I am creating money making machines that never sleep.
221b Baker St and a church in the City.Passive income is money that comes without effort. In reality it is a form of delayed payment for past work. For instance, royalty income from a book is passive income but writing the book in the first place is hard. My money machines are just the same- they are hard to set up but easy to maintain.
I will be lucky to have made fifty pound by the time you read this. This may seem a small sum but remember what I said. A money machine should be for life.
I have created a number of such machines. Some earn hard cash. Some reduce my overhead or bring in benefits in kind.
I am a longstanding Avios collector but have now automated this by registering my credit cards with the Avios site. From this point on I will be paid each time I make a qualifying purchase.
Avios are not cash, of course but they are fun provided one does not take them too seriously. You should visit head for points if you think you would like to become a serious collector.
If you have a smartphone you should download the Bink app for more Avios and download the GBK app for free burgers. Use code geUQ5 for a free side (I get one too).
I have also automated my purchase of Premium Bonds by setting up a standing order into my bond account. Any winnings will be credited direct to my current account. Automatic payment does not generate cash but it does save time which is the same thing.
I have switched off my fridge. This leads not only to reduced power bills but to eating more vegetables and less meat. Meat does not store well outside of the fridge.
I am also experimenting with lentils and rice in place of meat. This is healthier and cheaper and also more convenient once one has got ones act together.
On the subject of shopping, I gave downloaded the Quicksnap app from Quidco. This is free and offers cashback in return for uploading receipts.
To reduce energy consumption I have also descaled my washing machine. In theory the machine should now last longer and wash better. Money will be saved but I am not sure how much.
It is also possible to register ones credit cards with Quidco to qualify for in-store cashback. This is free and everyone should do it. I have earned about £145 from Quidco as there are many ways to profit. No single source of income earns very much but together they become worthwhile.
All in all I think I have done well. I will treat myself to a GBK burger and plan my next move.