Passive Income and Tips How to Earn Them in Malaysia

What are you doing right now? Do you work a full time job or a part time job or maybe you haven’t worked yet. Do you need extra money for you to save for your little trip after the pandemic or to buy new skincare products? If you are in need of extra money, here are ways for you to earn passive income in Malaysia.

Before we go straight, there is some basic knowledge on passive income that you should know. Passive money is having your money work for you without having to do extra miles like you did on your full time or part time job. Passive income is the additional income that you earned with little effort or might not be at all.

The next question that might come to your mind right now is what is the easiest way to earn passive income? The most popular days to earn a passive income in Malaysia is by getting interest from bank deposits, P2P lending, dividends from stocks and businesses and rental from real estate.

Do you want to have a side income in Malaysia? This article will  help you to understand and give you tips on how to generate passive income in Malaysia. Let’s check this out!

Determine What You Want to Do 

How to earn money might be the often question that comes to our mind when we talk about passive income. Before you earn a passive income, you need to ask and know yourself first. What kind of passive incomes do you want to have? Do you want to take a risk by doing an investment or do you want to have a secure one? After you know what you want, you can try to make them happen.

Research And Understand The Industry 

After you determine what you want to do, you need to do research and understand the industry. If you want to have dividend paying funds, you can try to search for the minimum investment, the bank and other requirements that you need to fulfil. Try to compare all of them and choose the one that is suitable for you.

So if you want to make an online business, you need to know how it works, the budget that you need, the products that you want to create, the marketing and where you want to sell the products. To have a successful investment, you need to know what you are doing so do research and understand the industry before you make that investment.

Find a Niche That is Profitable and in Demand

Another idea to earn a passive income is by putting your money in dividend – paying funds. This is a safe and secure way to get a passive income without needing a lot of money. You might get dividends around 5-7% per annum.

In Malaysia, there are two most well known dividend paying funds such as Amanah Saham Nasional Berhad (ASNB) and Employee’s Provident Fund (EPF) or also known as Kumpulan Wang Simpanan Pekerja “KWSP”. ASNB requires a minimum investment of only RM10 to start earning dividends while EPS is a form that helps employees save money for their retirement.

Beside having a passive income from playing funds, you can also try to make passive income online by having a small investment. A small investment will make a big impact on your account. But it can be daunting if you are new to the game and not mention all the possible risks of losing it all. 

There are 2 types of investments to make money online in Malaysia that are popular nowadays such as P2P (peer to peer) and robo advisors. P2P lending collects funds from several investors and loans them to business or other people. They will pay the money back with interest. 

Robo advisors play the investment game for you by using artificial intelligence to analyse trends, performance and predictions. They will take a low fee from your earnings. These both investments have a varying risk. So you need to do research and choose a reputable and licensed platform. 

Create Your Product or Service 

If you have a hobby and are skilled, you can try to create your own product and sell them. You can try to make a sample product first and let your family try them and see how their reaction is. For example, if you are good at cooking and baking, you can try to make lunch or birthday cake and sell them to your relatives.

You can also sell your products online. If you sell your products to the right buyer, you will be surprised with the money you can make with your skill. So, start to think about what product you can make and explore the possibilities.

Market and Sell Your Products or Services Online, through Email Marketing Campaigns, Using Ginee Omnichannel Tool

After you create your own product, you have to market them. Try to market and sell your products in your neighbourhood. You can also try to sell them to your friends and ask them to recommend your products to their family and friends.

You can also try to sell and market your products online through email marketing campaigns, using Ginee Omnichannel Tool or you can try to market them using a social media and online marketplace.

Track Your Progress – Know When It’s Time to Expand or Change Strategies if Needed

After you do all of this, try to track your progress. How are you selling? Is it good enough? Do you have a lot of orders? How is their feedback? Can you handle it alone? Do you need an advisor? You must track and calculate your progress. Then if you think you have a good selling, you can try to make an expansion to your business. 

Conclusion

Everyone can earn a passive income nowadays no matter what your financial status is. A passive income is a great way to generate extra money to your account. But you need to do research and understand the industry first so that your investment will be successful.

Putting Ginee Chip to Track Your Business

How do you track your business progress? Are you still using Microsoft Excel? Well, it is not a very excellent way to track your business progress. It is time consuming and you will be tired of inserting data one by one.

With Ginee Malaysia, you do not have to worry anymore! You can track and manage your progress from warehouse management, stock inventory to customer data. Register now for free to be part of Ginee-us.