ACQUIRING PASSIVE INCOME- HOW TO DO IT
Passive income can be acquired in one of two broad ways;
1. Invest money;
This involves sending your money on errands e.g Tbills, fixed deposits, real estate investment, get cash back for shopping you already do, etc.
2. Invest time and effort upfront;
This involves some initial work to establish an automated system that works before you sit back and watch the cash flow in passively e.g affiliate marketing, create and sell an online course, write an ebook, stat a youtube channel, introducing someone to a business and getting a commission etc.
A lot of these are self-explanatory but I will briefly highlight a few.
Treasury bills (T-bills)-
This is part of investing money. If you have extra cash lying around and you want to multiply it rather than storing it but have no time to invest upfront, this is one of the options available to you.
Interest rates vary from time to time in Nigeria but it sure is a nice way to grow your money.
Returns on investments (ROI) are particularly attractive when huge amounts are invested frequently e.g millions to billions of naira investments.
This could come in one of two ways;
a. This also involves investing money. Buy properties (land or buildings) in strategic places, let them appreciate over time and sell off with mouth-watering profits.
This can be a secure way to multiply your money, unfortunately, it is not for the average Nigerian as it requires a lot of capital.
b. This requires investing your time upfront but very worth it. This involves selling a property or referring a realtor to sell a property. This is the Method 2 has been explained in full here.
Writing an eBook-
This is time intensive but also worth it. It involves writing an eBook and putting it up for sale. You can write about useful information in any topic you feel comfortable writing about. Chances are, there is someone out there looking for that information. Key word here is useful. LOL.
Alternatively, you may want to share your unique story with the world and inspire others. Whichever one it is, this is a nice way to earn money.
This also requires investing time upfront. It involves recommending products or services to people who need it and getting paid for it. However, in order for it to be worth your time, you need to build an audience.
Get cash back for shopping you already do-
This requires time and a bit of money and is where acquiring passive income gets fun. It involves the Method 1 described here.
That would be all from me for now… I hope you gained something.