This was my first foray into passive income. Putting your money in a high-interest savings account is a great idea because it is safe and usually these are e-savings accounts so that they are a bit more difficult to access (e.g. you won’t be able to raid the ATM and withdraw all your savings to buy that pair of shoes you have been eyeing). Which means that you’ll have less opportunity to meddle with your money, which means the money will be left untouched and left to grow with compound interest.
However, you should pick a niche and blog about that. If you're launching a money related blog, maybe it'll be about how to make money in real estate or simply how to make money online. Pick the niche and stick to it. If it's a diet and fitness related blog, maybe the niche is the Ketogenic diet, the Atkins diet or some other form of diet or fitness.
passive income list
passive income youtube
Passive income is the Holy Grail for online marketers. It's automatic. Effortless. But, not at first. In the beginning, it's grueling. I liken this to doing the most amount of work for the least initial return. However, over time, as your passive income begins to increase, your reliance on an active income plummets. That's when the real magic starts to happen.
What is considered a passive activity?
EQ Bank Savings Plus Account 2.45%*-This is one of the highest rates in Canada. There are no fees, no minimum balance, you get UNLIMITED FREE INTERAC e-TRANSFERS® (my usual bank charges me over $2 each e-transfer!). There is no physical branch, it is all done online. It is a trademark of Equitable Bank, which is a Canadian bank that has over $23 billion assets under management. The maximum balance is $200,000, which is a good problem to have if you have more than that to plunk in a savings account 😉 (they recently increased it from $100,000). Rates are of course subject to change without notice, so better act fast. Here’s my review of EQ Bank, I recently signed up.
ways to passive income
The United States Internal Revenue Service categorizes income as active income, passive income, or portfolio income. It defines passive income as only coming from two sources, or "passive activities": rental activity or "trade or business activities in which you do not materially participate." Other financial and government institutions also recognize it as an income obtained as a result of capital growth or in relation to negative gearing. Passive income is usually taxable.