Passive income is your second earning option along with active income. You’re probably thinking that you’re happy with your daily office duty and getting a salary per month. Why do you need a passive income?
Indeed, even if our earnings grow steadily, our expenses are not in a standstill position. You must need a second earning avenue that’ll manage your demands.
From demand, the possibility will arise that you’ll be addicted to debts. Slowly, the debt will turn into an illness for you. You may trust on passive income ways to manage your debt illness. It will rescue you in troubled financial condition.
Take a look at the passive income options that will help you to earn a fortune in 2020.
Keep a student or working professionally as a paying guest in your home
Do you have any extra room in your house that is vacant for years? You may keep a paying guest in your unused room. It is a solid and super passive income idea going to become popular in 2020. The booming educational and job sector is going to earn the bread and butter for you.
PGs are considered as a rental property and included in the passive income options. You may give some facilities to the inmates like, you can offer breakfast, lunch, and dinner. Your bonding with him/her will become tighter and you can earn some extra money too.
Be aware of one thing if you want to turn your house for PG accommodation. Check all the documents beforehand and then you should keep a PG. Apart from document checking, you may install CCTV cameras in the garden, balcony, or the dining hall of your house.
Why sit idle? From early 2020 start giving private tuition in your home
The general opinion is that private tuition is a good passive income plan for college students. Why only college students? Everyone as per his/her knowledge can give private tuition.
Only 3 qualities are required to be a private tutor. These are knowledge, patience, and capacity to make someone understand what you’re trying to say.
The advantage of the tutoring profession is:
1. Your investment will be very small and earning can reach up to an enormous point. (The more you’ll concentrate on your skill, the more you can attract students.)
2. It can be your ideal part-time job. You may choose to give tuition in your off time.
Try to think out-of-box in the new year. Invest in the stock market and REIT
A report published in September 2019 says 55% of Americans have invested in the stock market. It means more than half of the US population is engrossed in it.
Why are we so enthusiastic about the stock market?
There are 2 reasons behind it. You can invest as per your choice. There are neither any lower limit nor any upper limit up to which you can invest your money. Other than your brain, you don’t have to move any other body part.
The stock market is considered an ideal passive earning way for elderly persons. The stocks will give you dividends per quarter as per their profit. Secondly, you may earn after selling your stocks too.
REIT or Real Estate Investment Trust is your next option in the smart-investment category. Its work process is more or less the same as the stock market. REIT owns income-generating real estate. It offers the shareholders or investors dividend-based income like the share market.
The REIT has done a good business in 2019. The financial experts say the market of REIT will grow steadily in 2020 too.
Like the stock market, you can buy shares of REIT too.
Invest in lending platforms – It will symbolize you’re going in the right way in 2020
The peer-to-peer or P2P lenders work on online lending platforms. You can lend your money to a borrower whom the bank has refused to offer a loan.
There are several lending platforms you can trust in the new year to invest your money.
‘LendingClub’, ‘Upstart’ and ‘Fundraise’ are the 3 lending platforms currently holding a strong position in the P2P market.
Why waste your talent? Open a YouTube Channel on the field of your expertise
You may frown eyebrows after reading the subtopic. YouTube? Can anyone make money from the video-sharing site?
Yes, my friend! It is a prospective income avenue invented in this millennium.
Why is YouTube considered to be a prospective income avenue that is going to be a major hit in 2020?
Look at our singer-songwriter sensation Justin Bieber! The Canadian guy whose net worth is $265 million today, is an example of a successful product made by YouTube.
Are you thinking about how YouTube will help you earn passive income?
- Are you a good singer? Or do you love to give violin classes online? Or can you take the kids or youngsters interested in learning shadow puppets techniques?
YouTube is made for you.
- Now take a look at your money earning options through YouTube.
- Open your channel. Put some interesting content on the channel.
- The faster you can make 1000 subscribers, the faster your channel will be profitable.
- How about the money business on YouTube? The pre-roll and mid-roll ads can be your earning medium.
- What are pre-roll ads and mid-roll ads? Pre-roll ads pop-up before the YouTube video. The mid-roll ads appear between your YouTube video. It runs for 5 seconds. Then you get the “Skip Ad” option.
You can make money from these pre-roll and mid-roll ads.
If you have turned into a debt prone person, then choose an option and manage your debt in 2020.
If you want to find your way out of debt, then you can look for ways to manage your debt illness and improve your finance.
What else? May 2020 bring all the happiness to you.