Earn Passively: Top 4 Methods to Grow Your Money
The hard way isn’t always the best way to earn money. There are many available opportunities that you can leverage to gain profit while you sleep. Sit back, relax, and learn these four ways on how to earn passively!
Invest in Real Estate Crowdfunding
Property crowdfunding mechanisms encourage participants to combine their funds so they can acquire a property collectively, and everybody receives a portion depending on the amount of capital they invested. When the house is leased out, all shareholders get their cut of the income. When the value of the property increases, so does the price of your shares.
Instead of managing a business that requires you to be hands-on, you can grow your little capital with real estate crowdfunding without the hassle. You can search for different crowdfunding platforms that you can join so you don’t have to worry about the legitimacy of the participating individuals in the property you like to acquire.
Engage in Forex Trading
Considered as the biggest and most liquid market in the world, forex trading is becoming an interesting source of passive income especially for millennials. Trading currencies seems to be a big business word before but because of the emergence of trading platforms, traders in Youtube and Instagram, and trading courses, the knowledge of people in the field has grown. Buying a currency that you think will increase in value more than you sold is how forex trading works.
If you think that you have to be completely experienced in business to join trading, you’re wrong. Of course, trading knowledge would be essential but luckily, there are trading platforms that can provide you with demo accounts where you can sharpen your trading skills while others allow you to copy the trading activities of professionals, which is when you can gain profit with minimal effort.
Become a Private Lender
If you have a nine-to-five job and want to make your hard-earned money work for you, you can try becoming a private lender. You can help your relatives, friends, and other people achieve their goals by providing them funds with a considerate amount of interest. After some time, people will automatically come to you to seek your lending services which will definitely make your money grow while you sleep.
However, you should be strict somehow with payment terms as some money lenders normally have difficulty when it’s time to collect the payment. Make sure that the people you give your money to are trustworthy and have the means to pay you back. On the other hand, this activity will sharpen your financial skills and enrich your portfolio which will bring more opportunities to come.
Rent Out Items or Property
Your grandmother’s vintage vinyl or furniture can still be of good use by renting it out for photoshoots or commercials. Photographers, stylists, and set designers are always looking for pieces that will complement their creative direction. Props are normally expensive to purchase and can only be used for a one-time event which is why investing in these isn’t practical to them.
Another way to make good use of your big house or apartment is to make one room available for leasing. It can either be for studio, bedroom, etc. Having an accessible location is a plus! Being a landlord is always an efficient way to double your income.