Passive income is money made that requires minimal labour to generate. This can be created from things such as investments, real estate , side hustle/ business or royalties. In other words Passive income is making money that doesn't require a lot of energy like "making money in your sleep".
This may sound hard to do or hard to get started, but with consistency you'll be able to create the right habits as well as finding out a few ideas in this article to get you started on your passive income journey today.
Passive Income Ideas:
The way I personally jumped into the world of passive income at the age of 18 was through creating a stocks and shares portfolio. I done this on a free app called Trading 212 were I went on to selecting a range of dividend stocks. This created my first portfolio which includes companies such as Coca-Cola, Starbucks, Broadcom and more. I later went on to opening a Vanguard Stocks & shares isa account. Trading 212 isn't the only app you can buy stocks and shares on to start building your dividend portfolios, I would also recommend Freetrader.
Another idea is by opening up a high interest savings account allowing you to earn interest on your savings. You’ll more than likely have to lock money away for a fixed term to gain better rates, but in the long run this will help build useful saving habits for the future.
The third idea is starting a Business, Podcast or YouTube, which is another great way to generate passive income. The downside to this is it will take a while to build up and requirers a lot of consistency but once running passively this can provide a great source of additional income. This was another reason that gave me the motivation to start Glowganic. A tip I would give to all new business owners or people thinking to start a business, is that don't be afraid to try and fail. Not everything you do will be perfect but you will always learn from it and have something to build on.
Finally renting out a property, room, parking space, drive way or garage is another good way to earn passive income, especially in major cities as someone is always looking for a place to stay, park or store things. This idea might be a long shot for some but with creating good habits in other areas it is more than possible to achieve with a solid plan.
The key to building passive income streams is by being consistent and creating good habits. You will need to be organised and do your research but don't be afraid to start small. I started investing and created my first stocks and shares portfolio with £5 as that was all I could afford to lose at the time. Glowganic started as just a thought and logo drawn on a piece of paper but with consistency hard work and research they were both were able to grow and are still growing and developing today.