As the saying goes- work smarter, not harder. Earning extra money doesn’t need to be about working your hands to the bone, burning the midnight oil night after night and committing your entire life to work. If you’ve already had some success and have a little money to invest, or maybe you have savings or an inheritance, there are some smart ways you can put this cash to work which will generate you some income with very little effort needed from you. Here are a few ways to go about it.
Invest in Property
When it comes to investment there’s always some risk, however when it comes to property that risk is very low. Property almost always accumulates in value year on year and there are lots of ways you can make money from it.
You could become a developer and build houses to sell, or renovate homes and sell for a profit. However, when it comes to passive income in property your best bet is to become a landlord. Either buy a property with cash and every time your tenant pays their rent its profit in your pocket. Otherwise, take out a buy to let mortgage. Over the years, your tenant’s rent will pay your mortgage and at the end of it, you’ll have a property that you can continue to rent out for profit, or sell for the lump sum of cash.
Bricks and mortar are almost always a good way to invest your money, and if you rent out a property and have an estate agent run things for you then it’s passive income and extra money with little to no work needed by you.
Invest in Business
If you’re accomplished in business, then investing in business further could be a great way to earn passive income. With the right staff and software such as master data management tools make it easy to run and automate areas of business so you can simply run things from the top. The profit goes into your pocket without you needing to do lots of work.
Another option would be to invest in an up and coming business. Here you could provide a new business which shows potential with a cash injection in return for a share in their company. You then get a percentage out of their profits with no work needing to be done by you- if they go on to turn massive profits it could be a fantastic earner for you!
Invest in Commodities
Commodities are another way you can invest your money. Unlike the stock market which can be very unpredictable (and can even be likened to gambling in some ways) investing in commodities is much more risk-free.
Whether you’re a newbie or an experienced investor it can be a good way to make yourself some money without much work involved. Commodities can be anything from agricultural products to oils and fuels, precious metals, grains and more. Take gold, for example, the price has almost doubled within ten years. You could invest in actual stock and store it yourself, or use a broker where everything is managed online. Take a look at the top five investment apps to find the best investment app for you.
Start A Blog!
Blogging is a great way to earn a passive income although some effort is involved. If you stick at it it won’t be long before you’re earning a passive income from affiliate sales, by ads placed on your site and many more methods.
This is a collaborative post.