Is it possible to earn money without making serious efforts for this? The solution is passive income. We figure out how it can be formed in 2023.
It is one of the most profitable businesses today. However, you will need start-up capital to open a car rental service. This is especially profitable in tourist countries such as the UAE. A huge number of tourists prefer to hire a car because it is convenient and profitable.
Every tourist, having arrived in the UAE, dreams of driving a rented supercar dubai. As in the case of real estate, the income from renting a car is highly dependent on its class and on the city. Renting a car is a great source of income, because the minimum amount is quite high, and at the same time the car remains the property.
Passive income in real estate
There are two options here:
• Physical acquisition of real estate and/or its rental.
• Investments in stock markets (acquisition of shares in real estate companies through exchange-traded funds (ETFs) or through real estate investment funds (REITs).
Many follow the traditional “buy and hold” method: they buy a property and wait until its price rises. You can also rent out the property for a monthly or annual fee. Airbnb services have gained particular popularity in recent years. This is an online rental marketplace where you can generate passive income. If you own property, you can learn about local laws and tax systems and then consider listing your apartment or home on the Airbnb app.
If one of the rooms in your apartment is empty, it can also be rented out. First of all, this method is suitable for homeowners in cities popular among tourists. The service is in demand in some southern resort towns, as well as in northern cities where people come to work on a shift. Evaluate the market and set a low price, and as you gain good reviews about your exemplary hospitality, you can increase the rate.
Advertising on your car
There is no more passive income than advertising on your car. To find an advertiser, you can post a photo of the car and a quote on classified sites. Advertisers themselves also give ads about the search for “sites”. Advertising will not spoil your car: as a rule, it is applied using a self-adhesive membrane.
Nothing is required of you at all – just drive regularly around the city. However, the advertiser often requires a permanent photo/video report that the car with the advertisement is not in the garage, but in crowded and passable places. Of the additional advantages: some advertisers agree to pay for washing as a bonus.
Intellectual property reward
In the realities of the modern world, passive income is often received by the authors of the so-called guides. These are reference books or instructions on business topics, psychology, and other relevant areas.
Of course, it must first be written, and then promoted and advertised, but strictly speaking, the information in these guides is often of the same type and shallow. Marketing geniuses make millions. And you don’t need to pay the publisher – everything is electronic. You can also shoot a travel video and upload it on some streaming platforms to promote your electronic guide, for example.
Now there is the triumph of marketplaces in the world. These are promoted online trading platforms that sell little of their own, but exhibit goods from sellers. The latter can be either a large company (for example, a brand of clothing or technology) or an ordinary entrepreneur. Unfortunately for buyers and fortunately for sellers, the bar for the quality of marketplaces has seriously decreased. But people continue to order because they will bring it quickly, to a point near the house.
Passive income can be obtained without investments, however, in any case, you need to “invest” your personal time, some resources, or an asset – real estate, transport, intellectual property. Freelance exchanges are often called passive income on the Internet. There you can take some tasks: take a picture, draw a picture in a graphic editor, or write a text on request. However, it is wrong to consider this as passive income, since a person is still forced to work.
Now there are many offers for investors on the Internet. Including modern tools like cryptocurrencies. But you should not lose your vigilance: it is easy for scammers to work on the Web, and it is difficult to find them in case of theft of money. Cryptocurrencies themselves are quite a risky investment tool.
Passive income will help to save the family budget and we hope that our article has helped you get a little clear on what types of passive income are the most popular in 2023.