How can you supplement your main source of income with passive revenue? If you live and work in a place like Surrey, this sort of concern is particularly relevant. Our high employment and average income is matched by the cost of living – and with a long life expectancy, you’ll want to grow your money and have a tidy amount set aside for your retirement.
But when you’re working full-time, it can be difficult to master the various financial strategies out there. Here are some passive revenue options that may prove easier to get into.
Stocks, bonds, and funds
Financial advisors seemingly never stop encouraging people to invest in the stock market or buy bonds. But for many first-time investors, learning terms and keeping track of the details takes a lot of time and effort, and may not yield significant returns due to newbie mistakes. This in turn can lead to frustration and further unsound moves.
If learning the ropes will take you a while yet, you can still start investing without risking your hard-earned money. Consult an investment management service here in Surrey, for instance, and let their experts do the tedious work of analysing how to best diversify your portfolio to meet your financial goals.
Another common bit of financial advice is to enter the world of real estate investment. However, the market can be difficult to gauge and forecast, especially with a beginner’s knowledge. A lot of people who make a fortune from buying and selling real estate have been actively involved in property improvements to increase resale value, for instance.
Pouring your energy into house flipping isn’t exactly a passive revenue stream. When you have a busy schedule, a simple way of getting into real estate would be through REITs – real estate investment trusts. Investing in a REIT can give you the benefits of becoming a shareholder in income-producing commercial property, without putting the weight of decision-making on your plate. You can even combine this strategy with the previous for better diversification.
If you own some property, one of the easiest ways of earning some passive income could start right at home. Renting out a room can be quite safe and hassle-free if done right. If your tenant is someone you know well, or has been vetted by friends or family, that can already eliminate many of the typical risks and complications of allowing someone else to live in your home.
Rental options don’t have to be restricted to rooms, either. Depending on where you live, it could be your parking space or use of your car through the gig economy. Again, look to simplify the arrangement and establish trust – the fewer worries you have, the better the deal as a passive revenue stream.
Your own product
Maybe you don’t realise it, but your personal expertise may be worth quite a lot of money. In the digital era, there are many options for translating skills into digital products. Write a blog on your industry, grow your audience, and sell ad space; write and publish an ebook, or create an online course to teach skills. Although you’ll be putting some work into the product’s creation, this is mitigated by your existing skill level – and the fact that little to no further effort will be needed afterwards to bring in revenue.
Even if you’re busy, these are some of the strategies which can be used to bring in passive income without requiring more of your time and energy.