How to make passive income
For many it would be a dream come true ifthey never have to work another day in their life. This is what passive income generating projects do - they allow you financial stability without spending your energy actively looking for money. Here are ways you could make this dream come true;
1. Real Estate Investment Trusts (REITs)
This means investing your money in real estate through real estate companies that offer this product. You will own a piece of real estate in the portfolio owned by the company that will earn you interest in return.
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Depending on how much money you have and the minimum the REIT companies are willing to take from shareholders you could make considerable amounts of money every month or according to the payment plan once the projects are completed and tenancy is achieved. In Kenya there are a few licenced REIT’s managers namely, CIC Asset Management, Fusion Investment Management, Centum Asset Managers and UAP investments.
2. Write an e-book
If you are an expert in a certain topic, go ahead, write and publish it online. There are many platforms such as kindle where hundreds of e-books are hosted and can be accessed by readers. Additionally, if you are passionate about a topic and you are not a good writer, you can always outsource the services to an experienced writer who can ghost write for you and you will still make money by selling the book. Once published you can list the book on Amazon and other online platforms for people to purchase.
3. Create an online course
Similar to writing, create an online course where people can learn from. Choose a topic you are knowledgeable on and create content on it. Then host it on platforms such as udemy.com that also gives you tips on how to create an online course. Once you the course up, most of the platforms do the marketing and the selling of the course for you at a cost, usually a percentage of each sale.
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4. Rent out extra space in your home
Have an extra room or house in you compound that you are not actively using? You will be surprised that there would be someone looking for a convenient place to stay and would appreciate the space you have. Be sure to verify tenant information about them before letting them into your space.
5. Rent out items you already have
Did you know that you might be holding something in your garage that could be making you money? Things such as furniture, automobiles and pieces of jewellery could fetch you money. Some photoshoots require the vintage or antique themes, that you could hire. On the other hand, if you own unique car model or a sports car, you can rent them out for photo shoots or for music videos.
6. Private lender
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Be a private money lender to your circle of friends and contacts. While this is not a 100% guarantee return on investment, take a risk on your contacts and charge an interest on the amount loaned.
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