We all dream of working less and earning more, right? Passive incomes are a great way to boost your earnings with little to no ongoing extra effort.
Passive income is when you earn extra money without necessarily doing a lot of extra work. Some passive income streams are high effort and potentially high risk, while others are safer and easier to get off the ground. When considering a passive income that’s right for you, you should choose one that suits your individual skills and budget.
To make sure you’re getting the most out of your passive income, drop that extra cash in a high interest savings account like our Save account.
Here’s a list of some different forms of passive income to get you started:
Keep reading for a breakdown of a few of the passive income strategies we’ve just listed.
In a digital world, there are so many new ways to earn extra cash.
Use your skills to create digital products, which can include spreadsheets, online courses, colouring pages for kids and even e-books. You could easily market to the masses or more niche audiences online, so the possibilities are endless.
If you design great prints, awesome tees or anything else that’s produced by a third party, consider a dropshipping business. Basically, you design the product but only produce the item once it’s purchased. It means your only investment risk is a website as opposed to a whole bunch of stock. It’s a waste-free business model in terms of your time, money and materials.
Do you have a blog or website? Affiliate marketing could be for you. It’s when you recommend a product and get rewarded if someone buys it based on your recommendation. Putting display ads on your website is another great passive income stream.
An investment property could be a great way to make passive income in Australia. However, owning an investment property is a big financial commitment and can be risky. If you want to figure out if you’re ready to apply for a home loan, check out our range of home loans. Make sure you also weigh up all the ongoing costs of being a landlord when considering passive income investments.
If you’re already a property owner, you could look into offering homestays or short-term leases when you’re away.
These are just a few passive income strategies you could consider. Other creative ways of earning a passive income include renting out your car space and using your car or home to display ads. Each passive income strategy will come with its own set of pros and cons so make sure you do your research to land on one that suits you. Keep your eye on digital trends and always be sure to pop your passive income somewhere where it’ll keep growing. Check out ubank’s Save account for great interest rates to get you started.