By lun neh 
If you are looking to increase your income sources and want to diversify how you earn money for say investing in a future home, trading assets for an ETF trading or bonds, or paying off your student loan, considering having a passive income might be good for you. But before even diving into the why of getting a passive income, it is important to get a clearer idea of what passive income really is to avoid any misconceptions. The word “passive” does not necessarily mean that you do not have to bring any effort and time into the table. Different kinds of passive income streams require you to give at least an upfront investment and your time in order to be successful.
Passive income is not your first job, your second job, a freelance gig, or even working online from home after your day job is done. Earning from your passive income means investing your time and effort—though not that actively—and reaping the rewards in the near future.
Passive income sources that require you to invest money upfront can help you generate more income later depending on the amount of money you are willing to invest. One such way is through trading assets such as dividend stocks, ETFs trading, insurance with investment, and annuities. For this, you, or with the help of your broker, will find good stocks or assets to invest in, so you can garner a good residual income in the long term.
Another way to earn passive income where cash flow can be consistent on a monthly basis is renting out one of your properties. If you have an apartment that you do not want to sell, you might want to consider leasing it to earn a decent amount of monthly income. Now that it is way easier for people to find rental properties, you can easily put small ads of your apartment online for potential renters to see. You can also have a management company execute the work for you, so you can still focus on your current job while earning from your rental.
You can also earn passive income by investing your money so it can work for you is to open a high yield savings account. Now that interest rates in banks are increasing, opening this type of savings account can help you generate a secure income stream. All you need to do is to deposit consistently, so that as your savings increases, your income also grows.
Becoming a silent partner in a small to medium business is also a good way of earning a considerable amount of passive income. All you have to do is to find a small business whose culture and organizational structure align with your values. You can start by finding a small business that is on its way to scale their operations and lend them money in small bonds. There are also companies who serve as an intermediary between you are small businesses. These companies can take care of your funds and lend it to a small business of your choice. This way, you can help a small business owner sustain their operations while also getting a solid return for being their silent partner.