“Passive income” is a term most commonly used by those looking to get rich, thinking they don’t need to work for it. There are thousands of marketers out there selling courses and guides on how to earn “passive income” and become wealthy, however, many as overstating its simplicity. This doesn’t, however, mean it is not possible; it is just often not as easy as it is made out to be to reach such levels. Below we look at three creative ways to earn truly passive income.
1) Sign up for a cashback credit card
Many banks and payment providers offer cards that give you cashback or rewards for simply using your card to pay at certain partner stores or businesses. Just by using your card to pay for your weekly groceries at a specific supermarket, revitalash conditioner at the beauty store, or your monthly phone bill, you can receive cashback rewards that can be cashed out, for absolutely zero extra effort! This is truly passive income as you are not putting in any extra effort and are just doing what you normally do and being rewarded for it, not to mention building good credit with your payment provider.
2) Stake your cryptocurrencies
This will require a bit of knowledge of cryptocurrencies such as Bitcoin. Much like a bank pays you interest on your savings or the money they hold for you, you can earn interest on your cryptocurrencies by “staking” (or locking) them into an exchange. While the crypto market is extremely volatile, this means that often the rate of returns are much higher than those from traditional financial institutions. Staking can give you a fixed rate of returns that can reach triple figures; numbers that banks could only dream about offering. The risk, however, is the value of the cryptocurrency declining, which again is much more volatile than fiat currencies. This is a creative way of earning passive income and you will find so many different methods once your start researching!
3) Become a team owner in crypto gaming
Another crypto-based passive income model, this method is relatively new and more accessible to those who have a bigger amount of cash readily available. Purchasing teams in games such as Axie Infinity can cost over 1000 dollars, making it unattainable for many players. A ‘scholarship’ method was developed whereby a team owner purchases the team with their own money and the scholar plays the game to earn income, while the earnings are split between them. This can be a very profitable income for the owner as once their return on investment is fulfilled, everything thereafter is pure profit.
These are just three simple ways for earning passive income that can generate a decent return. As in most cases, the more you put in, the more you will get out of it, and these are no different. We can see from these that utilising technology plays a big part in being about to do so, so be sure to keep up to date with current trends and the digital economy.