What is a passive income

By | 22/03/2018
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Over the last years we have seen the economy take quite a few knocks and some still have the opinion that we will see another financial crisis, I like many will be hoping that is not the case.

Cost of living has risen and sadly the wages has not risen enough to keep your head above water so more and more people are seeking to create passive income.making partnerships in work

So what exactly is passive income, it is additional money earned as a result of a partnership or another enterprise which your are not actively involved in. Earning from another source could be liable for tax so please make sure your check this out as it will vary depending on which country your in.

How to make a passive income

Remember any enterprise your undertake could be liable to tax, also make sure it is legal and ethical, depending on your skill set this could lead to a full time online business for your. Some people have started out looking at ways to earn extra money and have ended up working for themselves in creating different streams of income that produce results over and over again.

Eight idea’s to get your started :

  • Get out of debt your may think how is this adding extra income, if your are not paying debt with interest that money can be put to better use. Try to be debt free of unnecessary loans or finance, that way your will have better money flow and your could invest it in or put it in a high interest account.become debt free
  • Do your have a free room in the house your could rent this out to a student sometimes colleges etc are looking for someone to board an exchange student for a time.
  • Write a book this can be an ebook and sell it, they say everyone has at least one book in them, not sure how to to this click here how to create an ebook
  • Can your teach, create your own course and offer it on somewhere like Udemy online courses
  • EBay trader selling on EBay is quite easy, to get started have a clear out and sell unwanted items then use the money to source other products to resell, their are people out their doing really well with this idea.
  • Do your love crafting is their something your can custom make if so your can sell those items on somewhere like etsy or amazon, again it is easy to set up a seller account with them.
  • Affiliate marketing which is promoting other peoples products and your receive a commission if someone buys from a link your have set up. This is a growing marketing strategy with retailers could be anything from cars to digital products. Want to know more on this click here
  • If your enjoy photography and produce good quality work your could always sell your pictures, simply register an account with some like Pixabay or Depositphoto’s Pixabay to offer a lot of free images this is how people get to know your work and will buy a cup of coffee as they call it for using images, I to use Pixabay a lot as they offer good quality images for free or your can buy them.

I would also suggest looking at your household budget, is their anywhere your can cut back and save money, I was brought up with the idea that your only need loans to buy a house and a car if it was necessary for getting to work, but old school I know.

In the UK a lot of students end up starting their working life in debt as they have many loans to pay back and I was amazed just how many financial institutes through money at them, such as overdrafts, credit cards and when it’s a struggle it is easy to live off credit, but in the end your have to pay it back with interest.

 

Beware of Scams

The internet has really evolved over the years and whilst it offers many good opportunities their is a vast amount of scams on eager to take your hard-earned money.avoid scams online

Affiliate marketing offers a chance to earn 24/7 it takes work, research and patience, it can also be a source of information overload leaving your overwhelmed, if your lack the skills get a good education use trusted resources, I use Wealthy affiliate, all the skills your need can be found their including a great community of liked minded people.

There are no instant formulas’s for overnight riches unless your win the lottery, if your find a program that might be tempting to your homework check out reviews compare what they are offering with other similar programs, one thing I have noticed and find it very frustrating is up sells within a program. When your sign up to something your expect to get what your need within the membership not having to pay more to unlock levels.

 

 

Do your have a passion or good transferable skills

We all have something we really enjoy doing or we may have developed specific skills over the years and their are some with naturally ability, this can be turned into an extra income.make a profit with your buisness

You to not always need to have lots of money to create an additional income their are low cost ways to build it up such as building your own e commerce website if being self-employed is not for your, their is an option of taking on another job the downside of this is the sheer amount of time working and less time with family or friends.

Want to see the top trending niches for this year click here as I say their is something their for everyone’s taste and if your feel your writing is something your cannot master your can always outsource work to somewhere like fiverr or upword, ask for sample work it can take going through a few people to find the right one that suits your.

Looking for companies that allow your to work from home

Some people just prefer to work for a regular company as an employee here a five companies to check out:


  • Amazon has virtual work from home opportunities these positions are not available in every area just keep searching their career opportunities, are your near an Amazon facility inquire and ask about this. Employees report that they get good support from their supervisors, their is also opportunity for career growth. They also have an affiliate program want to know more on this click here. Amazon tends to use employment agencies for work opportunities in the UK.
  • If your are a Apple and have a good knowledge of their products then perhaps this would suit your, the role will be customer service based and your would be expected to answer questions, troubleshoot and provide good customer relations. I hear their are quite good to work for and your can enjoy some perks to such as discounts on products.
  • Dell a well-known company have some positions where your can work remotely from home, to your have I. T skills or a background that would be of interest to them.

Working from your home has many benefits such as flexible working hours however it is not always easy working from home your need to be disciplined and have the right equipment such as headphones, up to date computer and a comfortable place to work from. Some customer based jobs are sourced through another company unless your want to bid as a company in your own right.

 

The good thing about working online form home is you can take work from anywhere in the world.


 

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