If the pandemic taught us one thing, it is to always be ready for a rainy day. As the world got flipped upside down, many people started exploring alternative ways of making money, whether driven to do so through economic uncertainty or simply due to having more time on their hands.
Using simple processes found on the internet, passive income became a leading way of making money while they sleep and has led to a rise in people becoming more financially literate and independent.
In this article, we explore the 6 best passive income ideas UK offering expert advice to help traders grow their wealth through merely a laptop or smartphone and at a minimal cost. No matter what business background one might have, earning a passive income requires minimal effort and zero job requirements, just a reliable product.
What Is A Passive Income?
Before we explore the 6 best passive income ideas UK, let's cover what is passive income, exactly? Passive income is the process of earning money and maintaining an income through minimal effort. This might include earning money through a business you're not actively involved in, rental income from property, or earning interest through various accounts and investments. The idea is that you effectively make money while you sleep, a perfect incentive.
How Can I Earn Passive Income? 6 Of The Most Effective Ideas
Ready to get in on the action? With the connectedness of the Internet (and Youtube), there is plenty of advice out there on how to build your wealth with minimal costs. In this article, we are dishing expert advice on how to start the passive income process in order to assist traders with getting the financial independence ball rolling.
Here are a number of leading options for earning a passive income in the United Kingdom in 2021:
- Earning interest on savings
Keep your savings in an interest-bearing account to ensure that your money is working for you even while you sleep. Typically these accounts allow users to access the funds within a certain time frame (i.e. 30-day account, 60-day account, etc).
- Take advantage of cashback offers
Plenty of credit cards and websites offer cashback rewards, start using them to generate points and cashback rewards on a daily basis. Users can then use these rewards and financial incentives to buy goods and services. Many banks also offer this service. Could you be rewarded for your everyday spending? You absolutely could.
- Rent out a space
If you have accommodation, a spare room, or even a parking space that you are not using consider renting out the property/space to start making money. Property is a leading means of earning a passive income.
- Make use of affiliate links
Many people make money through the use of affiliate links. Affiliate links are performance-based marketing programs that allow users to sign up to get a link that they can share with their following, essentially selling their product or service on their behalf. These affiliate links then generate a small amount every time someone uses that link to deposit money/make a purchase on the platform.
- Invest with peer-to-peer lending
Through a number of reputable companies, you can earn a passive income by depositing funds that can be used by an alternative trader for a fee. Popular in the crypto space, particularly DeFi, peer-to-peer lending is becoming a more popular option among investors seeking to earn a passive income.
- Purchase dividend-yielding assets
Whether you are into stock markets or crypto, there are plenty of dividend-yielding assets/shares on the market that pays out at different payment intervals depending on the asset and return setup. Ensure that you invest in a reputable one through a trusted company.
Can I Make Passive Income Through Investing?
Absolutely, there are plenty of investment options when it comes to making a passive income. Following the Covid-19 pandemic, there has been a significant shift from traditional investing to making a passive income through purchasing cryptocurrencies, using affiliate links, as well as a rise in researching passive income options through websites and blog content. While not every option is worth your time, there are plenty to choose from.
There are a number of investment avenues such as using dividend-yielding assets, various DeFi projects as well as earning yield on savings and investments. Tap Global is in the process of launching an earning program where users can generate yield on the funds stored in their Tap wallet.
Supporting a number of currencies, the feature allows users to conveniently earn a passive income from either crypto or fiat currencies - or both. Requiring minimal effort, Tap users can now earn a passive income while they sleep.
How Does Tap's Earn Program Work?
Whether you're generating an extra income through the rental of property, publishing blog content on websites or boosting your salary through investment, Tap's new feature on the mobile app allows people from all walks of life to earn a passive income in the form of weekly payouts.
Requiring no complicated strategies, or even a bank account, Tap can assist you in building your wealth by giving you access to a simple, reliable, and easy means to make extra finances.
Providing the holy grail of passive income, Tap allows users to earn varying returns across a number of supported currencies. Users also have the choice to increase these reward rates by upgrading to different account levels, with the Black and Titanium accounts offering higher yield-generating rates.
The concept is as simple as it sounds and carries little to no risk, users simply need to have funds stored in the relevant wallets and can then earn returns on a weekly basis based on the currency stored and the account level.
Supporting Euros and British Pounds as well as Bitcoin, Ethereum, and Litecoin, anyone in the UK region can now start generating an alternative source of income. See below the varying return rates based on the three account options:
Better yet, the funds are not locked away allowing users to access them at any time. These reward rates will fluctuate with the price of the asset, with the rates increasing as the price increases. With Tap not only can users spend their assets through the prepaid Tap card, but now they can earn money from those assets too, leveraging your already acquired capital.
In order to upgrade to the Black and Titanium account levels, users will need to stake the platform's native token for a 12-month period. Along with higher return rates, users will also receive better account options and higher withdrawal limits. The Standard account level is available to all residents of the EU and UK and comes with a free Tap prepaid crypto card.
If you're asking yourself how can I start to earn passive income - here is your answer. With Tap Global you can get started in no time.
Exciting Passive Income Idea To Build Wealth
Let Tap assist you in building your finances and earning money while you sleep with the new earn program. All you need to do is open an account and deposit funds in order to start making money. It's as simple as it sounds. To top it off, all deposits by bank card or bank transfer for EEA, EU and UK residents are free of charge. Ready to start making money in the United Kingdom? Tap's ready for you.