Ideas to generate passive income
There are several means to generate passive income apart from active income. Passive income is the income that you can earn without active involvement in it. You can learn about generating passive income or making money out of your funds by taking advice of private weath management hk.
Ideas and Methods
There are multiple ideas and methods to generate passive income, let us look at few of them.
- Invest in a lending club – earning the interest on your safe investments is the best source of passive income. You can invest in stocks, shares, securities and bank certificates. But this passive income can be less than 1% but that is sure. Lending Club is a peer-to-peer lending platform where you can get investors as well as loans with a higher interest rate up to 10% per year. But these loans can go bad too so it is important to calculate the risks before investing. Most of the lending clubs start out with a minimum deposit of $2500. this deposit you can distribute to around 100 different loans.
- Invest in high yield savings accounts – this is a boring investment but is the safest type of investment. The interest earned in a savings account is quite safe. Online banks provide a better interest rate as compared to other banks.
- Try investing in index funds – this is a type of mutual fund that can help you invest in the stock market which is a completely passive income source. The index funds will handle all your investments and portfolio in the stock market.
- Get some cash-back – you can earn a lot of stuff with the credit card rewards and you can also get up to 5% cashback on your money that you spend out of your credit card.
So use these techniques to earn income passively. If you want to know about more techniques of fund management hk then contact https://www.pyrmontwm.com/