Passive Income Ideas To Build Your Own Wealth
Wouldn’t it be wonderful if you could make money doing nothing at all or even while you are asleep? What once was a pipe dream is now actually possible – you just need to put in the hard work now, and you’ll soon start seeing a return on investment. To help you get to the point of generating income with minimal work, we’ve listed some passive income ideas below for your consideration.
Set Up an Online Store
If you have a knack for crafts or a unique product to sell, then running an online store is a popular side hustle you could start today. Once you have all your templates and products in place, it will require less of your time to execute. You can even hire someone to manage the packaging on your behalf or outsource this completely to save yourself time and hassle. If you opt for the second option, remember that you’ll need to give a percentage of your earnings to your contractor – you’ll still receive a good return on investment, though!
Get Involved in Affiliate Marketing
Affiliate Marketing is a great way to increase your residual income. However, to reap a high amount of earnings, you need a high-performing website to advertise on. If you have an established blog, you can earn big bucks by promoting products or services on your site. Amazon.com offers one of the most popular affiliate programmes to date, so if you want to jump on board, you can incorporate the retail giant into your very own listicles. If you don’t have a blog, though, don’t worry! We have all the information on how to create one, and monetise it, too (might as well, right?)
Create an Audio Jingle
If you’re talented musically, consider creating a jingle or writing a song for an artist. If you manage to sell your song, you’ll receive royalties from your track, which means that you’ll earn a residual income even long after you’ve produced your song. Just be sure to license any tunes that you do make through popular websites such as SoundCloud, SongFreedom, and Audiosocket .
Invest in Real Estate
Real estate is one of the safest passive income streams, but to get onto the property ladder, you need a hefty initial investment. That said, once you’ve managed to secure your own property, you’ll see a direct return on investment. However, owning property does come with its downfalls, too. As a landlord, you’ll be expected to pay for any fixes and upkeep the property may need, so you will need to invest a portion of your passive income back into your property.
Create a Dividend Income
Dividend stocks are probably the oldest trick in the book when it comes to earning passive income. You’ll not only gain money if the price of the stock rises over time but also receive a certain amount on every share owned.
To ensure you receive a return on investment and not a loss, you should withdraw your investment when the price of the stock has risen. That said, as the stock market is risky and confusing, it’s best to consult a financial advisor before you decide to take this route of generating passive income.
Create YouTube Videos
Do you have anything interesting to share with others? Maybe you have some expert tips that can help people? If so, consider creating a few videos and uploading them on YouTube. While you won’t receive a high return per view and you will need to meet specific requirements before you can even gain an income, if you manage to make a hit video, you can work towards pursuing an alternative career as a social media influencer.
Write an Article and Get Paid
If you have a way with words, you could consider writing articles for news portals that are available online and/or print. It is not only good practice to realise your dream of becoming an author (if ever), you also earn extra income that could help you during rainy days. For example, contribute to www.goodnews.com.my-every published article helps you generate some income. Imagine how much you could make if you contributed at least 10 articles a month, that’s quite a sum of money!
Open a High-Yield Savings Account
It’s no secret that all of us would love for our savings to earn more money over time. Fixed deposits aren’t as liquid as savings accounts in the event you need immediate cash, but savings accounts basically give no interest these days, right? As it turns out, there are several savings accounts in Malaysia that offer high-interest rates — some with up to 6 per cent p.a.! Of course, there are certain conditions that need to be met to “unlock” the high interest, but there are also some savings accounts that easily offer more than 10 times the interest of a basic savings account. Head over to the nearest bank and find out how you can open one and start saving more money today!