Many people think that focus on a single job is better than having multiples as it consumes a lot of effort and time. Still, passive income is actually a great supplementary source of funds for you especially during the nation lockdown due to the COVID-19 pandemic!
What is Passive Income?
Passive income is an income that requires little to no effort to earn and maintain. (sources: Wikipedia) A passive incomer does not materially participate in the business activities. Depending on the goal, the objective of some people to earn passive income is being able to save for retirement while some people are to build short-term wealth, for example buy a house, car, etc.
The Example of Passive Income
Do you have a flair for writing? Have you always wanted to try blogging? There is a sea of platforms such as WordPress and Blogger that provide free blogging platforms. You can start blogging today without paying a cent; only start paying for premium versions whenever you’re ready.
There are few ways you can monetize your blog: use affiliate marketing on your blog, add banner adverts to your website, charge for sponsored social media posts, etc
- High Dividend Stocks
You will only require conducting plenty of research to find stocks that give high dividends. Cash dividends are usually distributed to shareholders quarterly, semi-annually, or annually. The more shares you own, the higher your payout since dividends are paid per share of stock.
- Make TikToks
There are a few ways you can make money on TikTok. You can either sell your products on TikTok, get sponsored to promote products when you’re famous. In addition, TikTok is launching a $200 million fund to pay creators for their videos.
- Make YouTube Videos
Are you camera-shy? When it comes to starting a YouTube channel, the vast majority of people think it’s only for extroverts. It’s not necessarily true.
There are a lot of famous YouTube channels who make videos without showing their face. For example, WatchMojo.com (23M subscribers), HowToBasic (15.5 subscribers), H20Delirious (12.9M subscribers), etc.
There are few ways you can monetize your YouTube Channel: use affiliate links on YouTube. sell products or merchandise, crowdfund your next creative project, etc.
- Vending Machine
What comes to your mind when you think of the vending machine? Drinks? Snacks? It can now sell pet food, magazines, masks, etc.
To start a vending machine business, all you need is a vending machine and a high-traffic location. It requires somewhat at least 70% lesser cost than starting a physical store business. The business may require high capital to start compared to others, but the return on investment is way higher than others.