When millennials hear the word investing, they think it’s jargon for the middle-aged people. There is an assumption that you only get to invest after you have accumulated a lot of money. Most possibly after you land your dream job, earning your dream salary and driving your dream car and then, only then do you think of investment.
But, this is the thinking of the past. Investing is a term that everyone, especially the millennials should learn about. Not only the word but also all how one can invest and earn passive income.
You do not need to invest after accumulating money, like one of my mentors said- waiting to invest when you get money is like waiting to hit the gym when you get fit- It doesn’t make sense- does it?
Therefore, what are the ways one can invest online with almost nothing and make passive income?
Online Stock Market
In the digital era, one can easily trade in stock from the comfort of their coach. With a laptop or a mobile phone and a good internet connection, it is possible to invest in any of the numerous stock trading platforms and start trading. Most of the platforms do not have a minimum deposit for you to begin trading, meaning that you can deposit as low as $500 and start making residual income.
You can check out a list of the most trusted stock trading platforms here: https://aaacreditguide.com/best-online-brokers-for-stock-trading/
As you will notice, this is not much of passive income since you will actively have to conduct the research and analysis by yourself. You will have to decide on which stocks to buy and invest in.
However, there are other trading platforms such as Betterment and Wealthfront that are purely passive. You deposit your money and fill in your investment goals: do you want to invest for a short-term or a long-term goal?
After you fill in the areas required, they will make the investment decision for you, and you can relax aware that your money is making more money for you.
Peer Lending Clubs
Have you ever been in need of money and you borrowed from a friend so that you can later repay with some subsidized interest? That is the purest form of peer to peer lending.
There are online platforms that facilitate the peer to peer lending such as Lending Club, Prosper, Funding Circle and so on.
On these platforms, you create an account, deposit the amount you want to lend and go over the list of people who are borrowing for different projects. It is advisable that one should invest small amounts in different borrowers to spread the risk of default. However, the platforms have protective measures to ensure that you do not lose your money.
Amazon Affiliate Marketing
You do not have a product to sell and make money. With affiliate marketing, you can create revenue marketing and advertising other people’s products. Amazon has an Amazon Associate program where you can promote products on Amazon on your site and get commissions on the sales.
If you do not have the knowledge or the patience to grow an Amazon affiliate site, you can buy an already established site from the website flipping platforms and only get a person to manage the site. That way, you get an online advertising shop that gives you residual income with little or no effort from your end.Fantastic ways to Passive IncomeClick To Tweet
These are some of the fantastic ways you make passive income online and start getting cash to improve your living standards and your credit score.