Starting a passive income stream in Perth can be a great way to generate additional income with minimal ongoing effort. Here are some ideas to get you started:
- Invest in Shares: Purchase shares in stable, dividend-paying companies. Dividends provide a steady income stream, and over time, the value of your shares may also increase.
- Real Estate Investment: Invest in residential or commercial property in Perth. Rental income can provide a consistent cash flow, and property values may appreciate over time.
- Peer-to-Peer Lending: Platforms like RateSetter allow you to lend money to individuals or businesses in exchange for interest payments. It’s a way to earn passive income through interest.
- Create an Online Course: If you have expertise in a particular area, consider creating an online course and selling it on platforms like Udemy or Teachable. Once created, the course can generate income with little additional effort.
- Affiliate Marketing: Promote products or services online and earn a commission for each sale made through your referral link. This can be done through a blog, YouTube channel, or social media.
- High-Yield Savings Accounts or Bonds: Place your money in high-yield savings accounts or bonds that offer better interest rates than traditional savings accounts.
- Dropshipping: Start an eCommerce store that sells products without holding inventory. When a customer makes a purchase, the supplier ships the product directly to the customer.
- Rental of Spare Space: If you have extra space in your home or property, consider renting it out on platforms like Airbnb.
Each of these options requires some initial effort and investment, but once set up, they can provide a steady stream of passive income. Do any of these ideas resonate with you?