It is almost every people dream that even though we are sleeping and the same time we keep generating money apart from the day job. It can be obtained through passive income. Passive income is where you get paid over and over again for work that you did once. By choosing the right sources of passive income, you can invest your time the way that you want to instead of the way you have been spending it. In other words, passive income is a way of buying back more time. These are legit ways for you to make money while you sleep in something that fits your passion, experience, or skill-set.
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Crow funded real estate
It is known that it costs so much to purchase a home, using a crowd funding platform to buy real estate can be a more affordable option. If you want an easy, low-cost way to invest in real estate, consider using companies such as Fundrise and Realty Shares which is one of the largest crowd-funding companies around today. Most deals require at least $5000, they occasionally offer properties with a $1,000 minimum. Keep in mind that there are risks to investing in this kind of real estate arrangement.
High dividend- stock
When you purchase stock in a company that pays dividends to its shareholders, you’ll start earning a percentage of the company’s profits automatically. For example, if a company pays an annualised dividend of 100 cents per share and you own 1000 shares, you’ll get an extra $1000 in your pocket, by doing nothing more than being a shareholder. In general, most companies pay dividends on a quarterly basis. It is a wise decision to reinvest your dividends, which allows purchasing more shares even without spending more money when the price rise you can benefit more. There are risks involved with investing in individual stocks because the price of the stock can go up or down. One way to lower the risk is by investing in an index or other low-cost funds, which contains shares of many companies.
Bond
Purchasing bonds can be another good way to earn consistent passive income. In this type investment, you need to remember that amount received depends on the fluctuating bond market. The paycheck every six months for the interest earned in loaning the entity money. There’s a wide variety of bonds to choose from, including U.S. Treasury bonds, municipal bonds and corporate bonds. Each has its own maturity date, minimum investment, interest rate and payout. It is advisable that you research the bond or discuss with the financial advisor before purchasing one.
Rental Properties
At first, it seems this type of passive incomes source a lot more investment and sweat equity than other types of passive income, both upfront and over the years. However, this can be a lucrative, ongoing income for many years to come. Before purchase property for the passive income goal, it is recommended to do comprehensive due diligence to ensure that you can cover your costs—which likely include insurance, taxes and maintenance—and turn a profit on top of that. In addition to that, it is not a bad idea for using an experienced property manager to better maintained the whole property.
Peer-to-Peer Lending
This is also known as “marketplace lending,” peer-to-peer lending is the practice of individuals loaning money to others in place of a bank or other financial institution. In recent years, platforms like Prosper and Lending Club have made these crowdfunded loans more widely available to borrowers and opened the possibilities for investors. However, juts like the traditional loan, it has the same risk. One way to protect yourself is by requiring that borrowers’ credit quality is above a certain level. Another to reduce risk is by diversifying investment across many different loans.
