When money starts to get tight, most people are advised get a part-time job to boost their income, but what do you do when you run out of hours in the day and just don’t have time? This is where passive income comes in. By definition, passive income is money that you earn with little or no effort on your part. This means that you make extra money without actively working for it, which is why it’s such a good idea for those that don’t have the time to work two jobs. If this sounds appealing to you, then here are ten ideas of ways you can earn a passive income.
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10 Great Passive Income Ideas To Earn Money With Minimal Effort
Publish An eBook
Once you’ve written the book itself, earning money from an eBook requires very little work at all. Publishing your book on websites like Amazon is incredibly easy, and once you’ve done this, all that you need to do is sit back and wait for the check each month. However, you may want to put a little effort into marketing your eBook, as this will increase the chances of it being noticed, which should, in turn, increase the amount of money you make.
Use Reward Credit Cards
If you use credit cards for your shopping or were planning to apply for one sometime in the future, then make sure that you check to see if it offers some sort of reward program. Most major credit cards offer cash back on your purchases, or points when you spend, which you can then exchange for vouchers, petrol, air miles, and other things. If you pay on credit cards anyway and make sure to make repayments on time, this is a great way to earn passively.
Shop With Loyalty Cards
If you shop regularly at the same stores, then make sure to check if they offer a loyalty card or some other loyalty scheme that you can take part in. These schemes are similar to the reward credit cards mentioned above, as you use them to collect points, which you can then exchange for discounts and money off vouchers. If you have to make necessary purchases anyway, you may as well earn some money back for doing it.
Invest In Real Estate
If you like to keep up with Malaysia’s property market, then why not invest in it, and buy a property or two? Real estate is a great option for those hoping to make a significant income with very little effort. Although owning real estate can become a full-time job, it doesn’t have to be, and you can hire people to complete most tasks for you, including finding great properties, performing repairs, and managing the properties. The only thing you really need to do is buy the properties.
Sell Your Photographs
If you enjoy taking photographs and tend to do it a lot, then why not make some money from this hobby? It doesn’t matter whether you take your pictures on a professional camera or on your phone; As long as they’re of good quality, you might be able to sell them. All you need to do is submit your work to websites like Shutterstock, and if you’re approved, you’ll get a paid a royalty every time one of their clients downloads your picture.
Record Youtube Videos
If you’re creative and comfortable in front of a camera, then you might want to upload a few videos to Youtube. Although it might take a bit of work to begin with, once you’ve filmed, edited, and uploaded your videos, there isn’t much else you need to do. After this, every time someone watches one of your videos, ads will pop up, for which you’ll get paid a small amount of money. This means that you could continue to get money forever (or at least until Youtube closes).
Rent Out A Room
If you’ve got an extra room in your home that you barely use, then stop wasting it and start earning money from it. Using Airbnb, you can easily find someone looking for a place to stay on a short-term basis. Of course, the room will need to be clean and tidy for your guest, but this is the only real work you have to do. If you’re planning to go on holiday sometime soon, you could arrange to rent out your entire home on Airbnb, and earn money while you’re away.
Consider House Sitting
If you want to literally earn money while you sleep, then you could consider house sitting. There are plenty of websites that you could check out, where people advertise for house and pet sitters while they're away on holiday. All you need to do is reply to one of the ads, discuss money and the rules, and then pack a bag. As long as the owners don’t expect you to massive amounts of cleaning or maintenance, then this doesn’t require much effort at all.
Rent Out Your Stuff
If you’ve got anything that you need, but you don’t use all the time, like camera equipment, camping gear, or power tools, then you should think about renting it out to those that need to use it right now. There are plenty of people out there that would much rather rent these things from you than buy them brand new, so why not write up a few adverts and post them online and in local newspapers.
Create A Mobile App
If you’re creative and a bit of a tech whizz, then see if you can come up with a few ideas for mobile apps. If you can’t think of any, then research a few that are already out there and see if you can improve them. The research, designing, and creating will take a bit of time and effort, but once the app is created and is in the app store, there’s nothing else that you need to do. If you’re lucky, you could make a few hundred each month at least.
If you need to boost your income, then why not try a few of these passive income ideas?
This is a contributed post.
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