How to earn, generate Passive Income Malaysia 2023 Ideas to get extra income & side income
What is passive income? Passive income is an income earned from a job or business venture that requires minimal effort to obtain. This means the income derived by an individual without being actively involved in the process of the job, such as earning income through rental property, dividend payouts from stock investments, affiliate marketing, advertising and many more. It can be either creating or investing. However, it takes some time to grow the income from this passive business or job.
Nowadays, passive income can be earned by an individual who has a skill and an idea for creativity.
A creator can create something unique and sell it digitally through social media to earn extra income malaysia.
This method does not require too much effort and time, but the income will flow constantly through that business. Thus, with the development of technology, passive income seems to be actively generated by society to gain more income.
1. How To Make Passive Income Malaysia: Write an Ebook
One of the passive income ideas is to write an e-book. It is a good opportunity for those who love writing to write an e-book and sell it online through online platforms such as Amazon, Shopee and etc.
As a writer, this job can be done anywhere and everywhere without any commitment to a higher level of management or strict working hours. By means, it can be done flexibly.
Passive income ideas in malaysia can be generated by writing and selling it on an authorized website at a low cost of publishing.
Little effort is needed, however the writer needs to be an expert in the writing skills, language used, design of the e-book and topic of the e-book to attract readers.
All these elements need to be taken into account. An e-book that influences the reader can drive them to other offerings such as seminars and courses. Thus, this is how passive income is generated.
However, it will be quite a struggle for the writer to be known and get a little reward in order to be placed on the digital platform.
2. Sell Your Location Data To Tapestri
Tapestri is an application that runs in collecting and tracking the location data once it is installed in the devices. It is officially launched in 2021.
The consumers just only need to make collection of location data and get paid from it.
However, it is a MLM niche application and it is quite risky to the passive consumers.
3. Sell Your Photos Online To Shutterstock
Selling photos can also be a source of extra income malaysia. This kind of business venture is usually anticipated by photographers.
You can sell the photos that you take through a specialist platform such as Shutterstock to other people globally. Shutterstock is a platform that allows professional artists and hobbyists to sell their photos.
The photos must be original and under the copyright of the owner.
As a contributor, you need to produce high quality photos and upload them to the platform. Contributors will get paid once their photos are downloaded by customers.
3. How to Make Passive Income Malaysia With Ecommerce Site
An e-commerce site is a website used to promote a consumer’s own brand. Building an e-commerce site requires an upfront investment in order to generate income.
Nowadays, everything will be advertised on digital platforms to ensure the brand is known globally. Hence, building an e-commerce site for business consumers can generate passive income.
Creativity and IT skills are needed to build the eCommerce site. Hence, these services have become a demand in the business world.
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4. How To Earn Extra Income Malaysia: Sell Your Own Product
Passive income can be gained by selling your own product. The product needs to be unique and creative, literally different from what is in the marketplace today.
The product can be advertised and promoted on digital platforms such as E-Bay, Amazon, Facebook, Instagram, WhatsApp, Twitter and etc.
For example, selling chili paste created under your own name, such as Sambal Nyet and promoting it on digital platforms.
In the first place, it is hard to gain customers, however once your product has a place on the marketplace, extra income malaysia can be earned directly from product sales as long as there is a demand.
5. Side Income Malaysia 2023: Sell Other People’s Products
Selling products on behalf of other people can develop a passive income. Individuals just need to have the product and sell it on behalf of the owner’s product.
This is one of the easiest ways to earn passive income malaysia.
It is because only marketing and promotion skills are needed to increase the sale of the products.
Recently, selling other products has become a trend among youth as a side income to gain a passive income.
6. How To Make Passive Income Malaysia With Dropshipping
A dropshipper is known as a middleman. Dropshipping is a method of selling products without holding any inventories or products.
Dropshippers will only take orders from consumers and submit them to the wholesaler or manufacturer.
All order fulfillment will be handled by the owner of the product. Dropshippers do not need to worry about managing warehouses, packing and shipping orders, tracking inventories, handling shipments, or managing stocks.
In addition, dropshippers can sell a variety of products at once to earn extra income malaysia. This method is much easier than other methods of selling.
Thus, dropshippers only need to have a good relationship with their customers to increase the sales of their products.
7. How To Make Passive Income Malaysia With Online Course via Udemy
Udemy is a platform that offers online learning and teaching. It was launched on May 2010.
There are millions of learning and teaching courses available on this platform.
Some can be accessed freely, some require fees. Individuals can create their own content for learning and teaching courses and host their courses on this Udemy platform.
8. Start An Online Advertising Agency Malaysia
Nowadays, everything is done online, including making passive income. One of them is starting an online advertising agency.
For instance, Advertising.com is one of the largest online advertising agencies that provides advertising services to society through a digital platform.
It is worth generating income. Individuals need to create an agency that provides the service of online advertising. The role of that agency is only as an advertiser.
The customer is paying them for service advertising. Hence, advertising skills must be unique and genuine in terms of creativity.
A passive income can be gained by publishing and launching courses that inspire the learner.
Creators also need to promote their courses globally to attract online learners.
Once the courses are published and discoverable by readers and learners, the creator will earn revenues from each paid enrollment made by the learners.
9. Start a Youtube Channel Become a Youtuber/Influencer
Youtuber and influencer—both figures are individuals who can make passive income easily without putting in any effort.
They just need to upload their YouTube videos to their own YouTube channel. The content of the YouTube video can be anything that interests society, including education, medical knowledge, lifestyles, religious issues, etc.
As a YouTuber, their passive income is derived from the number of viewers. The higher number of viewers will generate more income for the YouTuber.
Hence, making a little effort in the videos they upload on Youtube can give extra credit to the YouTuber and help them gain income.
10. How To Make Passive Income Malaysia With Affiliate Marketing
Affiliate marketing is one of the most common passive income ideas in malaysia, which includes affiliate marketing on a blog platform. As a blogger, a blog is not just a writing platform; it can be more than that.
A blog can be a platform to generate passive income. It can be done by sharing certain products with the blog reader by providing links.
Bloggers can also write about the products they put on sale.
Readers who are interested in the product can purchase it through the link given on their blog.
Other than that, they can also be a third party who promotes and sells other people’s products and gains commission from those activities.
Hence, a blog need not necessarily be a place of writing; it can also be a place to earn passive income malaysia through writing.
11. Buy An Already Profitable Digital Business From Flippa
Flippa is the world’s largest digital marketplace that provides digital assets and networks.
There are over 600,000 buyers and investors on the platform. Individuals can buy an already-profitable digital business and resell it to other parties for a higher price on that platform.
Passive income will be generated from that transaction.
12. Lend Your Money Via Peer To Peer Lending
This Peer-to-Peer (P2P) lending method can be one of the sources of passive income ideas in malaysia. It works literally the same way with the financial institutions.
As the lender and borrower, they can facilitate a personal loan through a third-party intermediary.
The lender’s income will be earned from the borrower, who makes an interest payment on the loans.
In addition, lenders can diversify their lending portfolios by investing in multiple loans to consistently gain higher income.
However, this method may put the lenders at risk if they do not have a better understanding of the metrics of P2P lending.
Therefore, lenders need to acquire skills and knowledge before getting involved in these P2P lending methods.
13. Side Income Malaysia 2023: Invest in Dividend Paying Stocks
Investing in stocks requires the investor to initially invest in the assets or stocks.
The passive income will be earned once the investors get a return on their investments in the form of a dividend. It is the simplest way to gain income.
Usually, investors will make investments in for-profit companies that have the potential to distribute dividends out of their yearly profits.
Then, re-investments will be made out of the dividends given to increase their passive income in malaysia.
This method can benefit investors in the long-term and short-term depending on the type of investment made.
14. Buy Your First Investment Property And Rent It
Renting an investment property to other people can be one way to consistently gain extra money from it.
Investment properties can be residential real estate, commercial real estate, or raw land.
The individual will receive the rental income by renting their property to other people.
This rental income is part of a long-term investment that would benefit the owner of the property in the long run.
However, this rental income will be earned once there is a renter.
On the other hand, you, as the owner, will be responsible for the maintenance of the property.
15. How To Make Passive Income Malaysia By Start Investing with a Robo Advisor
A robo-advisor is an investment platform that provides a secure and low-risk investment.
There are several robo-advisors that provide a good return on investment, including Raiz, Stashaway, Moomoo, and Wahed Invest.
It is proven that investing in this robo-advisor can generate passive income for the investor.
Investors just need to consistently invest their money in the robo-advisor account, and at the end of every financial year, investors will be entitled to receive a dividend payout.
Generally, the investor will benefit from both; savings and a yearly dividend as passive income ideas in malaysia. Furthermore, this is a low-cost investment with a flexible amount of savings.
16. Start Earning Cashback Using Credit Card & Shopback
Every credit card offered by the financial institution offers cashback to customers.
It is also applicable to the Shopback. Credit card and Shopback applications provide various promotions in terms of cashback.
This means that when customers make online transactions using a credit card and the Shopback application, they will receive cashback.
These cashbacks can be earned every time they make any online transaction, based on the terms and conditions. It is literally considered extra income malaysia.
17. Open a High Yield Savings Account (Fixed Deposit)
Fixed-deposit accounts offered the highest interest rate in the country. Individuals can open a high-yield savings account, also called as fixed deposit, to generate passive income.
It is derived from a saving made by an individual within the stated tenure. Individuals can open this fixed deposit account online.
Thus, saving in fixed deposits guaranteed a secure return to the customers.
The return will be considered passive income in malaysia. However, the fixed deposit may be affected if the country is facing inflation.
Nevertheless, investing in a high-yield savings account is still more advantageous and preferable for customers to gain income.
18. Saving Your Money In ASB & Tabung Haji To Get Dividend
Last but not least, saving money in Amanah Saham Berhad (ASB) and Tabung Haji is considered to generate passive income ideas in malaysia.
This is because every saving in these two (2) platforms will be entitled to a yearly dividend payout that will be announced by the Board.
This means individuals who save their money in this investment platform not only save their money, but their savings can also increase due to the dividend received every year.
Hence, it will benefit both parties as the organization can use the savings made by customers to make the country’s investments, while savers can enjoy the dividend without making any effort to make money.