HOW TO EARN PASSIVE INCOME IN UGANDA

When we talk of earning passive income in Uganda, it is actually a very new concept considering that most Ugandans only focus on their jobs and they do believe that the only way that they can earn income is to only wake up every morning and show up at their work places.  

They have never considered the fact that they can actually get out of their comfort zone and even start making money while they are sleeping. In Uganda, most people who want to earn extra income only think of getting a second job and that is it.

 But if you reach a certain point where do realise that you do not actually have the time to make extra income through getting a side job, does this mean that you should then give up on earning more additional income on the side? 

Well, I do not think so and I do think that it is very possible to make money on the side as you keep showing up for your day job. 

With active income, you need to put in your energy, effort and time so that you can be able to earn money but for the case of passive income, you actually do not need to have that effort put into the work but you will be sure of earning some income after some period of time. 

For you to be able to earn some passive income today, you should have made a brilliant decision some years back to invest in something that would help generate you some income and today that investment is paying you off.   

If you are able to generate enough passive income, you will be able to attain financial freedom. 

So what is financial freedom?  Financial freedom simply means that you are in a financial state where you are able to pay all your bills and still live the lifestyle that you desire without actually working. 

It is important for everybody to put aside a plan where they will be able to earn passive income by the time they do reach the retirement age. 

You should ensure that you do focus some percentage of your time, energy, and also resources on producing products and also delivering services and use the rest of your time to help in networking and marketing your products and services so that you are able to get customers an other people out there who can show interest in what you are offering. 

Today I will talk about how you can actually earn some passive income in Uganda to help you get out of poverty and even achieve financial freedom like all the rich people around us.

 Here are some of the tips that will help you to earn financial freedom in Uganda.

1. Write Books and get published

If you truly want to achieve financial freedom and you are very passionate about writing, then you could try out writing some books.  

This is good especially for someone who is just beginning to attain financial freedom.  If you want to earn your first million passively, then you can consider the idea of writing books. 

If you can write some good interesting books about topics that touch people’s lives and get those books published, then you will be able to start earning some passive income aside from your daily job.

 The sales that you realise from your published books will help build a source of passive income for you and this income can grow into millions in the years to come. You can earn royalties from the book. 

You could also make an e-book version of the book and start selling it on Amazon so that you are able to earn some income.

2. Venture into photography

If you do love photography and are passionate about taking pictures, then this idea is for you. 

You could take photos and then upload those photos on the websites that do buy photos. 

You could use a website like Shutter stock and upload your photos on it so that people around the world can also buy photos from you. 

Some of these websites offer a flat fee for each photo that is bought and in this way you could permanently continue earning some passive income. 

It is also very possible for you to sell those photos to the very many media houses that are found in Uganda.

3.  Create an online course

If you are an expert in something and you are very passionate about teaching, you could just decide to create an online course where you will be able to teach people some of your skills. 

If you are a teacher out there, and you are good at mathematics, you could start teaching some students mathematics online and they will need to pay you some amount of money as a subscription fee. 

Your lessons should have videos, and also the checklists for completing the steps that you do recommend in your lessons. You could also sell e-books and audio files for your lessons.

4.  Invest in a Sacco where you will be able to earn some interest

One common way that Ugandans are trying to get financial freedom is investing in Sacco. 

One good thing about investing in a Sacco is that you are sure of earning interest off your investment after a certain period of time. This has been working very well in villages around Uganda. 

The Sacco members do make some contributions after certain period of time during their regular meetings and after a certain period of time, they are able to share the amount of money that they have accumulated equally. 

Some Saccos allow their members to also borrow money from the group’s funds and they use that money and after that they can bring that money back into the Sacco with some amount of interest.

 This is a very good opportunity for someone who is just starting out on a path to financial freedom; you could just start off by looking for a Sacco group that you can join. 

These Sacco groups are now very many and some are even at different work places and also at worship places.

5. You could also invest in Treasury bills and bonds

There are always sometimes when the government invites some interested people to come and buy treasury bills and bonds from the government. 

These are safe ways of investing your money and also earning some income. 

Although, the money that you do earn from these investments may not be much but they will add onto your daily income and put you in your path to financial freedom.

6. You can also put up rentals

If you have some good capital at your disposal, you can take some good risk and invest in rentals. 

You could construct some low housing units which are commonly known as mizingo and then you rent these houses out so that you are able to earn some income from them. 

This will help provide an additional income for you and make your financial state comfortable in the long run. 

You could also involve other parties who can buy properties for you or you could use their services to help in managing your rentals and this means that you will need to pay some percentage of money to them. 

This will help to take away the responsibilities that you would have done if you were to run the rentals alone. 

These are some tips that you can use to help you earn some extra income for yourself while you are busy doing your day job. Enjoy your path to financial freedom.