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If you’re not working towards financial freedom, then you either love your job, or you have plenty in the bank already. Still, there’s nothing wrong with creating a little extra security in your life or for your family in the future.
Here are five ways to generate income without too much effort.
Renting Property
Renting property to bring in a monthly income has always been a popular way of earning a passive income, but the internet has made it even easier to invest in property and find financial freedom. Find a property to buy and rent out, or invest in residential management companies.
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Of course, renting property is not entirely passive. You need to maintain the property, cover the expenses, and handle any issues that come up, all of which take time and effort. But if you want to make your business truly passive, why not give responsibilities to a management company.
Digital Courses
If you have a skill or extensive experience in your business niche, you can earn significant amounts of passive income by recording a course and publishing it online. Not only do you get the satisfaction of passing on your knowledge, but the course appreciates in value over time.
There are different platforms you can publish on depending on the level of your course and the target audience. Once your course is published, it will start earning passive income right away. All you have to do is check it every once in a while to make sure it’s still live or to offer discounts.
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Crypto Investments
In recent years cryptocurrency has become a popular and viable investment opportunity, cryptocurrency does not only offer higher yields but it can’t be affected by inflation like fiat money; what you get is a stable and reliable long-term investment option for passive income.
In reality, a cryptocurrency account is an investment account that offers high percentage yields, but in most cases, the returns are fairly steady, so while there is some risk involved, it’s minimal, which is why a cryptocurrency account can also be regarded as a high-interest saving account.
Annuities
Annuities are insurance products that can make excellent long-term investments; they involve paying into an account in the short term and receiving monthly returns in the long term. While they can generate passive income, it’s always best to get some professional advice before committing to one.
Alternatively, you can pursue compensation money you are entitled to following an accident that wasn’t your fault. These claims won’t generate passive income on a regular basis, but the payouts can be substantial and support your financial goals, talk to an accident attorney.
Dividend Stocks
A dividend is a sum of money paid to shareholders by a successful company, so if you invest in the right way, you can receive high yields of passive income every month or quarter. The secret to success in this area is to carry out proper research and invest the right sum of money to provide adequate returns on a regular basis. However, a little research goes a long way with dividends.