6 Ways to Create Passive Income
No, money does not grow on trees but, it could, while you sleep. Passive income is when you generate income with little to no effort with a minimal amount of cost to you and and your time. If you are seeking financial freedom, building wealth and want to do what you choose, whenever or wherever you please, creating multiple streams of passive income should be on your list of goals. The wealthy have at least 7 or more streams of passive income. They don’t depend on one stream of income to support their lifestyle. Here are a few multiple streams of passive income you could start with, to earn while you sleep. On all accounts, please consult a professional and expert in your field of interest.
Investing in Stocks: Even if you’re a beginner, investing in stocks is a great option to build financial wealthy over time. Start early and weigh out your level of risks, depending on your personal goals and situation. The S&P 500 is a good starting point. This allows you to own a small share of 500 top companies in the U.S. Always consult a professional when planning your investment strategy.
Real Estate: One of my favorite ways to build passive income. There are many options when choosing real estate as your vehicle to accrue passive income. Depending on your personal situation and goals, you have options to purchase a condominium unit, single family home, multifamily apartment building, commercial real estate or REITs. The benefits of owning real estate and building passive income has many benefits, aside from the obvious rental income. You gain tax advantages, diversification, leverage of funds from real estate and a chance to build your portfolio of wealth over time. Always choose the best one that’s right for you, your family and your goals and definitely consult with a professional.
Selling Your Pictures on Photo Websites: This one is a fun one… why not take those scenic pictures you took while traveling abroad or capturing the ambiance of the great outdoors or a favorite restaurant, and of course the pics of the great food and partner with a photo website? There are a few of them out there. Check out a few and see which one is the best fit for your financial gains. It’s always a nice surprise to wake up to seeing someone purchase your photo over night.
Affiliate Marketing: Choose your favorite product and sell them on your website or your favorite social media platform. Connect with the affiliate brand and see if they have an option to join their affiliate marketing program such as, Amazon. Once you’re approved, you’ll get a link to use and fire away! Commissions may vary.
Creating a YouTube Channel: Everywhere you look, there’s a YouTube channel popping up selling products and services or even, just pure entertainment. This isn’t a bad idea once you figure out what you’re good at, what people want to learn and could stand gaining from your expertise. The hardest part is creating the video content, editing and learning how to property post to get as many views as possible. But, once that’s all done, you sit back and watch as your views begin to grow.
Newsletters or Blogs: So if you’re like me and don’t care to be in front of the camera, content writing or blogs and newsletters may be the way to go. Start with a niche or a community where people can go to connect with you. These can then be blown up using any social media outlets of our choice. A Facebook community is a good starting point.
