Do you want to make an income even when you’re on vacation or asleep? We list 5 ways to do so.
Every person wants a second source of income as an emergency back-up. It’s not that tough to generate it – consider 5 ways to do so:
Earn interest on your savings.
The simplest way to earn money is to let your savings in the bank account accumulate and earn interest every quarter. The best savings bank accounts pay as much as 7% quarterly interest on your residual funds. The more money you save in your bank account, the more you earn by interest. Check with your bank about using your savings account to the fullest to earn more, and to also link it with your expense account or investments for easier money transfers.
Make market-linked investments.
Market-linked investments help your income grow passively. It is safe to say that your investments in shares and bonds grow even while you sleep! Your bank can advise you on the best modes of investment as per your age and future goals. If you want faster appreciation, you should invest in equity securities, or get stable growth with less risk by investing in debt funds. The monthly or yearly investment can be auto-debited from your savings bank account.
Lease out owned assets.
Another way to get a regular income with a one-time investment is to lease out your assets. Not only does rental income come in handy every month, it can also help you pay off liabilities, or finance your child’s education, or create a fund towards making a second investment in a home, car, office space, etc. Suppose you have a house to your name in another city, you can lease it out and get rental income that repays the loan you took to buy the property/finance your monthly household needs.
Make videos in your area of expertise and earn from advertisements.
Lately, savvy Internet users have begun to use the abundant opportunities of the worldwide web to create a second stream of income. We’re not suggesting that you give up your day job and make videos full time. However, you can create a few videos in your area of expertise, such as baking, writing, marketing, music, etc. Then you can attach Google AdSense to your videos so that you make money every time someone clicks on an ad showing before or during your video. You can link your bank account to the video channel so that the ad revenue is paid directly to your account.
Get cashback rewards on your shopping.
An often-underrated way to make money, is to save money. Though you do save a part of your income every month, you might miss out on another area of savings: cashback and discount on online shopping. Look out for sales and discounts on online shopping sites, and get cashback for shopping using your Visa debit card. Money saved is certainly money earned – plus, you can get a discount code or reward points that you can redeem for your next purchase.