Passive Income Simplified
Passive Income Simplified
When you come across the word “passive” what is the first thing that comes to your mind? Passive is the opposite of active. To be active means to be engaging, energetic, while to be passive means to be non-engaging. To be subjected to an activity without producing a reaction. Therefore, passive income simply implies a kind of income generated without having to contribute any activeness or engagement.
Some people, when they come across passive income, what come to their mind is “no stress”. Literally there might be little or no stress, but earning passively requires some sacrifices and contribution, which you will learn in this article. The truth is, the term “passive income” is getting popular day after day, everyone wants to get involved in something that will fetch him or her money without stress. Some even have jobs, but still feel there is a need to have another source of income.
Watch Video: How to Build Passive Income in Nigeria
The channels of passive income are numerous, they vary from local activities to online activities, it is up to you to choose whichever works best for you. You can regularly make money through passive income by dedicating a lot of concentration to it over a short period of time. Sometimes, thee results you get from passive income might not be an instant one, but in the end, you will be rewarded. Below are some of the ways to earn passive income
1. Real estate: you might need to walk up to someone who owns a house or building and offer to invest. Real estate is one of the most common forms of passive income, but it has its shortcomings. For instance, your offer might be rejected by a landowner or house owner. If you find yourself in a situation like that, just move on, walk up to the next property owner you know, he might accept your offer.
2. Operate a high interest savings account: while banks give an interest rate of less than one percent on savings, there are high interest rates banks, which offers up to two percent interest rates and more on money deposited with them. The good news is, these high interest rate banks operate online, so you do not have to go through the stress of walking through the gates of some brick banks. So, if you have a huge cash in your bank account, you might want to transfer it all to your high interest savings account, and even if you do not have a huge cash, as long as you deposit anything called money in there, be sure to get returns.
3. Earn from lending: there are lending clubs saddled primarily with the aim of lending out money to people in need. You could invest in their club as they welcome investors from outside to invest . You could start first by investing a small amount, this way, you will help reduce your chances of losing.
Passive Income Simplified
4. Rent out your car: sounds funny right. However, you never know how much you will generate in the end from car renting alone. Many people do it because it requires no extra skill, all you need to do is put up your car for rent at specific price . Whoever feels like hiring comes to you and you give him your conditions . Do not forget to make him pay a refundable damages fee because some people are naturally reckless with everything they handle.
5. Refer friends: there are companies who pay customers for referrals. A particular percentage is paid to the referrer on every goods purchased by the referee. You could try it out. Refer your friends to great products you have used. By promoting someone’s business, you are also generating income for yourself.
Read Also: 4 Dangers of a Single Income Source and the Remedy
6. Run a website with ads: sites like Google are popular for ad campaign. This is because they are paid for advertising and also because they have heavy traffic. You could build a website of your own and direct traffic to it (this definitely will not be within the twinkle of an eye, but if you are consistent, it will be achieved), after this is achieved, people, especially business owners will start running to your site to run adverts. This will mean cool cash for you while lay in bed with your pajamas on.
7. Crypto currency: many people nowadays engage in crypto currency trade. The oldest and most common form of crypto currency is Bitcoin. After opening a trust wallet, you start making trades from the comfort of your home. Other forms of crypto currency have been brought into limelight like etherum. Etherum works like Bitcoin, although Bitcoin has more monetary value than etherum, but there is an evident proof that crypto currency might be the next world currency.
Passive Income Simplified
8. Sell e-books: selling e-books online could help you earn passive income. This is a strategy that I have seen many people employ and it has worked. All it requires is you downloading or creating e-books online, and selling to people who might be in need of it. If you are concerned about making sales, I will tell you to put your mind at rest, because there are people who are in need of the e-books you have. All you need to do is sell to them at a discounted price.
9. Peer to peer lending: lending out money to borrowers who do not have the ability or requirements to qualify for a traditional loan is called peer to peer lending. The advantage of this is that you get the chance to decide which borrower to lend out money to and how much interest rate to charge.
10. Passive partnership: there are some people with business ideas who do not have money to execute that idea. You could collaborate with them by investing in their idea and generating income. You don not necessarily have to be part of the affairs of the business, rather, all you are is a passive partner. They work while you sit in the comfort of your home and earn your percentage of allocated profits. I hope you found this helpful.
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Serial Entrepreneur - International Business Planning Consultant - Speaker - Trainer - Author - Blogger - Network Marketing professional.
- 2018 SME Business Trainer and Coaching Advisor at GIZ for SME Loop.
- 2018 YALI RLC Online Cohort 9
- 2017 Fellow, Inspire Africa Train-the-Trainer Entrepreneurship programme sponsored by US Consulate Lagos and the Dickey Center, U.S.A.
- 2016 Fellow, Tony Elumelu Foundation Entrepreneurship Programme
- 2015 Top 50 Innovative Entrepreneurs, BET5 by Diamond Bank and EDC, PAU.
He is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan-Atlantic University (PAU). Through his training, mentoring, speaking and coaching programmes, he has empowered many young people over the years to start and grow their own business, build wealth, create multiple streams of income and achieve financial independence.
- He is a Certified Trainer in Design Thinking by the U.S Consulate, Lagos and the inspire Africa Entrepreneurship Institute.
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