If you have expenses, and that is basically everyone on the planet, then you might be thinking about ways to make passive income in addition to your regular employment. After all, we all need money to pay our bills and buy things.
What can be better than passive income? Not a lot, my dear friend, except maybe long life and good friends.
I am not a financial planner and this article is not intended to be financial advice. It is definitely a good idea to meet with a financial advisor and possibly a tax attorney as well.
Here are some ideas regarding passive income:
- Savings interest. Yes, banks will pay you interest when they borrow money from you. I like that a lot. You become the lender and the back becomes the borrower and they pay you money and they promise to give you back both principal and interest if you decide to use your money or move it. Plus, it’s pretty easy these days to find the banks that offer the highest interest rates. Make sure you read and understand the details before you make the make big decisions.
- Stock dividends. Wait, do you mean to say that I can get quarterly or monthly dividend payments if I own stocks? Well, yes, but stock investments can be risky assets so choose wisely and carefully. Stocks can lose value and that lost value might not ever come back.
- Create videos that teach subjects and sell the videos online. A lot of people do this so there might be quite a lot of competition, but if you have the right skills and you are good at promotion, you might be able to make residual income off your videos.
- Buy homes or condos and rent them to people who need a place to live, and then collect the rent payments. Please be compassionate about this and provide affordable prices. After all, prices tend to go higher and higher while incomes often remain flat. A lot of families are struggling these days and what we need more of are caring landlords who seek to make wonderful neighborhoods at rental prices that are within the budget of the average family.
These are just some ideas that I have about passive income. Be careful out there and seek out professional advice if you need it and before making major financial or investment decisions.