Every individual should follow the saving habit at earliest..Lots of ways spread around to multiple the money.If one is affordable to bear the risk can earn high profit.Post office schemes are available for better rate of interest than nationalised banks . One should not depend most on Online earnings .. except the high skilled employees..
Offline passive income
- Thread starter bestwriter
- Start date
Leaving your money idle with the bank to me doesn't add up cause I feel like much more profit can be made with those money if it's well used for online or offline businesses.
This is because the monetary value of the money is decreasing day after day but if you invest there is the possibility that you may lose or even gather profit from the investment. This is why savings account is not profitable.
Yes keeping your money in the banks as savings is a great way to get passive income but like you said what you get are usually very low. But if you have a reasonable amount you have saved, it would still be better than notting.
I only recently learned about the time deposit. If I am interested in starting one, my bank has notified me. As a result, I opened a time deposit with a minimum deposit of Php 10,000. It will begin to accumulate interest next month.
Yeah most of the time we talk about online passive income and that is because it is easy and fast way to generate good amount of passive income , but on the offline world there are so many ways to get some passive income like renting car, house and room, and renting things that we don't use frequently.
The best offline passive income source is undoubtedly real estate. That is the only one I can subscribe to. And probably, the renting of items that are in demand.
I see fixed deposit in the context of a passive income as a complete waste of time. I would rather use rentals of plastic chairs to generate passive income.
I would never risk to give my money to someone on interest. I see lots of people who give it and earn some good amount of money and lots of people even lose their money as the borrower run away.
To earn this kind of passive income, you must be a creative person at the very highest level. So many musicians are rich through royalties.
If one of your creative pieces be it music or book becomes a hit, one can keep earning from the royalties through out the life. And in so many cases, even your family ( legal heir) keeps getting it after you go for your heavenly abode.
