Author: Mohamed Hamza Ghaouri
Relying on a single stream of income seems risky and unsustainable, especially with the great threats of Relying on a single stream of income seems risky and unsustainable, especially with the great threats of the financial crisis resulting in many layoffs and therefore the loss of the single source of income. People who depend on a single source of income use it to pay bills, build savings and plan for retirement. Most of the time, this is not enough, and it does not allow them to do anything more, such as travelling or indulging in hobbies that interest them. If it happen that they lost that single source, they panic because they have no alternative sources of income. Hence the need for a secondary source of income. Here are few tips on how to secure a passive income.
Create and sell courses based on your expertise
Sit down and make lists of skills, strengths, unique experiences, and accomplishments that you have, and that other people might want to learn. Narrowed down the list to three main specialties based on topics you are passionate about and what other people seemed to ask you for help with frequently.
Explore self-publishing books
Write books and publish them through your websites to generate passive income. On your website, people can buy a hard as well as a soft copy of the book. With no reliance on a publisher, 100% of the income from the purchase of books will come straight into your bank account. You will make a range of passive income from the book every month.
Open a high-yield savings account
IfIf you want to create a variety of sources of income, including a way to make money each month without depending on how your business is doing, one of the things you can do is transfer some of your money into a high-yield savings account. Transferring your money to a high yield savings account is an easy way to make money every month just by letting your money rest in that account.
Invest in private equity
If you are looking for an even more interesting return on your savings, invest in private equity. When it cIf you are looking for an interesting opportunity to invest in private equity, then you should consider a unique opportunity being offered by Finterra Global Plantations which is based out of Malaysia and involves that harvest of Paulownia timber, the fastest growing timber in the world. The opportunity involves raising funds through Islamic Redeemable preferential shares (iRPS) and takes advantage of the insatiable global demand for timber while meeting sustainable and ethical farming practises. Using principles of Islamic Finance, the investment opportunity is well regulated including being shariah compliant, is short term, and provides partners (investors) between 8 to 15% coupon rate p.a., paid out on a quarterly basis making it highly attractive as a source for passive income.