August 9, 2021
9 Easy Ways to Invest That Will Double Your Passive Income in a Year
Passive income refers to other earnings apart from your occupation. It entails coming up with a strategy to make more money. Below are nine streams that will double your income in a year.
1. Stocks Dividends
Investing in the stock market has become even more lucrative over recent years. The popularity came about with the nice income it provides over time.
However, you will have to do a great amount of research. This helps when deciding on the stocks you would invest in. Investing with large sums of money also means you will receive large dividends, meaning that you’re at a higher risk in case of a loss.
2. Flipping Retail Products
The emergence of many e-commerce sites has been beneficial. You can take advantage of such sites and sell your products. You can find them at cheaper prices and sell them at massive profits.
You can also build your portfolio and attract customers. Your customers would be able to track your commodities and deals. Such platforms give you a chance to take advantage of the price differences; these types of prices may not be available to an average consumer.
This can work even better if you have a contact that sells to you at a discount. Other people would not be able to buy at such prices, giving you an edge over the rest. The only downside is that you will have to have a robust source of cash to start with.
3. Creating a Social Media Platform
Social media has revolutionized the world. More people are connected through the internet. You can take advantage of this global reach by creating a blog or a YouTube channel.
In the case of a YouTube channel, ads and sponsors will generate your income. This also allows you to take your passion. Your content is not restricted to anything, and you only must be an expert at it.
Your only challenge will be drawing an audience. But as soon as you attract an engaging audience, your cash will flow steadily. A major advantage is that you can use the platform to build on anything that you have going on.
4. Rental Properties
The dawn of the internet has improved many aspects of financial management. For example, investing in rental properties has never been easier. There are many ways to invest in rental properties; it is all dependent on what your goals and interests are.
A rental property is a nice way to bring your monthly income. You can even opt to outsource the running of these properties. This can be entrusted to a management company. You will be able to make this stream passive.
Annuities are insurance products that you pay for. They generate income in the form of monthly payments. They can be lucrative, especially if you’re advised by an expert.
Although this stream is a high-risk-reward, it can be a good potential idea. This is especially if you have a zero-risk tolerance for loss.
6.Peer to Peer Lending
At times, people do not qualify for loans. You can take advantage of this opportunity and act as a lender. You can choose who to lend the money to.
This gives you the flexibility to spread your investment and to mitigate the risk. You can even invest in the profits realized through the interest. You lend your money and get back the principal with additional interest.
7. Invest in a Business
You can invest in existing companies as a silent partner. This is a risky stream, but it comes with high potential returns. You can reap even more profits if the company you invested in goes public.
There are also other ways to reduce the risks. You can invest small amounts in many companies. This can be through lending them small amounts of money through bonds. Some companies also have policies where you can lend them money and be paid back through returns.
8. Creating an App
Innovation is the foundation of any stream of income. Creating an app can also be a steady source of income. This is the case if the app solves some hard-to-do function.
Your app might also be a game, which might attract a certain audience. Once your app is public and launched, you can be able to generate your income through downloads. In addition, you can attract sponsors and run ads in the application. You can also have in-game purchases in your game. This attracts a nominal fee that will generate income for you.
The more popular your app becomes, the more you earn. This is a very low-risk stream as the only downside is the time spent in developing the application. You will also need to add incremental features to keep your app relevant.
9. Affiliate Marketing
Affiliate marketing involves you partnering with a company and receiving commission on a product. This is more lucrative for people who own a social media platform such as a website or even a YouTube channel. You link the products to your sites and platforms. When a customer uses your link when purchasing a product, you get a commission. You need to generate traffic to your site to generate more income.
If you’re looking for ways to generate your passive income, give one of these nine ideas a try!