PASSIVE INCOME: how to get started

October 02, 2017


The term passive income is thrown around a lot these days but what does it actually mean and what does it mean for you?

Basically, passive income refers to income that doesn’t require you to actively put in effort however, it is also sometimes what people use to describe side money i.e. cash flows outside their 9-5.

Now... how do you get some?

Interest
I shouldn’t have to say it, but if you haven’t already you need to get your money into a high-interest earning account and shop around too, some (particularly outside the big banks) are better than others

Dividends
Do your research and being to build a share/investment portfolio. Your finances have the opportunity to grow as your share price increases and the company will pay you dividends. Always do your own research before investing and don’t forget to diversify your portfolio!

Real Estate 
I admit, I’m in my early 20s and living in Melbourne… this one is just a bit out of my league. However, a very well versed method of passive income is receiving rent from tenants. This doesn’t exactly have to mean the black and white; you buy a house and a stranger pays you to live in it. You can rent a room, buy a factory which tends to be significantly cheaper than housing or Airbnb a room or your family’s holiday house and take some commission!

Ask for a Pay Rise… act like you never got it

Blog, Youtube & AdSense
Put something out into the universe and the universe (aka Google) may give you something in return.

Get a Side Gig: Uber, Airtasker, Nannying, House Sitting

Online Surveys & Mystery Shopping:
 I’ve tried both of these and have decided they are personally not for me, but if you’ve got some spare time on your hands and are of an interesting demographic this might be the one for you!

Sell Your Stuff Online

Cashback Rewards Systems
As a former checkout chick, ill never understand people who don’t use rewards cards! I mean if you know you’re going to shop somewhere on a weekly basis why would you not scan one extra barcode and receive money back. Use that flybuys gurl!

You Might Also Like

0 comments