A 24-year-old marketing manager who gained a net worth of more than $420,000 in five years has shared the passive income ideas she swears by, and how they can make you up to $1,000 per month.
Queenie Tan, from Sydney, said her financial success gradually accumulated after she started researching and investing when she was 19.
Queenie now has a diverse financial portfolio after purchasing her first property in 2019 worth $500,000 with a $100,000 deposit.
In one of her most recent YouTube clips, Queenie explained how doing things like renting out your car and investing in dividend stocks can help to make you extra money without you having to do anything.
A 24-year-old marketing manager who gained a net worth of more than $420,000 in five years has shared the passive income ideas she swears by (Queenie Tan pictured)
‘By building up our passive income streams, this can enable us to free up more time, so we can spend time doing the things we really want to do in life and work on the things that make us truly happy,’ Queenie said in the video.
‘Pick and choose which ideas you would like to add to your income stream, so you can make money while you sleep.’
1. Dividend stocks
Queenie’s first idea is dividend stocks.
‘Usually really big blue chip companies pay dividends, because they’ve kind of got to the size where there is no point in them re-investing and putting their stocks back into their companies to grow, as they have reached capacity,’ she said.
The 24-year-old recommends looking into these if you’re keen to get started in investments.
She promises that if you manage to build up a big portfolio, you can ‘pretty much live off the passive income without having to sell your investments down’.
2. Rental property
The 24-year-old’s second idea is making money from rental investment property.
Queenie explained there are basically two types of rental property you can look into.
These include capital growth properties, which means the rent may not be able to fully cover the mortgage, and positively geared property, where the rent you receive from the property pays for the mortgage and property expenses.
Both have benefits and can be right for you for different reasons.
Queenie Tan (pictured), from Sydney, said her financial success gradually accumulated after she started researching and investing when she was 19
3. Bank interest
While Queenie said she doesn’t keep much of her net worth in cash, she does make sure she has an emergency fund of ‘three to six months of living expenses, just in case something happens and I need to dip into those funds’.
For your emergency account, the marketing manager recommends going for high interest bank accounts.
She has a Westpac Life account and an 86:400 bank account.
4. Rent out a room
‘If you’re not using all of the rooms in your apartment, you can rent out a room in your place and start earning some passive income,’ Queenie said.
Queenie’s (pictured) ideas include renting out your garage or parking spot, trying dividend stocks and opting for high interest bank accounts
5. Rent out your garage or a parking spot
In the same way, you can rent out your garage or parking spot to quickly drum up some extra cash.
‘We used to rent out our garage for $50 a week which is 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 make over $2,600.
6. Rent out board games
One of Queenie’s more unusual ideas is the idea to rent out board games or outdoor games online.
‘A lot of people have parties, weddings and birthdays, and often they will rent games instead of having to purchase them because they only need them for one day,’ she said.
There are a number of sites where you can rent out your games.
7. Try AirBnB
If you’re going on holiday and bemoaning the fact that you still have to pay rent while you’re away, why not try AirBnB?
‘We used to rent out our apartment on AirBnB when we went on holiday, as this helped us to make money while we were on holiday and the income we got helped us to pay for our trip,’ Queenie said.
If you’re going on holiday and bemoaning the fact that you still have to pay rent while you’re away, Queenie (pictured) recommends AirBnB to easily make you some cash
8. Rent out your car
Finally, she said if you have a car and don’t use it that much, you may as well start renting it out.
In Australia, the best service for this is Car Next Door.
There are alternatives in the UK and US.
Each month Queenie (pictured) is able to invest up to $5,000 through her six sources of income as well as using the equity from the apartment
Speaking previously to FEMAIL, Queenie revealed how she built her wealth.
Through listening to audiobooks, Queenie quickly learnt investing was the key to generating a passive income to work towards achieving financial flexibility and freedom.
Each month Queenie is able to invest up to $5,000 through her six sources of income as well as using the equity from the apartment.
Queenie admitted she dropped out of her marketing degree and decided to apply for jobs, as she was living from pay cheque to pay cheque and earning only $400 per week.
‘When I was 19 and moved out of home I had no savings and working only covered the bare minimum, so I decided to take a chance to drop out of university – thankfully it paid off,’ she said.
The impressive net worth is calculated by the total number of assets, minus any debt.
She said these assets include her property value, stock and cryptocurrency portfolio, offset account, savings and superannuation. The home loan debt is the only liability.
Queenie’s financial portfolio is diverse but mainly consists of Exchange-Traded Funds (ETFs) through CMC Markets – a platform that allows users to buy both Australian and international shares for low brokerage fees.
She also uses a platform called Stake to buy US stocks as it’s ‘user friendly’ and also has low brokerage fees.
Alternative Australian ETF platforms that are known to be helpful for beginners include the Raiz, Spaceship and the CommSec pocket app.
‘I invest $5,000 each month to maintain a balance and usually try to track the market before buying,’ she said.
To follow Queenie Tan on Instagram, please click here.