The COVID-19 pandemic has taken a massive socio-economic toll all over the world. Millions of jobs were lost and those who still have theirs are still at risk. Still, there are options on how to safeguard livelihoods despite the pandemic. One option is to create a passive income.
With the vulnerability of the economy today, it can be the greatest armor employees can have to safeguard themselves against loss of income. Passive income provides stability, security, and financial freedom.
Here are the top three passive income opportunities that can help to safeguard a livelihood during a pandemic.
1. Forex Trading
Foreign exchange is the largest financial market in the world. It is the marketplace where foreign currencies are traded. It does not have a centralized office, but operates electronically mostly trading through banks or brokers. This makes trading run 24/7, giving inclusiveness to anyone from any country to buy or sell currencies any time of the week, except during holidays when markets are mostly closed.
The idea of foreign exchange trading is simple. When a trader buys a currency, they are also selling another and vice versa. The profit that they make will be from the difference between their transaction prices.
Here are the reasons to start forex trading during the pandemic:
First, forex trading facilities are widely available online. It operates 24 hours a day, seven days a week, so people can trade even from home.
Second, forex has never been monopolized by anyone. This means the economy and politics can not influence this market.
And lastly, the starting capital does not have to cost that much. Forex is not exclusive to high-profile investors. It is open for everyone. Even in Saudi Arabia, trading with Islamic foreign exchange brokers is halal. This means it is lawful and is permissible by the book of Quran provided that they are not driven by greed and gambling.
Disclaimer: This is not a religious site for Islam. It is recommended that Islams consult with their religious authority to make sure their activities regarding trading are halal.
While exchanging currencies can be incredibly profitable for active traders, keep in mind that becoming a great trader will not happen overnight. It will take some time and trials to become a proficient one. Those who want to succeed must take it slow and steady. They must educate themselves to build their trading knowledge.
2. Affiliate Marketing
Affiliate marketing is an advertising model that businesses use to generate leads and increase sales by partnering with outside marketers a.k.a. bloggers, content creators, and influencers.
These outside marketers will need a website or a platform to be used to promote their ‘affiliates’. Once their audience uses their affiliate link to purchase a product or service—which are found on their website content—they earn a commission.
Affiliate marketing does not necessarily need to create a website for affiliate links. Many other outside marketers are victorious in free platforms like YouTube, Instagram, and TikTok.
3. Sell Digital Products and Services
With the world becoming more and more digital every day, the opportunity to make a profit in selling digital products and services is enormous. From selling stock photos to mobile games there will always be room for business.
To make selling possible, a website is required. Or they may take advantage of eCommerce sites such as Shopify, BigCommerce, and Big Cartel—these are free eCommerce platforms that they may use to make money online.
Here is a list of what can be digitally sold:
- Online courses
- Digital Art
- Mobile Apps
Because of its flexibility, it can be a wonderful stream of income for everyone. It will allow people to practice their creativity and pursue their passion while making money out of it.
Selling digital products is delivered via the internet. No human contact is needed—making it pandemic friendly. And the most important thing of all, it earns people a living while they are sleeping.
Passive income earns money for the least possible time. It will require little to no time at all on an ongoing basis. But before it reached that level, these streams will initially demand attention and effort before it begins to yield results.
No job is a hundred percent secured. Even the employee who has the longest job tenure can not be complacent anymore. People must create more streams of income to safeguard their main source of livelihood, especially now that the COVID-19 is still on the rise.