A person counting money.[Photo/SoftKenya]
With the hard economic times, everyone is looking for ways to earn extra income. This is one of the reasons why many people have turned to passive sources of income. Passive income streams need upfront investment. Once you have invested your money, you will also be required to nurture the investment in the beginning. Here are five passive income ideas to build real wealth.
Dividend Stocks
Dividend stocks are among the surest ways to earn passive income. There are many people who have created wealth through this channel. It does not take a degree to succeed in this field. However, you will be expected to conduct a lot of proper research before jumping unto the bandwagon. Investors are also advised to look for the best places where they can invest their hard-earned income.
Peer to Peer Lending
This is a practice of lending money to persons who cannot qualify for loans in financial institutions. The ability of the lender to pay back the money depends on your research. Investors, in this case, are advised to lend money to friends, member of staff and neighbors they trust will pay back the same.
Rental Properties
There is no doubt that the real estate sector pays. Rental property is the most lucrative investment for anyone who wants to secure his or her future. One of the best ways to get started is through crowdfunding. You can take advantage of the profitable nature of this venture to secure your future.
Matatu business
The Matatu business pays. There are millions of Kenyans who have made their fortune through the Matatu business. You can own Matatus alone or join a Sacco. Starting this business, however, requires a good amount of money. It is recommended to approach established banks for funding before you can start this business in town.