Earning money without having to do any work- it might sound like a scam or too good to be true, but it’s completely possible. There are plenty of safe and legal ways to earn passive income, and many involve very little (or none) of your time, so you’re still free to get on with your full time job or any other commitments you might have. Here are three examples of ways you can earn passive income.
Business
When you’re first starting out in business, expect to shed blood, sweat and tears over your venture. Building up a company from nothing to the point that it’s making profit is hard work, however, you’ll most definitely reap the rewards later down the line if you’re able to pull it off. In time, you can build a company that essentially ‘runs itself’- or at least without your input. Hiring the right staff, gaining the right clients and customers and selling quality products or services will all enable you to get there. Once your company is established, you can hire someone to do your job of overseeing things at the top, that way it’s all profits for you with none of the work. Another option, if you’ve made your fortune in business and really know what you’re doing, is to invest in other businesses. Give them a cash injection in return for shares, once they start turning a profit it’s again money into the bank for you with none of the work.
Property
Bricks and mortar make for a solid and relatively risk free investment. Property tends to appreciate in value so your money will continue to grow, and much quicker than even a high interest savings account. You could buy, renovate and sell for a profit. You could develop your own properties and build from scratch, or you could buy and rent them out for a longer term investment. Another option would be to set up a real estate company, just be sure to do your market research and find your niche. As with any business you’ll need to ensure you’re using the most up to date software, in this case it will be programs related to real estate CRM. As mentioned above, get the right people to run your business and it’s money without you needing to give your time or effort. If you’re passionate about property there are lots of directions you can go in, from a full time career to just earning passive income on the side.
Commodities
Unlike the stock market (which can be highly unpredictable, and can even be compared with gambling), investing in commodities is less risky and is a good choice for less experienced investors. Commodities are valuable items that you invest in and sell on when the price increases, they can include everything from agricultural products to grains and meat to precious metals. Oils and fuels are commonly traded as commodities, but there are lots of options. You don’t even need to buy and store the physical commodities yourself, simply use a broker and it’s all done online. If you buy a commodity and keep it for five years and it doubles in value, you’ve doubled your money and had to do next to no work for it.
