How to earn passive income in Singapore

Passive income, simply put, is the income you generate with minimal to zero effort. Many people however claim to be earning such income but in the real sense it’s not the case. For instance creating blog posts or trading in forex requires a lot of time, effort and consistency. This makes it no passive income.
Beside your 9-5 day job or business, there are other smart ways you can generate steady revenue without the need for your real-time presence or any effort. This allows you to concentrate on other businesses in your quest to create your financial freedom.

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Purchase dividend stocks

Although it does not yield returns immediately, investing in the stock market guarantees security of your money and you start receiving dividends yearly or after six months. The more you invest the higher the returns. Banks and telco companies are always the best option for this type of investment.

Build up your savings account

A high-yield savings account guarantees annual interest of 3.8% by most banks in Singapore. So you need to be on top of the game in ensuring constant deposit with very minimal withdrawal.

Fixed deposit

Locking your money in a fixed deposit account is equivalent to lending your local bank for a certain period of time and earn between 1.55% -2% per annum.

Singapore Savings Bond

With Singapore Savings Bond (SSB), what you need is $500 as a minimum investment with a guaranteed annual interest of 1.93%. Since it’s a government initiative, there’s 100% security of your money. The payments are issued every 6 months meaning your ROI comes in twice a year. This is a worthy long term investment as opposed to the fixed deposit investment.

Intellectual property

Are you a creative and love making music, videos or taking quality photos? There are plenty of sites like Shutterstock through which you can sell your work after uploading it. So every time someone clicks and uses your work, you receive a certain fee. The income may be a bit inconsistent but whatever you receive at any given time is purely passive.

Renting out your home/room

You may not be a commercial landlord yet but you can generate some income by simply giving up one or two rooms in your home for rent. This can serve as a storage space or residential for someone for a certain period of time.

Peer-to-peer lending

Not everyone can qualify for bank loans because of their strict terms and conditions. This is where P2P lending platforms come in. They simply enable someone to lend out cash and get a 4-10% interest. To avoid losing your money, you must always scrutinize the profile details of every prospect before issuing them with the cash.

E-book Writing

Gone are the days where publishing and selling a book was almost an elusive dream to many people. With today’s digital era, anyone can put down their valuable thoughts, market and sell the product through self-publishing. There are numerous channels for reaching your target audience such as social media and e-commerce sites.

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