As Warren Buffet, the famous investor and business magnate, has said, “if you don’t find a way to make money while you sleep, you will work until you die.” Having a passive progressive income is necessary alongside your day job if you want financial freedom.
It has become even more true since the global pandemic, as job security has become a concern for many people. Therefore, finding an alternative income passage has become a necessity.
There are many ways to earn a passive income, like online businesses, real estate, and various investment opportunities in Australia.
Real estate is a proven way of making passive income. Since the price of your assets always goes up in the long run, it is a good way to earn some extra cash. Moreover, you can even make some rental income from it.
You may feel that buying rental properties in the major Australian cities are too expensive to afford. There are other ways, though, to get into the business. Crowdfunded real estate investing makes it more affordable for many, and they are also a lot less complicated.
Smart investing is a good way to earn a passive income. It is another tried and tested method accepted worldwide. Fortunately, there are plenty of investment opportunities in Australia. You can choose to put your money into fixed investments, shares, funds, ETFs, and bonds.
However, the best way to manage the risk in all this is to diversify your investments across different assets. It is better to do your research and understand the risks involved before taking the plunge, though.
Affiliate programs have been getting a lot of attention from the internet lately. You may have seen a YouTuber or heard a podcast host recommend a link to buy something. They even offer you a special discount for using their links.
This is affiliate marketing. Even many writers use their blogs to promote the affiliated links of their books or products on Amazon. If you run a blog or own a YouTube channel, this is the best way to ensure a steady passive income.
Dropshipping is the act of delivering products to customers or retailers directly from the manufacturer. In Australia, you can sell the products online even before buying them. You can purchase the product to send to your customer only after making the deal.
Afterward, you can order the product to be delivered straight to the customer. This is a great option for selling T-shirts online. Dropshipping takes the cumbersome paperwork out of the picture, and you make a profit hassle-free.
Driving for Uber
If you own a car, this is a great opportunity for you to earn some extra money. Driving for Uber or other rideshare services may not be enlisted as a premium passive income method. However, the end goal is the same.
Moreover, just like any other passively earned income, you decide your working hours and enjoy some freedom. Just make sure that your car is in good condition, and then sign up on Uber.
There are many ways to earn a passive income to grant you financial freedom. New methods like selling digital art and investing in cryptocurrency are gaining a lot of popularity. However, the methods mentioned above are the safest and proven way to ensure you get the most out of your investments.