Best Passive Income Sources for OFW. Make Money while you sleep and work.
Overseas Philippine workers could earn a lot overseas. However, they will wake up in time and understand that this hard-earned money will always not be enough to cover higher expenses and to mount bills. It’s high time you check other income streams where you can earn while you stay at your main job.
These flows of passive income require investments and many practical measures. But after a period of time, these income streams tend to build up and could be sustained, they will eventually earn you revenue without much effort relative to the time you began it.
Basically, passive income streams will entail one to commit on any one of these: an upfront monetary investment, or an upfront time investment. If you understand these two, you can check out and explore some passive sources of income below.
Passive Income Sources to make more money on side.
Stocks for Dividend
When it comes to passive streaming, stocks are the first thing in mind. This is essentially an example in which an early monetary investment is necessary. This investment includes making a detailed analysis and information project to understand how stocks are running, what stocks are invested in, and how their value changes every now and then. Consistent investment of money in stocks will lead you over time to residual income.
Some spaces can be purchased which can be transformed into a rental unit. For example, warehouse units in some areas of the United States.
However, this approach provides additional ways to achieve passive income. The management of properties can be externalized through a business. In addition, crowd finance would include investing in real estate and sharing income with all participants.
Deposit or Money Market Fund Certificates
In order to earn a higher return on your money, you can purchase certificates (CDs) from banks in certain increments. You can check out banks and ask about the CDs you can provide and how to invest in them. CDs are generally a low-risk investment, but are also low-income. This kind of investment is good for people who don’t want to take risks.
Annuities are insurance plans for which you pay and provide you with lifelong passive income in the form of monthly payments. But you must first talk to a financial advisor because the terms of the pensions vary and you might find no investment worthwhile.
Lending peer to peer
P2P lending means lending money to borrowers who are not eligible for traditional credit. As the lender, the trick of the business is that you must be able to choose and accept who you are. From here, you can spread the amount of your investment to reduce your risk. P2P lending platforms can also be found online, so be sure to check it for more information about this system.
Marketing and sales online
Although all of the above examples require you to invest early on, you can do so by partly involving monetary investment and partly early investment.
Today, self-publication is gaining traction. E-books that are self-published can be transported to online retailers like Amzon.com. So begin to write and upload an eBook to the web and programs of a seller. To get this into a passive income stream, you might have to spend more time in marketing.
Likewise, if you have a camera and like to take pictures, by uploading these snapshots on web sites you can sell photos in stock. You’ll have a captive blogger, website or even magazine market that needs pictures to publish.
One can venture on other online activities like creating video courses on different topics and subjects, or even have a Youtube channel, and upload a particular number of videos for your channel to be eligible for ads, which in turn will give you quite a stream of passive income.
Remember to be prepared with and imaginative to combine knowledge about these passive stream concepts. These will sooner or later increase your salary and will help you on a long-term basis.