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Launching a side business or figuring out how to invest your money when youre strapped for time isnt easy, but the payoff makes everything worthwhile. The money you earn from passive income will undoubtedly have you well on your way to achieving your financial objectives and much closer to true financial freedom.

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Sources: Reit.com Investopedia Dividend.com Well Kept Wallet Money Done Right The College Investor

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The world we live in today is highly competitive and tough. We're at a time when nine-to-five tasks are sometimes not sufficient to finance our fundamental needs, more so our wants. To ensure our financial stability, we must be resourceful. We have to have the imagination and courage to get out of the comfort zones of the whole time occupation and put in something new to the table.

All these are guaranteed low-risk business ideas which can help you pump up your bank account.What is Passive IncomePassive income refers to the inflow of money from work once done but continues to yield profit. It is also known as residual income. It differs from a traditional business setup in the sense that the latter necessitates continuous and meticulous supervision and management at all times.

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It simply refers to the socio-economic system that's rooted in the notion of sharing be it material assets or intellectual ones. The sharing economy is also known as peer-to-peer transaction or audience economy. It is a sustainable business model since it needs only the provision or production of products and services which are actually needed and have an existing demand.

Feel free to try any one of them if you like. Here they are:Exotic Income Thought #1: Share a space or homeThe world is getting smaller and smaller by the minute. Fifty decades ago, it's an uncommon sight to see tourists flying out for informative post vacation and leisure. As a result of advancement in air navigation and also the opening of cost-friendly airlines, more people can now afford to travel.

Nowadays, it is very common to hear a tourist renting a house or room. Airbnb, as a matter of fact, assembled its own business model to cater to these needs. One way to earn residual income is to open your homes for rent. In case you have an empty and unused space, or even a vacation home that's ideal for large rooms, then you may set them in the advertisements or enroll in Airbnb, Booking, and Traveloka, among others.Passive Income Idea #2: Carpool into workMore and more individuals are becoming conscious of the environmental consequences of the increased gas emissions by cars.

You can assist themwhile earning on the side, by this post giving them a ride to work. You can charge a minimal fee to encourage them to join your carpool an amount enough to cover the excess gas needed and a bit extra for you to keep.Learn how you can declutter your home to make that income-generating space by reading our blog post.Passive Income Idea #3: Unleash your inner Picasso and sell your artDo you have art that lies in the rear of your inventory room Or a painting up on the wall untouched for many years Why not market them The art community, while a relatively smaller niche, remains a niche! Create a copy of your artwork, have it reprinted and framed, and set it up available.

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Due to recent events involving environmental problems and labor standards, some now choose to buy second-hand or pre-loved products. In case you have clothing that are in good condition and are not being used, it's the perfect time to sell them. Do a garage sale or create an online platform on EBay or even Quicksales where you can find pictures of clothes for sale.Passive Income Idea #5: Promote your photosIf photography is your hobby, then this might be the one for you.

The notion is capturing pictures which might be bought by different users to their own usage. Your target audience here is basically everyone who is into design and advertising, that is a pretty big market.Passive Income Idea #6: Publish an e-book  In a recent analysis, Murdoch University Australias Margaret Merga mentioned that Australian adolescents are more inclined to read an e-book than a paper publication.

It is definitely his explanation an advantage for you if you do not have the tools to publish hardcopies.  Passive Income Idea #7: Design images, backgrounds, fontsAnother way to earn money is to create generic pictures, backgrounds, and fonts, which different brands or persons can buy for further editing. Similar to stock photographs, designers and photo editors typically hunt for these kinds of material for their photograph manipulation needs.Passive Income Idea #8: Engage in peer to peer lending. This is a rather traditional notion, but it still functions.