Working a full-time job; clocking in extra hours for overtime; and working a part-time job on the weekends can be as tiring as they sound. Unfortunately, this seems to be the norm for most working individuals in Malaysia. If you’re tired of this working lifestyle, check out this article to learn about passive income ideas in Malaysia!
1. Rental Properties
A way to earn a steady source of income is to rent any property or items you own. The properties or items can include land, home units, cars, or even a winter jacket you bought for a vacation.
The concept of renting is simple. You lease out your property for a stipulated time agreed upon by both parties. Then, you as the property owner get paid every month for your property.
Renting your properties and items helps you to make the most out of your possessions and avoid wastage. Hence, start investing in the assets that will bring you long-term returns.
You can start small by getting a car and renting it on the days when you’re not driving. As long as you insure all of your rented properties, you’re good to go! One example of a platform which you can rent out your properties is Mudah.my.
2. Get credit for your photos
So many of us have a knack in photography and photo editing. Unfortunately, many photographers are unaware of licensing each snap or picture they post online.
Product and service companies rely on generic photographs for marketing and branding purposes. Thus, post your photos online and get them licensed by photo stock companies like Shutterstock. Start transforming your hobbies to reliable income sources!
3. Kutu Fund
Kutu funds are accessible sources of passive incomes, especially if you’re conducting with your friends and family. Keep in mind to not run a business based on kutu funds, as it is illegal in Malaysia.
To start a kutu fund, bring in your friends and family to collect money together. Each person needs to pitch in a certain amount of money every month. The sum of money raised at the end of each month will then be awarded to one person. In other words, every month, different individuals in the group will take turns receiving a sum of money until everyone has taken their turn.
While kutu funds require commitment, do make sure that you’re financially stable before participating with the people you trust. It is also essential to be honest and trustworthy!
Many companies are looking for engaging ways to connect with and appeal to their audiences. For instance, private vehicles are now decked with brand labels, stickers, and creative decorations. Advertising for a brand using your car is a smart way to earn money because you’re basically a mobile billboard.
On the other hand, if you have a broad audience on social media, such as YouTube, Facebook and Instagram, be sure to make the best out of your online posts. On your social media platforms, allow the displays of advertisements to earn that extra cash.
If you own a blog, enable the auto-play function of video advertisements, or have them playing on loop. Advertising on online platforms allows your previous posts to generate regular income. Easy money!
You can get money while spending. Sounds too good to be true, right? With online shopping being the new norm, mobile applications like ShopBack and MilkADeal generate a percentage (typically 1-2%) of the total amount you spent during a transaction. That small percentage of the money will then be credited back into your account. How fun is that?
These cashback apps are not limited to just online shopping. You can also pay bills, top up your mobile credits or even pay for food at restaurants. Just be sure to check the terms and conditions of the mobile app you use.
Since your bank details are involved, you will have to be careful and particular on the reliability of those cashback applications.
6. Become a pet sitter
This may seem like a chore to some individuals, but animal lovers might enjoy the job! What’s better than spending time with furry friends while earning side incomes?
During the holiday seasons, some families don’t have the privilege of bringing their pets along for vacations. Hence, grab this opportunity and offer to pet sitting services for your friends and family.
All you need to do is to feed the pets, take them out for walks if necessary and clean up after them. We don’t need to tell you to shower the furry buddies with love because we know you’ll do an extra good job at that.
7. Podcast Channel
This is by far the best way to make money if you’re the type who loves to converse and talk about in various topics. After you have established a steady flow of listeners, start obtaining sponsorships and advertisement fees.
You can also sign up with a company to advertise their brand. Most of the times, you will need to read a scripted advertisement prepared by the company before starting your podcast. A simple two-minute ad will generate an income for as long as you have your podcast online!
Another way to make more money off your podcasts is by posting them on YouTube. In this way, you’re airing the advertisement on two different platforms: your podcast and YouTube. This means twice the money!
You can upload your podcast on Spotify.
Take a moment to reflect on how many hours you spend on social media daily. Instead of merely posting photos and getting likes, use that amount of time to generate incomes. Sign up for a dropship program and start earning. This is another famous passive income idea in Malaysia.
It is cheaper and easier to run a virtual store. All you need to do is to search #dropship on any social media and sign up for one of the many companies that are expanding their businesses.
Essentially, you will be a middleman. You promote the company’s products on your social media feed and collect the orders and personal details of your customers. Then, send the information to the company and earn commissions. It’s as simple as that.
What are you waiting for? Make the best out of the time you spent online!
9. Income via Dividend
Malaysia has a few dividends-focused companies that are worth your time and money. This passive income option is popular in Malaysia; especially suitable for those of you who have a saving habit.
Instead of setting aside 20% of your income and have it lie in your bank account untouched, we suggest you buy dividends from investment companies like Amanah Saham Nasional Berhad (ASNB).
You’ll be entitled to a detailed statement at the end of every year, giving you precise details on how much money you have made by investing on them. Returns can soar up to 3% every year, so start investing on dividends now. The more you invest, the more you make!
10. Sell your creations
If you’re a crochet expert, or you are great at drawing and designing, you have a thriving market waiting for you! With this passive income option, you’ll get to transform your artistic hobbies into income sources in Malaysia.
Sell your creations online via e-marketplaces, such as Shopee or Lazada. Alternatively, showcase your creations on social media, such as Facebook, Instagram, and Twitter. Come up with a brand label and copyright your designs to avoid idea thefts.
We hope this article inspired some of you to start investing in passive income options. A good rule of thumb is to try to gain side incomes through various platforms. Have your thumb in a few pies to attain more returns.
Did you enjoy this article? If you did, you should also have a read on the 30 Ways to Make Money Online in Malaysia.