Five ways to earn passive income
It’s been a tough year and for many people their wallets are thinner than usual. Perhaps someone in the family has lost their job or costs have skyrocketed for various reasons. For those who need a little extra cash or just want to increase their salary, there are various tips and tricks. Here’s a guide to ways to make your money last longer.
Adding to your bankroll is easier said than done!. Money has an incredible ability to mysteriously roll away, almost making you think you have a hole in your wallet!. To make ends meet, it’s first and foremost important to learn how to save. One way to do this is to collect discount codes, and keep an eye out for special offers. To make sure you don’t miss the best deals, sign up for your favorite companies’ email lists and follow them on social media. They often publish special discounts, sometimes only valid for a certain day. You can also access special VIP discounts for your most loyal customers. Also keep an eye on discount code sites, such as this one, to find all offers in one place.
Putting a few pennies in your piggy bank is one way to boost your finances. But the smarter option is to earn passive income.
If your salary is not enough to cover all your expenses, it may be necessary to earn extra income. Of course, one way is to work more by applying for more jobs, or accepting more shifts in the jobs you already have. But there are actually ways to earn passive income without having to work more. Short-term income to supplement your salary and long-term income to invest for the future.
6 ways to make money without working
Rent out your home/car/boat
Renting out your home via Airbnb, for example, during the summer is an easy way to earn extra money. Maybe you have a summer house that you don’t use all year round, and someone else can benefit from it instead. The same principle works for other things you own. If you have a car that you don’t need to use every day, you can “share” it with others through carpooling services. You won’t just be doing yourself a favor, the environment will thank you too. Incidentally, the same principle works in the marine world with boat pools.
Sell at a flea market
We Swedes love to find bargains at flea markets. Therefore, once or twice a year, it can be really lucrative to carry out a major purge and sell what you no longer need. Clearing out and getting rid of things to create more space is a bit of a treat for the soul, but it can also provide a nice boost to your bank account. If you don’t feel like going to a lot of flea markets, you can sell your goods online on Tradera, for example.
Create a course
Maybe you have a special area of expertise that makes you unique. Maybe you know all about Swedish medicinal plants or are a whiz at Photoshop. You can be sure that there are a handful of people around the world who would love to learn from your expertise. A smart tip is to put together an educational course, preferably in English, which you then publish online on a course portal such as Udemy.
Learn to invest
Keeping your money in a savings account is, with today’s low interest rates, not the best way to make it grow. Much better is to invest them in shares or various savings funds. Even though stock markets go up and down year after year, the curve goes steadily upwards in the long term. If you look at the average annual return between 1990 and 2019, it is 12.49%. In other words, if you invest SEK 10,000, in less than six years you will have doubled your money.
Sell photos online
Are you a hobby photographer or just like to take good pictures?. You can of course do this purely for your own use, but there is actually money to be made here. Even if you’re not a professional photographer, you can upload your photos to image archives such as Shutterstock or iStock. Every time someone downloads your image, you get paid for it. There is also an app called Foap, where you can directly upload your images from your smartphone and get paid monthly every time someone uses your image.