Passive Income Ideas For You
Making money while you’re sleeping. Is that possible? It isn’t easy the first few months but it will be once you get the hang of it. Passive income is money that you are making without doing anything. It could be a property that you let people rent in or it could be a unit trust that you have been slowly putting money into. All of this allows you to have a more stable and secure life whilst you are already earning. Here are some ways you can get your passive income.
Do you own a property that is sitting and doesn’t have much going for? It’s time you gave it a makeover. A fresh coat of paint and a few extra decorations could give your property an extra boost in value. A RM300 per month room could go higher to about RM 400 by just adjusting the ‘look’ of the home. By doing so, your home isn’t just being a liability to you, it’s giving you some cash. You can now stably earn an extra income without worrying about risks. Just don’t forget about your home insurance and taxes.
Buy a vending machine or two or three. Go to Facebook marketplace and scour through the many gold ticket items waiting to be collected. Vending machines are among them. They may seem ridiculous but they are passive income making machines. Go to a store where you can get the cheapest cola at. Buy a bulk of cola for a cheaper price. Place your vending machine at a strategic location, with permission and put your cola in. In a week you can earn about 50 – 100 ringgits depending on the number of people passing by. Since you’re in Malaysia, your chance of someone wanting a thirst-quenching drink is higher.
Unit trusts. Scared of vex trading risks? Then go unit trusts. Unit trusts are much safer as a fund manager does the investing for you. Some of the more popular unit trusts are Public Mutual or Affin Hwang Sdn Bhd. Here you deposit your money as low as 100 per month with a minimum initial fund of RM1000 into your unit trust account while the fund manager helps you place your investments in potential investments with returns. What’s different is that unit trusts are very low risk compared to trading. You also make lesser returns but it is safer.
Now that you’ve learnt about some ways to make passive income, what do you think? Malaysians should start thinking ahead and start making passive income no matter how small they are. Passive incomes are also excellent cushions in case you were retrenched in an unfortunate incident. You don’t have to be worried about money and can be more relaxed in emergencies. Think about the future and start making your passive income.