Passive Income Ideas To Try Before 2020 Ends
The concept of having a source of income that does not require constant effort and attention is truly the dream. But, contrary to what people might think, passive income opportunities is not that uncommon. Usually, passive income sources will only require you to exert effort at the start and you will continue receiving income without asking too much effort and work.
If you haven’t thought about finding an alternative source of income, now’s the perfect time to reconsider. With the global pandemic and natural disasters left in right, it is essential to be ready with extra money to spare when emergency strikes.
There’s no need to worry, though, if you have not started yet. We have prepared a short list of passive income ideas in the Philippines that you can start before the year ends, in preparation for the New Year ahead.
1. Open a high-yielding savings account. – One of the easiest and risk-free ways of generating income is through a savings account. Usually, traditional banks come with a relatively small interest rate. However, with the influx of online banks, you might notice better and more enticing interest rates for savings account. So, do some research, pick the best one for you, and enjoy your rewards.
2. Start a blog and earn from affiliate marketing. – People are highly dependent on the internet. So, why not make money from your hobbies, passion, and interest? Nowadays, you will easily find an audience to cater to as long as you are enthusiastic about the content you produce. The key here is to produce content that you like, share product recommendations, and reviews, and slowly build your audience. While doing so, establish affiliate marketing links, so you can earn a little something when they click on the link and make a purchase. This is truly a great side hustle and it can also open doors of opportunity for you.
3. Sell stock photography. – Do you love taking photos? This might be a great income opportunity for you. All over the internet, there are billions of articles. And these articles, in order to attract clicks, need eye-catching photos. You can monetize your photos by selling rights of usage to different businesses and brands who would want to use them. There are many stock photography websites that can host your photos and allow people to order them whether for personal or commercial use.
4. Rent out a room or a house on Airbnb. – Do you live in a property with a room to share and don’t mind having a roommate? Do you have a property lying around with no one using it? Consider renting them out through short-term or long-term usage by using apps like Airbnb. In this platform, you can get extra income to cover property costs or even extra cash for your other needs.
5. Invest in stocks. – Talk to the world’s richest people and you’ll see they have one thing in common – stocks made them rich. Investing in stocks, once you get the hang of it, will surely generate passive income for you. However, be ready to lend your time first into the research it requires. A little extra investment on your part, but the rewards can be immensely heftier than what you get from your day job.
6. Buy and sell real estate. – Real estate is true gold when it comes to passive income – as long as you know to play your cards right. Master the art of the perfect timing, and real estate can bring you big bucks. You can purchase pre-selling condo units or homes, for instance, and sell them once they are built. Surely, the few years alone will show a jump in value and you’ll get earnings. Admittedly, this can be quite risky, so talk to a property sales expert before making the jump.
7. Sell your videos. – People are crazy about content and one of the easiest ways to consume it is through quick videos. Every day, people want to watch something that went viral. We want the excitement, the drama, the tears, the warmth, or the action. If you have captured something that is viral worthy, you can sell that content to a news website and make an agreement to earn the share of the earnings for the rest of your life. Especially if you have captured something controversial, may it be political, social, or just a unique creature, companies will be willing to shell out to get your viral video.
8. Start a YouTube channel. – Similar to the previous one, here’s a platform where people consume hours of video content. If you have something entertaining, educational, or helpful to share to the world, start your own channel. Build your audience and make sure to produce creative content. With YouTube, the possibilities are endless. You can get millions of dollars’ worth of sponsorships, ad revenue, and advertising contracts through this platform. Admittedly, the platform is a little too saturated, but there’s no harm in trying and no one can really predict the next big thing!
10. Sell the information that you know. – A rising strategy this 2020 for passive income is selling knowledge – may it be through an eBook, audio course, or a video course. All it takes is to decide on the topic you know, create your product, and make it available on selling platforms. Once you make it great and marketable, you can wait for it to reap in sales – and depending on the platform you made it available, income streams can last forever.
11. Join a P2P lending platform. – One of the earliest ways people earned income is to lend their money and charge interest for it. But technology has changed that. Fintech innovations led to the establishment of peer-to-peer (P2P) lending platforms, which can be comparable to crowdfunding but generating income to the lender. Basically, you will receive passive income from the interest incurred in the amount you will lend to a borrower. Of course, there is still some risk, but you can address that by diversifying your portfolio.
In generating income streams, any number more than one is good for you. With tons of options available, it is up to you to decide how much you want to extend and invest. It is dependent both on where you are right now with your finances and where you see your finances to lead. The important thing is to start now – don’t waste time in the road for a better future.