Three passive income ideas to take into consideration
By TRISOFT team
Passive income is an amount of money collected on a regular basis, requiring minimal or no effort from the person receiving it. That doesn’t mean you just forget all about it and yet, money keeps piling up in your bank account. On the contrary, you must maintain and watch it constantly, no matter how automated the activity that generates it.
It sounds like a dream come true, doesn’t it? Anyone would like some extra cash coming in from something that requires little financial or physical investment. It’s a good idea that can truly increase your monthly or yearly revenue. Although, in the beginning, you might go through extended periods of time without obtaining any profit, once the wheels keep turning, the satisfaction will be so much greater. Don’t lose hope and interest in your venture and you will see that it was all worth it.
Let us take a look at a few examples of activities that can bring you passive income:
1. Real estate
The first and foremost source of income that everyone knows and longs for is real estate income — whether it’s from rental, an increase in property value from the time of purchase to the time of sale, or profits generated from businesses that depend on the respective real estate.
Tips: Whether you have a property you’re not using, a house inherited from an aunt or your grandmother, a former apartment from before you got married, etc., you can rent it short- or long-term and thus, have a steady source of cash flow. If you only have one room available, there are options for renting that out too — check out Airbnb, Craigslist or Roomster, for example. It might get a bit crowded and inconvenient, but you have to decide which one you need most at the moment — money or comfort.
If the real estate market has recorded a spike in latest years, maybe it would be a good idea to sell — with the money you get, you could buy two properties and rent those out, thus increasing your earnings.
If you only have some land at your disposal, depending on the area where it is situated, search for business options involving outdoor activities, oil drilling, farming, sports, raising animals, etc. There are lots of companies that would be more than happy to pay in order to use a bit of your land.
Write the next e-blockbuster — if you are talented at writing, would like to pursue a new hobby or just have something interesting to transmit to the world, try jotting your ideas down in the shape of a book and publishing it online. That way, there will be no printing, advertising or marketing costs, and you will only have to pay a reasonable fee in order to have it hosted on Amazon, Lulu, Fastpencil or CompletelyNovel. There are now dozens of websites that help budding authors publish their novels, poems and other writings and, perhaps, even make a profit from them. You get to decide the price that readers will pay in order to access it and, although the platform will probably want a share of the revenue, you will be left with a hefty amount in your own pocket.
Tip: Although literature is, has been and will always be a favorite, lately, it seems that other, non-fiction pieces are gaining more and more ground: self-help books, courses in certain domains (foreign languages, economy, technical, scientific), autobiographies, records, essays and even newspaper/magazine articles.
Become a YouTube sensation — if you are especially good at something, feel that you can contribute to the development of others or are just funny and entertaining, consider starting a YouTube channel, which is a great resource for earning passive income. Although it’s not easy and you literally have to raise millions of views in order to gain some real money from this activity, people who eventually attain success become genuine brands and end up earning incredible amounts of cash with — as most people would say — minimal effort.
What does it usually take to become a successful YouTuber and influencer? You have to be relatable, speak the language of your viewers and make them feel like you embody the entire audience; maintain viewers engaged and keep their interest up; offer entertainment and a pleasant pastime; deliver content that is easy to understand in the shortest time possible; post persistently and consistently; try to be unique, yet collaborate with other YouTubers as well, on certain projects that might reunite your audiences and give you double earnings.
Tip: Invest in some high-quality video recording devices. It might not seem important, but subscribers will surely appreciate the clear image and sound coming from your professional camera. It might prove to be a bit expensive, but remember: like with any worthwhile endeavor, you may have to sacrifice some cash in order to make more down the road.
Weigh the risks
Although it is difficult and risky, becoming involved in a passive income activity might prove to bring tenfold advantages. Although you will have to invest a little money and time in the beginning, the return on investment will make it worth it.
Try to determine your strong points and interests and start capitalizing on them. The examples above do not make up a comprehensive list. There are many other things you can try, if you don’t find those ones appealing, such as: purchasing dividend stocks, starting a blog, creating an online course, selling professional photos online, using cash back credit cards, receiving royalties from songs or audio tracks, developing a smartphone app or game, etc. Conduct some research, then apply your knowledge and skills to the domain or activity you have chosen. It doesn’t have to be an instant success, but if you work at it consistently and diligently, your efforts will surely be repaid.
At TRISOFT we know the need and appeal of passive income and we also know that it’s not an unattainable goal. If the drive is right and the efforts are in place, you will soon be on your way toward a more stable financial future. You just need a little courage, don’t you?