A 24-year-old marketer who has earned a net worth of over $ 420,000 in five years shared the passive income ideas she swears by and how they can net you up to $ 1,000 a month.
Queenie Tan, from Sydney, said her financial success gradually built up after she started researching and investing at the age of 19.
Queenie now has a diversified financial portfolio after purchasing her first property in 2019 worth $ 500,000 with a deposit of $ 100,000.
In one of his most recent YouTube clips, Queenie explained how doing things like renting your car and investing in dividend-paying stocks can help you make extra money without you having to do anything.
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A 24-year-old marketing executive who has earned a net worth of over $ 420,000 in five years shared the passive income ideas she swears by (Queenie Tan pictured)
“By developing our sources of passive income, it can allow us to free up more time, so that we can spend time doing the things we really want to do in life and working on the things that make us really happy,” Queenie said in the video.
Pick and choose which ideas you want to add to your income stream, so you can earn money while you sleep. “
1. Dividend shares
Queenie’s first idea is dividend stocks.
“Usually very large, blue-chip companies pay dividends because they’ve sort of grown to a size where there’s no point in reinvesting and putting their shares back into their companies to grow, because they’ve reached capacity.” , she said. .
The 24-year-old recommends considering them if you want to get into investing.
She promises that if you manage to build a large portfolio, you can “live on pretty much passive income without having to sell your investments.”
2. Rental property
The 24-year-old’s second idea is to make money with a rental investment.
Queenie explained that there are basically two types of rental properties that you can look at.
These include capital growth properties, which means the rent may not be able to fully cover the mortgage, and positively oriented properties, where the rent you receive from the property pays for the mortgage. mortgage and real estate expenses.
Both have advantages and may be right for you for different reasons.
Queenie Tan (pictured), from Sydney, said her financial success gradually built up after she started researching and investing when she was 19.
3. Bank interest
While Queenie has said she doesn’t keep much of her net worth in cash, she makes sure she has an emergency fund of “three to six months of living expenses, just in case something. something would happen and that I had to draw from these funds ”.
For your emergency account, the marketing manager recommends going with high interest bank accounts.
She has a Westpac Life account and an 86: 400 bank account.
4. Rent a room
“If you don’t use all the rooms in your apartment, you can rent a room for yourself and start earning passive income,” Queenie said.
Queenie’s ideas (pictured) include renting out your garage or parking space, trying out dividend stocks and the option for high interest bank accounts
5. Rent your garage or a parking space
Likewise, you can rent out your garage or parking space to quickly earn extra cash.
“We used to rent out our garage for $ 50 a week, which is a pretty good income considering we didn’t really have to work for it,” Queenie said.
If you do something like this for $ 50 a week for a year, you could earn over $ 2,600.
6. Rent board games
One of Queenie’s more unusual ideas is the idea of renting board games or outdoor games online.
“A lot of people have parties, weddings and birthdays, and often they rent games instead of having to buy them because they only need them for one day,” she said.
There are a number of sites where you can rent your games.
7. Try AirBnB
If you’re going on vacation and complaining that you still have to pay rent while you’re away, why not give AirBnB a try?
“We used to rent our apartment on AirBnB when we went on vacation because it helped us earn money while on vacation and the income we got helped pay for our trip,” Queenie said.
If you go on vacation and bemoan the fact that you still have to pay rent while you’re away, Queenie (pictured) recommends AirBnB for easy money making
8. Rent your car
Finally, she said that if you have a car and don’t use it a lot, you can start renting it too.
In Australia the best service for this is Car Next Door.
There are alternatives in UK and US.
Each month Queenie (pictured) is able to invest up to $ 5,000 through her six income streams and use the equity in the apartment.
Speaking to FEMAIL previously, Queenie revealed how she built her wealth.
Listening to audiobooks, Queenie quickly learned that investing was the key to generating passive income in order to achieve financial flexibility and freedom.
Each month, Queenie is able to invest up to $ 5,000 through her six income streams as well as using the equity in the apartment.
Queenie admitted that she dropped out of marketing studies and decided to apply for jobs because she lived paycheck to paycheck and only made $ 400 a week.
“When I was 19 and left home, I had no savings and the job only covered the bare minimum, so I decided to give it a shot at dropping out of college – luckily , it paid off, “she said.
Awesome net worth is calculated by the total number of assets minus any debt.
She said these assets include the value of her property, her portfolio of stocks and cryptocurrencies, her clearing account, her savings and her retirement pension. Home loan debt is the only responsibility.
Queenie’s financial portfolio is diversified but primarily consists of exchange-traded funds (ETFs) through CMC Markets – a platform that allows users to buy Australian and international stocks for low brokerage fees.
It also uses a platform called Stake to buy US stocks because it is “user friendly” and also has low brokerage fees.
Alternative Australian ETF platforms that are known to be useful for beginners include Raiz, Spaceship, and the CommSec pocket app.
“I invest $ 5,000 each month to maintain a balance and generally try to follow the market before I buy,” she said.
To follow Queenie Tan on Instagram, please click here.