Money must be made. This is what I tell myself every time to encourage myself to keep pushing harder. The high cost of living alone is enough to make one's head spin around especially if the income doesn't quantify the expenses.
Source
It is thus important to know that building wealth is necessary if you want to be sane actually. And to build wealth, you have to seek ways to earn passive income.
What is passive income?
For me, passive income is earning while you sleep. Any money you earn without having to put in any work is called a passive income. For instance, when you delegate HP to communities, you get hive in return. What you earn is a passive income because you don't have to do any work to earn it.
In this article, we will look at some passive income ideas which I consider best to try out if you want to build a financial empire for yourself.
The first on my life is investing in real estate
Overtime, people have become more aware of the need to invest in real estate. Real estate gives you the opportunity to earn passively. Here, your money works for you 100%. Imagine having a property and renting them out?
My dad had a property before he passed on. Although he didn't finish it. My brother did and today he is earning from that building. At least he can feed himself and family from what comes from renting the apartment.
You can have a steady means of income if you own a property. Of course we know that lands appreciates every time. A property my husband and I wanted to acquire some two months ago has added 200% now. So imagine we had bought it then and even decide to resell it again, you know we will gain a lot right?
Investing in stocks
I didn't know much about investing in stocks until recently. I have a friend that invested in a cement company and she is cashing out real good. She told me that she has invested in it for more than 3 years now and loves the idea so much.
There are company's that gives dividends when you invest in their stock. That's like buying a share of that company so that as the company is making money, you will also be earning too depending on the percentage allocated to you.
However, I will like to state that one needs to consult a financial expert before involving in any company stock whatsoever. Most of these company's are scam and just show up to rip people off their money.
A popular company here in Nigeria recently ran away with people's money. And to think that this company has been in operation for 4years now. So you can imagine how long they planned to carry out their plans.
If you invest wisely in dividend paying stock, you can accumulate passive income for yourself.
Lending money
Okay so this may make you roll your eyes. Yea I get. But I know someone who has acquired so many properties from this business of lending money to people. So instead of just keeping your money in traditional banks that has little or no interest rate, you can consider lending it out to yield higher interest for you.
Now what this person does is that before he lends you some money, you have to get a collateral that equates the amount you want to get. This is a strategy that makes him not to loose at the end of the day. So if you don't repay, he has your property which he can decide to resell or for his personal use.
He earns passively through this means because he loans the money and adds his interest to it. This is like making his money work for him at all times. So if you have the mind, you can think of doing this one.
But then, it is important that you know the risk involved and be ready for it emotionally.
Conclusion
Having a passive income is a fantastic idea. The fact that you earn without being actively involved makes it super cool. If you do your due diligence and invest wisely, you can pave way to gain financial freedom.
Letting your money work for you is one of the best ways to be financially independent.
🌸🌸🌸🌸🌸🌸🌸🌸🌸🌸🌸🌸🌸🌸🌸🌸
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My husband and I were just talking about this. We are looking into more passive income projects as we prepare to buy a home. We’ve also thought about getting into stocks. A cousin of ours made millions for himself with years of experience and he is willing to teach us the ropes.
I keep saying pretty soon we won’t be able to afford to live 😕. We’ve gotta make some new moves and think about smart investments for sure. Thanks for sharing ~
Certainly. With the way the economy is getting harsh these says, if you snooze, you loose😀.
You can try out what your cousin is doing but ensure to do your research properly before you delve into any kind of business.
I hope you and your husband finds something really cool.
Thank you for reading and commenting.
Thanks for the tips. Definitely a good research is necessary before getting into these things. 👌🏽😉