The Basic Principles Of Passive Income Streams
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I labored a traditional 9 to 5 job for many years and eventually I got burned out. Would you know what sounds like that I knew I wanted more freedom and the notion of passive income became very appealing.
I'd heard of many people quitting and replacing their fulltime job with passive income, but I had no clue where to get started.
This pursuit led me to begin this blog in which I now make over $6,000 per month, but this is not the only way to make residual income.
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Table of ContentsWhat exactly is passive incomePassive Income Ideas1. Invest in Crowdfunded Real Estate2. Dividend Income3. Peer-to-Peer Lending4. Eliminate Debt5. Open a High-Yield Account6. Write a Book7. Rent a Room in Your House8. Affiliate Marketing9. Produce a Lead Generation Website10. Sell Products on Amazon11. Cash Back Earnings With Benefits Shopping Sites12. Create an Online Store with Drop Shipping13.
Create YouTube Videos15. Start a Business and Have Someone Run it16. Buy a Vending Machine Business17. License Your Photos18. Produce a Mobile App19. Rent Your Car for Ad Space20. Purchase an Existing Online Business21. Buy a Laundromat22. Open a Batting Cage23. Item Design24. Bond or CD Laddering25. Rent Your Own StuffSummary.
Passive income is where you get paid over and over again for work which you did once. I have multiple income streams that are passive, so many of which I will mention below.
By choosing the ideal sources of passive income, you can invest your time the way that you want to. Passive income is a method of buying back more time.
There are many opportunities out there to make residual income in network my website marketing. Nonetheless, this is NOT one of those shady things. All these are legit means for you to make money while you sleep using something that fits your passion, experience, or skill-set.
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Real estate can be a great way to make money while you sleep. However, because it costs a lot to buy a home, using a crowdfunding platform to invest in property can be a more affordable option.
If you want an easy, low-cost method to invest in income-producing commercial real estate, consider using a company like Fundrise. You only need $500 to begin and you can invest in more than 48 real estate products through real estate investment trusts.
Another company to consider is Rich Uncles since you can start investing in real estate with just as small as 5.
Even though they promote an option to start with $500, once you register for free you can browse their offerings. They actually have a Student Housing REIT that has a minimum investment of $5.
Their goal is to make real estate investing accessible to everyone and that is exactly what they're doing.
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Dividend income is money paid to investors of stocks in the form of cash in your bank account. Dividend-paying stocks are especially enticing for those wanting to earn a living with passive income, since they will get payouts every quarter or so. Even Warren Buffet historically is a fan of dividend-paying stocks. .
If you're going to go this route, make sure you educate yourself and pick solid stocks so you can depend on for dividend income for years to come.
Peer-to-peer lending is when you loan additional folks money who dont qualify for traditional financing. With investment returns in the 3-8% range, investing money using a company like Lending Club can get you much greater income results than a typical savings or money market account.
