collaborations and ad
placements in your blog.
Savings. Another way to earn a passive income is via
savings. You can deposit your money through your most preferred banks and it
will grow depending on the interest percentage of the bank. Varied banks have
different interest rates. It would be good to check on this one and inquire. Since
I want my savings to yield a much greater interest in the long run, I tend to
deposit a lot in a local cooperative bank here. They provide the highest interest
rate as compared to the commercial banks. You may want to consider this for
your future savings.
Investment/Shares/Dividends. I already discussed before MUSTor the Mutual Funds, UITF, Stocks and T-Bills that are good investments to
undertake. Mutual Funds, UITF and T-Bills will be managed by the bank’s money
managers hence the only thing you need to do would be to deposit money to them.
With stocks, you can earn through dividends. Dividend is a payment made by a
company to its shareholders. Since you are already a shareholder, they will
give you such percentage on a yearly basis. This is also the beauty of
cooperative banks since they give dividends to their members. You simply
deposit your share amount. For instance last year I have a share amount of
50,000. Last year the cooperative percentage was at 10%. Hence they were able
to give me 10% of my shares. I was able to get 5,000 in the process. Your money
can appreciate in value without you doing anything.
Selling photography. This is ideal for our photographer
friends out there. You can in fact use such skill to sell your images. A good
site to begin is IstockPhoto.com. Become a contributor of the site and upload
your works. If other individuals would be interested to have your photos, they
need to buy it first. Hence, with that you can be able to earn passively.
App creation and template creation. For our programmer and
designer readers out there, this one is for you. You can in fact create a
mobile app and upload it in the Apple Store or Playstore. You can earn if other
individuals would download the app. For the templates, simply partner yourself
with a good template site and upload your Wordpress, Blogger or what not
template there. You can also earn if other people would buy and download the
template. If your app or template is good, this has great potential for
continuous income stream. A good example for this one is Instagram.
Business. Considered as the most basic example of passive
income, business is one great way to venture. If you have a business, you can
simply hire people who would run it for you regularly. With such, you can be
able to sustain your passive income flow. How much more if your business is
doing really good in the market.
Real Estate. With this, you can buy properties and have it
rented! You may also park the property to sell in the future. No wonder,
apartments are sprouting today because it is a good source of passive income. If
you have the resources, you can build living spaces and even commercial establishments
for rent. There may be some maintenance work and cost involve however the
income generated here is great.
Books. If you are an avid writer, you can use such talent to
write a book and sell it. You can earn a percentage of what you published. To
date, publishing a book is easy thanks to Amazon and E-junkie. For instance,
Amazon has a good and inexpensive publishing platform in which you can earn
royalties as high as 80%. Writing and marketing a book can be labor intensive
however the rewards outweigh the cost. You may even become the next bestseller
author out there.
Passive income is truly the trend nowadays in earning. It is
but right that you also get to venture on one in the future given the right
resources, time, money and knowledge. So that sooner or later, you will get to
realize the sitting down and relaxing while earning.
P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenger Version 2, it is Week 3 already! Did you deposit the next amount yet?