4 Ways To Create Passive Income
Tired of cutting back on your expenses just so you can stay within your pay cheque? Wouldn’t it be great if you could have a continuous stream of income to supplement your salary every month? Think about it.
You can pay your bills on time and you can splurge once in a while on fine dining or buying that pair of shoes. Even an extra RM500 or RM1,000 a month will make a huge difference in your monthly budget. You may even be able to finally save on your emergency fund!
Before you scoff in disbelief, passive income is not a myth. Investment aside, here’s how you can put a little extra into your pocket without working around the clock:
Let others rake in the cash for you
There are many different ways to generate passive income, either from the same customers, or from the sales of a product to new customers.
Some of the most common ways to start generating residual income are by being an insurance agents or a network marketing representative.
Being an insurance agent, you can continue to earn commission from the same policyholders as they renew their insurance policies. Similarly, being a network marketing representative, you just need to sign up enough downlines and let them start earning from you.
Earn like a royal
Some of the common ways to earn royalties long-term for a piece of work is by publishing your own book or putting up your photos on stock photo websites like GettyImages or Shutterstock.
The same book or photo you put up can continuously bring in cash for you as you get paid a royalty whenever someone buys your images or book. Publishing a book has become really easy with Amazon.com where you can just upload your book in an e-book form.
Many of us are photographers at heart, don’t let those photos go to waste, put them up to be used as stock photos, you’d be surprised at how it could work out for you. Even your Instagram photos could be put to use with sites like twenty20.com that sell these photos as art!
Open a shop online
The Internet has made it even easier to set up shops to earn money on the side.
One quick was to set up shop is by selling limited edition products online.
Make use of sites like eBay.com or Mudah.my to put up some unusual or limited edition goods and let the money roll in.
Setting up a blog and building up a good traffic to your page can generate you income, too. With enough traffic, you can even start earning money from advertising.
Create and let others sell
For the more tech savvy, you can even consider creating a smartphone application to be sold on Android and iOS platforms. This can prove to be a long-term money making channel. The maker of Flappy Bird, Dong Nguyen, was reportedly earning US$50,000 (RM163,281) a month on ads alone!
If you are like most who find it increasingly hard to maintain their lifestyle through their salary, passive income is a good way to get onto the road to financial freedom. Some money making avenues require more work than others, but the return on your time and minimal investment can pay off for years to come. They’re not all MLM schemes and you can have a secure financial future for you and your loved ones, if done right!