Making money while you sleep is every industrious worker’s lifelong dream. Whether the goal is building sizeable digits on your bank account or getting out of debt, generating more income becomes more central as time passes.
Passive income is making cash minus the hectic schedule and exerting less energy than a regular day job. To start your automatic cash cow, you must invest time to research, sufficient capital, and effort to execute the business plan.
You might have heard of popular investments such as mutual funds, unit investment trust funds (UITF), and exchange traded funds (ETF). Brokers might already have persuaded you to put a pot on stocks and corporate bonds. Government securities options such as retail treasury bonds must have crossed your mind too. The technicalities and the risk to take to gain dividends are a lot to take in especially with the fluctuating economy.
Looking for somewhere to start? Start your own business by checking out these sources of passive income and realize the most suitable idea for you.
Property Rental and Commercial Leasing
The idea of shelling out a huge sum of money with the guarantee of return of investment far into the future frightens many prospecting investors. But once the business is all set, a property can generate large amounts of cash.
Aside from the conventional apartment, and bed space, listing a condominium unit on Airbnb for rental is a lucrative trend. You will cater to clients who are seeking more affordable options than hotel lodging.
Owning a commercial space and leasing it out to vendors is also another profitable option. An empty lot can be converted to a parking lot which are currently in high demand in developed areas. Another trending option is to set up co-working spaces and shared office facilities to cater to freelancers.
Space for Ad Placement
Companies are constantly on the lookout for ways to market their brands to the public. You can capitalize on that need and create an avenue for their advertisements.
Popular options are ad placements on billboards and mounting sign boards on public transport. You can also go digital and place banner ads for a brand on your social media platforms like YouTube and Facebook if you have a big audience and social media engagements.
Time Deposit and Savings Account
Putting your money in the bank is a no-sweat way to make your money grow. With the standard savings account, your money will gain interest. On the other hand, time deposit lets your money grow in a specific timeframe or so-called maturity date. Although returns may not be as big, it’s a viable option for starters and for people who are risk-averse.
Vending Machines
Living in a tropical country ensures that the demand for thirst quenching drinks will never die. All you need to invest is vending machine and effort on replenishing stocks. No manpower required. Also, you can set up a vending machine that offers beverage like coffee and hot chocolate in offices, schools, and government firms.
Stock Photography
Do you have a good eye and a good quality camera? You can make money from your hobby and sell them as stock photos. Simply upload your photos on stock photography web sites.
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