Can you imagine yourself earning money without working for it? It sounds too good to be true, but it’s actually possible. In fact, there’s even a term used to call money that you get without investing any time or effort on it—passive income.
Passive income is money earned without an exchange of labor or time; for example, if you have a small sari-sari store and have a store clerk working for you or if you’re renting out a condo unit.
Earning passive income is the dream of those who seek ultimate financial freedom. With it, many business owners and entrepreneurs can use their free time exploring other financial opportunities. But how exactly do you get passive income? What are the ways that can help you earn it?
- Open a Savings Account.
If you want to start small, you can try opening a savings account where you can keep your money. Banks let you earn interest, which, though not big, is better than just keeping your savings in a piggy bank. If you have a bigger amount of money that you’re willing to keep away, you can also try opening a high-interest savings account.
- Sell your used products.
Wanting to free some space in your closet? Instead of throwing them away, sell them on the internet if they’re still in good condition. Besides taking nice photos of your items and putting them up on websites, you really don’t have to spend anything else.
- Make a small business out of a hobby.
Is there a skill you’re really good at? Why not try to earn from it? For example, creating a vlog can help you earn if you get enough views and advertisers. You can also make a website and leave it to grow on its own so that it gets ad placements that can help you earn small dividends.
- Make use of cashbacks.
Do you have any memberships or credit cards? These establishments offer cashback rewards or rebates every time you use them. While most of them can’t be used as money, you can collect and use them to pay off other products and services.
- Real Estate
Renting out a piece of land or property is a good source of passive income. Of course, it requires money to buy out property that you can lend out in the future, but it’s a very good option if you’re thinking long-term.
Earning passive income is not easy, but with a little bit of effort and dedication, everyone can have it too. You don’t need a large amount of money for it. If you’re creative enough, you can work on building opportunities for passive income whatever amount of cash flow you have.
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