The word "passive income" always rings a bell in the world of finance. When you ask people about how they have grown their fortune, they will make it clear that they use both passive income and active income. Active income is somewhat very explanatory as it requires the working of individuals to get income but when it comes to passive income, it varies.
Passive income requires sending your asset or money out and then get returns on the assets or money. This income vary as well from the true passive income where money goes to fetch more money for you while the other way is doing a work and then enjoying the result of it continuously. So many people do not know where to invest both their money and their time to get passive incomes so I will be helping to share more about this.
High Interest Savings Account/High Interest Deposit Accunt
This is another way to earn passive income. Banks pay really low for savings compared to annual inflation rate but with High interest savings account, you can get higher interest rates on savings. It is not an investment, it is just a way to earn money while saving which can beat inflation
Dividend Stocks
Why do you think investors prefer to invest in dividend paying stocks? This is because these companies are large enough to pay investors for investing with them since they have excess money as revenue. Investing in companies like Coca-Cola and so on will mean getting passive incomes in dividend.
Selling Course and E-books
Platforms like Udemy and so on are place where people can sell courses for the use of people who are interested in it. A lot of people need to get materials to educate them on one thing or the other and so selling courses online as well as selling e-books on platforms like Amazon will help generate passive income for you as the originator.
Real Estate Rental Property
I hope I can get into this in 2021, I have been willing to start investing in real estate but this time around, expecting to rent the property out so I can start getting passive income. With rental property, you get income on a weekly, monthly, or yearly basis depending on the agreement. Not everyone wants to get a property where they will live, some people just want to be free so they can be mobile incase they want to travel, while some can't afford a home currently so they rent homes. Do not forget that when you invest in rental properties, the property still appreciates and only needs repairs regularly. You can sell the property off when you are done with it at a higher price as land do not lose value since civilization increase the living standard and the value of properties in the environment.
Conclusion
Earning passive income can go on and on to things like affiliate marketing, car renting, P2P lending on the blockchain, Staking wit cryptocurrency projects, drop shipping and so on. Growing wealth without much stress is a sign of growth financially from actively working to earning pasively.
Nice points you wrote here. I think the "High Interest Savings Account/High Interest Deposit Accunt" has piqued my interest. Does it come like a treasury bond or like a fix-deposit account? I think I'm interested in it.
Thanks for sharing this nice content buddy
They are very great options to generate money passively.Personally, I think Defi is a very interesting option. And if I had insurance capital I would invest in Defi and also in house rentals, I see that a business with a lot of potential.
On the other hand, people are no longer investing much in saving in banks, as there are currently other more interesting options such as saving in cryptocurrencies.
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Hello @gbenga
It is certainly a very effective and useful way to earn income.
There are many ways to earn passive income, the ones you mention in your post are very effective but it will be up to each person to find the one that suits their particular situation.
Have a great day!
Best regards.
Thanks for sharing
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