The ability to source an income beyond one’s day job has become a necessity during the 21st century. This has become even more crucial due to a fluctuating uncertainty around job loss in light of the on-going pandemic.
If you have dreams of elevating your current standard of living, paying off of debt or generating wealth then the following ideas could be ideal in propelling yourself to the next level towards achieving financial freedom.
What is passive income?
In essence, passive income is a stream of revenue that requires little effort on a day to day basis (unlike that of active income), but provides one with a steady income. It’s not to say that no effort or energy is required (especially during the initial stages), but with the necessary amount of input, you could expect generous returns without you having to think about it. Now that I’ve hopefully grabbed your attention, let’s get into what you could explore in terms of starting your journey of earning money whilst you sleep.
It shouldn’t take much convincing to know that you could make vast amounts of cash by capitalising on all those videos you’ve uploaded to YouTube. To become really successful consider creating a vlog and spend time investing into the content and cinematography of your channel so as to achieve the best followership possible. Once you’ve done this, create an Affiliate Network account via Google and reap the rewards.
Maybe you’re a bit camera shy or you’re perhaps not the most talkative, what could you do? Well, fortunately there’s still many of us who enjoy reading despite how archaic it might be in comparison to the plethora of videos buzzing around on the internet. If you’re a lover of the art of writing and would like to share your thoughts and ideas with the world, then this might just be the option for you.
To get started you’ll need to register with a domain that will host your content – luckily you’ll be able to do this from as little as R75 per month. Alternatively, you could also jump on the same gravy train used by vloggers and use Affiliate Networks. Either way, with enough subscribers you’ll not only get the satisfaction of being an influencer, but also earn an income when someone on the other of the world clicks on your content.
Do you have an acumen for sales? If you do, then this might just be the option for you. Gone are the days where you’d have a knock on the door from the Avon lady, but companies such as Avon (as well as Amway, Herbalife and 4Life) are now utilizing online platform to replicate this effect. The business strategy is that of a multilevel structure of interconnect individuals who assist each other in generating wealth, but at the same time assist in establishing meaning business affiliations. So if you’re interested in sales, recruitment and developing your interpersonal skills then you should seriously consider exploring how this option of passive income.
Rent your car
If you enjoy driving and would like to make money while listening to your favourite music then why use it as advertising space. Companies such as Brand Rides, Brand your Car, Wrapify could offer you R3000 or more per month for simply displaying brands on your car. This is probably the easiest way to ensure you’ll never have to worry about driving around with an empty tank ever again.
Maybe you’ve considered this at some point or another, but never got around to being convinced. Well, maybe you’d change your mind if you knew you could earn approximately R8000 per month by simply becoming a driver for Uber and/or Bolt. If you’re not keen on driving then you could become an entrepreneur by employing a driver and watch as you make money from the comfort of your home while your car is out on the road.
If you’re looking to make a long term invest, then investing in the property market is one of the lucrative options. Earning a monthly rental enables you to pay off your bond quicker than if you lived in the house. Property in South Africa has increased in value by 50 to 100% of its original purchase price in the past 20 years. So, invest early and consider renting as a way of developing your property portfolio.
Unlike renting, Air bnb is a short term option of generating income in terms of using your property. It provides you with the flexibility of deciding when you’d like to occupy your premises and when you’d like it to work for you. With the right amenities and location you could earn north of R10000 per month.