Passive Income – A faster way to build your wealth?

It’s nice to imagine a world where we don’t have to worry about money. But right now, we do. However, there are ways to earn money even when you sleep. Sounds idyllic, but it is possible.

This incoming money is called passive income and it’s basically your money earning more money on its own. It requires you to invest in a variety of ventures that do not require active effort on your part after a certain incubation period. It does require some upfront commitment though, both in terms of time and effort.

Here are some really simple and straightforward ideas to earn some moolah even when you are not working..

Invest your money & make it work for you

Savings and deposit accounts that offer a decent interest rate are a reliable way to earn a steady income. Your passive income can also come in the form of dividends. When you own shares in a business, you can reap the returns if the company performs well and distributes its profits among investors. But investing in dividend stocks takes a lot of research, so be prepared for due diligence.

Make sure you keep your risk appetite, current circumstances and financial objectives in mind when choosing which investments to partake in.

Write an e-book

If you have been bitten by the writer’s bug, you can turn to writing a book to earn you money. Self-help books are a huge rage these days; people are looking for guidance and quick tip compilations. If you have the expertise, you can take on the role of a guide while raking in some cash in the form of royalties in case you strike a chord with your audience.

Launch an online course

Know how to do search engine optimization, or can teach elementary physics? Start an online course. It does take a lot of effort to get it going, but if you have the skills and access to the right target audience, you can really make it big with this one. You can teach photoshop tricks, or basic photography and sketching and even styling clothes. The possibilities are endless!

Turn into an influencer!

Are you social media savvy and extremely passionate about popular topics of interest like lifestyle, travel, sports, fashion, makeup and such? You could amass a huge following on channels like Instagram, Facebook and Snapchat. And we all know what comes with that – Companies and brands wanting to collaborate with you in a bid to reach a wider audience. And hey – Commercial collaborations mean more money!

If you can create an App, do it

It is not as easy as it sounds but some people do have a knack for creating mobile applications that make your life easier in different ways. Be it a doorstep laundry service or car service app, if your app becomes popular and financially successful, you could be on your way to raking in some serious money. Important to add here – You do need initial funding and a tech team who can turn your vision into reality.

Earn rent from your property

Think one word – Landlord. Countries that invite hordes of expats by offering employment opportunities like the UAE, logically need houses to accommodate the people who want to live and work here. If you have spare cash, you can invest in a property and look at long-term renting as a viable passive income option. You can also look at AirBnB, wherein you can let tourists book your property for a few days or weeks of stay, when they visit the UAE.

Sell stuff online

People are known to turn to Souq, Shopify and Etsy to sell handmade items, artisanal products, as well as vintage and quaint possessions. You can literally turn into seller overnight and reach an ever-growing customer base. Have a hobby like making macrame wall hangings or designing handmade jewelry? You can turn your passion into a business.

Note – Before you get started with a side-gig, you should consult with a business set-up expert regarding the licensing requirements. This will help make sure you can run your venture legally and hassle-free.

These ventures take time and fortitude on your part to start reaping returns. But once you’ve got these set up and maintained, you will surely be able to boost your regular income. So, establish your financial goals, and get going.

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