1. Rewards and loyalty programs
Buying groceries and refuelling your car probably account for the majority of your weekly spending. So why not sign up to retail loyalty programs that reward you for buying the things you were going to buy anyway? In addition, make sure that the credit or debit card you use to make these purchases is also linked to one of these programs. Over the course of 12 months, you’ll be amazed at how many points you rack up and the types of ‘big ticket’ items you can redeem with your points.
2. Become a landlord
One of the oldest and more traditional forms of passive income is to own and lease a property for rental income. It’s a fairly reliable and low-risk option, provided you:
• don’t over-extend yourself on finance
• buy at the right time and get value for money
• can secure quality tenants with high occupancy rates
• purchase a property that will achieve good capital growth.
3. Become an investor
The most common forms of investment are trading stocks (or shares) in publically-listed companies and/or investing in managed funds. However, both of these options require a significant initial outlay and with managed funds, an ongoing monthly investment. As a result, more and more people are turning to the foreign exchange market or Forex rather than the stock market. The beauty of Forex is its ability to deliver outstanding results on small investments, 24 hour trading, minimal commissions and being able to access your profits quickly. On the flipside, trading currencies can be risky business and you need to have a solid knowledge and understanding of the market. In order to this, you can consider learning how to apply forex strategies by studying with FX trading training companies such as Knowledge to Action .
4. Online income
The worldwide web offers unlimited sources of passive income – here are just a few examples:
• Sell your new or used items on eBay (Gumtree or similar websites) or even sell other people’s things on eBay for a small cut of the sale price.
• If you’re a bit artistic or can access an artist’s work, list and sell it on Etsy. What was once just a hobby or interest might become a regular source of income for you.
• Blogging. The internet is literally jam-packed with blogs and niche websites and some bloggers can generate substantial income from their online ventures.
• Online market research surveys. There are so many of these out there now, just make sure you get paid appropriately for your time and effort.
5. Turn creativity into profit
There are many ways to turn hobbies and interests into profit-generating activities. Some examples include:
• Selling your photos to stock image libraries such as ‘Getty Images’ – you can also do this with music.
• eLancing or virtual freelancing – allows you to offer your writing services for a fee to businesses seeking creative content. Check out sites like odesk.com and elance.com.
• eBooks. Got a burning desire to write a book in your spare time? If you do, you can sell it for as little as $0.99 to $100 and reach millions of e-book readers around the world.
If you’re looking for ways to significantly boost your bank balance, but don’t have vast amounts of time or resources, then pursue an activity which will earn you a passive income. There are loads of options out there; you just need to figure out what type of returns you’re chasing and where you’re likely to have the greatest success. Good luck!