A simple guide from an earlier era suggested eight hours for sleeping, eight hours for work and eight hours for leisure. Nowadays work seems to take up more than its fair share and many people might be seeking a way to maintain or increase their income without increasing their working hours. Building passive income is one way of achieving this goal.
What is ‘passive income’?
Passive income is regular and reliable income that doesn’t rely on constant active involvement. In other words, the pay is multiple for something you only did once. It sounds too good to be true, but it is possible.
There are numerous opportunities of which these are just a few:
- Writing a book, a blog or make YouTube videos.
- Selling services via an online store.
- Investing in property for rental income and capital growth.
- Investing in sound, dividend-paying Australian shares.
- Peer-to-Peer lending.
For establishing, some of these options require investment capital while others require time.
But there is an even simpler way to earn passive income – pay off debt. If you’re not paying interest on your outstanding credit card debt every month, that money is all yours!
Online businesses
Thousands of business owners choose to go web-based nowadays and hundreds more seem to pop up daily. And it doesn’t have to be a business that sells anything – bloggers can earn mega bucks from advertising. If a site is popular enough, advertisers will gladly pay the owner for space.
Internet gurus espouse this as the way of the future, however the reality differs on how many of these businesses are profitable, and just as importantly, how much time it needs to be profitable.
If you don’t have the skills to start something yourself and are tempted to buy an existing online service, such as an online store, always exercise caution – particularly if these involve capital investment or expenditure. It’s frequently impossible to check on the background of the promoters or what type of security there is for your investment. To ensure that these businesses have registration and have appropriate license, always check ASIC’s website (www.asic.gov.au).
As with any new venture, conduct solid research of existing opportunities or maybe just look around you at what others are doing, identify a need and create something brand new.
It will take time to get things set up but if done right maybe you too can be earning “money for nothing” – well, almost!
Make the right choice today! Book a cost and obligation-free financial advice appointment: https://bit.ly/your-right-choice.
Visit our website to learn more: https://rightchoicefinancial.com.au/