As an employee at a regular 9 to 5 job, the opportunities for income stem primarily from your job.
You dedicate a third of your weekdays to your company and that pays your salary.
But is that the extent of your earning ability? Thankfully, the answer is NO.
There are a number of ways you can earn outside your workdays.
However, most of them require your time and that does not bode well if you are planning a personal day or just want to take some time off and have fun.
Things that will earn you money without you having to actively do much. Sounds interesting? Let’s go then!
Think of passive income like royalties from a book or a music album.
The author or the artist only puts in effort to write a book and record an album of music once, but the royalties from sales keeps on coming in continuously without them having to keep on working.
Passive income is similar to this concept.
Micro-finance and Lending Club
You can loan money to other people and watch the interest come in.
While traditional investment certificates like bonds are fine, the rate of return on them is far too low to make them viable candidates for income.
Now there is a risk of losing principal on bad loans, but you can diversify your investment across multiple portfolios, insuring you against a catastrophic loss.
Rewards from credit cards
Credit cards are great for people who are smart and disciplined. Go for a rewards card to earn rewards on things you love doing.
That way, you spend on regular expenses and get the rewards virtually for free. For instance, if you love travelling, find a card that offers miles as rewards.
Rewards cards are a much better value than cash back cards.
There are a number of online services that pay you simply for tasks that you would probably do by yourself.
InboxDollars pays out good money when you browse the web and use search engines.
SwagBucks and MobileExpressions work similarly. You are not putting in any extra work with these options but you get paid nonetheless.
As you get more into this, there are a lot more things you can do, so these things are a nice little introduction to get your started to the game.
All you need to do is to find the best solution to suit your timing and needs!