Here’s How You Can Create A Passive Income

Advisor February 14, 2018

Ever since we were young, we’ve been taught to study hard in order to obtain a good education that will serve as our ticket to land a good, stable job that also pays well. The money earned will be spent to support our family, as well as our living, while being able to buy all things we want. We have this perception that we’re going to be rich the moment we start earning money and save lots of it to use it for our future needs. Little did we know that it’s not the case when it comes to the reality.

Oftentimes, the salary we’re receiving isn’t even enough to sustain and support our living. Aside from that, we find ourselves struggling to save money. How can we remedy this situation aside from savings? Maybe it’s about time to create another source of income. The truth is, in this modern age world where all the prices and inflation are increasing, we need to have more than one job or source of income in order to survive and become financially independent. How can you that? We’ll introduce you on how to make a passive income. This time, instead of working hard for money, we will let the money work for you.

What Means a Passive Income?

For those who are wondering what passive income means, it means a source of money that is independent of your employer or boss. Passive income means generating a money in a certain period of time. This way, you invest your money into something and wait for it to grow and multiply – without working for it. Is it really possible to make a passive income that will grow over time? Yes. How? Here are the ways on how to make a passive income.

Resell Your Preloved Things That Are Of Value

Conduct a Garage Sale for your Preloved Stuff

If you have a lot of books, clothes, toys, and other things that were stored in your closet and not in use anymore, why not sell it to others? Other people might find a gem in your preloved things. Not only you’re able to earn money and declutter your things by eliminating those stuff you don’t need anymore, but it also helps other people. For example, if you have lots of textbooks you used during your high school or college days, you can sell it to a student and that books can help in their studies. You’re also able to pass some knowledge and information to other people in the process.

Rentals or Mortgages

Create a Passive Income Through Renting Your House or Building

If you have more than one house, dorm, condo unit, or any other units, then we recommend that you use it for renting purposes. The value of real estate properties increases every year due to the demand of people wishing to acquire a real estate property. You can transform your house into a dorm type if it’s near a school or university so that the students can board it. Or if not, you can renovate it to become a commercial business space or building. This way, you’ll be able to earn a passive income through rental fees every month. Not bad for a passive income, right? Another thing, it can also become your stable income as long as there are people boarding your house.

Affiliate Marketing or Blogging

How Affiliate Marketing Works

Do you own a blog or website? Do you love to write? Why don’t you make some money out of your hobby? Blogging is highly in-demand today, especially since most of us love to surf and browse the internet. You can monetize your blog by affiliate marketing. You can market some products (the ones you recommend personally) and every time your reader purchase the products or acquire services, you can gain a commission rate out of it. This can be beneficial to you, especially if you’ve already gained influence or a fandom. Since most of your readers respect you, chances are, they will also like what you recommend personally. They will tend to buy what you recommend, so imagine the hundreds of dollars you can acquire each day when that happens!

Peer to Peer Lending

Do you have extra money but don’t know what to do with it? Why don’t you invest it in peer to peer lending? You can sign up on websites like LendingClub.com which lets people lend some money. As a lender, you’ll be earning an income through the interest rates.