Don’t you just wish you could wake up and didn’t have to worry about money? Better yet, don’t you wish you could make money in your sleep? Whether your bills are driving you up the wall or you simply want to increase your wealth, we all could use the extra money, especially in these difficult economic times.
Having a passive income is one of the best ways to break away from the paycheck-to-paycheck life. It’s money you can earn without too much effort. You can literally make money in your sleep. Additionally, there are so many ways to make passive income.
Here are some.
T-Bills & Bonds
These are essentially short-term debt obligations which have a maturity period of 3 to 12 months with the minimum capital required to start investing being Ksh. 100,000. Interest payment is done when the bill matures, this is normally charged a 15% withholding tax. On the other hand, Treasury bonds are long-term debt obligations with maturity dates of 2-30 years, the minimum investment is Ksh 50,000 for regular bonds and Ksh 100,000 for Infrastructure bonds.
Shares
Shares can be defined as units of ownership in a company. They entitle the owner to a proportion of the company’s profits and assets. For a listed company, shares are traded on the Nairobi Securities Exchange giving one an opportunity to trade in them. One can earn a passive income from trading in them or holding onto them to earn dividends.
Rental Properties
If you’re comfortable opening your home to strangers, you could venture in the Airbnb business and earn some money. Whether you’re renting a spare room, an apartment or an entire house, you’re guaranteed to find clients on the Airbnb app. Additionally, the app takes care of everything from bookings to payments which makes it easier to coordinate your business.
Car Rental
The high cost of fuel has forced many people to ditch their cars and use public transportation instead. While this is a good way to save money, your car is sitting idly at home when you could earn some passive income from it. Renting out your car can make thousands every month which is pretty good given that you don’t have to do anything.
Fractional Investments
Fractional ownership of properties isn’t new, especially in Kenya where people create chamas and saccos to buy property they wouldn’t be able to afford individually. However, the rest of the world is catching up to this trend and making investing more affordable. From real estate to stocks, you can invest in such assets with other people and start earning from them.
Online Course
Online courses can be a lucrative business. This sector has seen significant growth in recent years due to the high demand for remote learning. According to experts, it’s only going to keep growing and by 2026, the industry is estimated to be worth 300 Billion dollars. Therefore, this is the right time to tap into this market. You can work with a professional writer to create an e-course and sell it on e-learning platforms.
License Your Photos
Are you a talented photographer? There are many ways you can earn money with a camera in this digital age. Licensing your photos is one of them. Publications, companies and individuals use stock photos for their online products. You can upload your best photos to a stock media platform such as Adobe Stock or Shutterstock and earn passive income when someone purchases your photos.
Silent Business Partner
If you’ve always wanted to become a business owner but couldn’t due to your busy schedule or lack of business expertise, you can partner with someone and become a silent partner. This is one of the best ways to earn a passive income that many don’t know about. By becoming a silent partner, you get a percentage of the profit the business makes without doing any of the heavy lifting.
Podcasting
Big or small, podcasting is one of the newest ways to make money online. They have become a popular form of entertainment as they are more niche-based and people can listen to them while engaging in their day-to-day activities. As such, podcasters can earn good money as advertisers are currently capitalizing on them. However, you will need to invest in some podcasting equipment to make sure you have good-quality content worth listening to.
Blogging
Blogging has allowed many people to become their own bosses and stop living paycheck to paycheck. With the right strategy, it can be a lucrative source of passive income. You can sign up for an ad program like Google Adsense where you earn money when people click on ads on your site. Additionally, you can work with relevant brands and advertise their products or services on your site.