Here are my top 10 sources of passive income. Some may seem too difficult or big for you to do but in this article, my intention is to show you that just about anyone can create various sources of passive income and start living the life of their dreams.
When you hear the word business, what do you think? Giant corporation? Maybe that is your goal. You'd like to be a billionaire or at least a millionaire. Who knows? Well, that is possible for you of course... but if it's not and you're just intimidated by the word business, realize that what I am suggesting here is something of a smaller scale. I heard a story about a man who started a bulk candy vending business where he bought vending machines 1 at a time and ended up creating a really great stream of passive income for himself. Week after week he would collect considerable amounts of money and the effort required to keep up the business was minimal.
Have you ever considered creating your own website? For passive income? Well, if so, good thinking because websites are a great source of passive income if you set them up right... The best part of owning a website is that once it's up and running, if you know what you're doing, it often requires very little maintenance... of course there are lots of kinds of websites that you could create. Here are a few ideas: maybe you could start a content website or a membership website. There are many other types of websites of course.
This is one of my favorite sources of passive income... it's so great. You can earn royalties from some places. Here are some examples: writing books, selling photographs, answering questions at sites like webanswers. There are a million and one ways to make passive income through royalties. Another great way is to be an inventor and get a licensing deal with some company. That's one of my own personal dreams.
Writing for sites like InfoBarrel are a great way to start on your journey to more passive income. If you're interested in more information, check out my signature up at the right hand corner of this page near my image (impact). Basically, you write articles, and you earn part of the advertising revenue the site gets! It's easy.
Affiliate marketing is a lot like setting up a website except you don't even need a website for this... And if it's set up right, it can bring in a lot of passive income. If you're interested in affiliate marketing, just look it up and learn as much as you can about it.
Real estate rental properties
This is one of my younger brother's biggest dreams. He wants to own lots and lots of rental properties - called cash-flowing properties because of how hands-off it is when it's set up right. You can make a lot of money with rental properties! And it's passive income too!
Blogging is a great way to start earning passive income. Sure, it's not entirely passive... but once you create a page, it's up there forever and will continue to earn you money for as long as the blog is up and running... That's why I included it in my list of passive income sources you could exploit!
Investment income includes interest and dividends earned from investments. These are really great because it is often completely hands off. If you're investing in bonds, you just sit back and enjoy earning money passively.
Special jobs like insurance agents
Insurance agents work once to get a sale but the same customer keeps coming back for a renewal year after year. This is why it's so passive. You spend the time and effort once to find the customer and you earn for years to come. All you have to do is put in a little effort every year to keep up that relationship but basically the rest is passive.
There are websites online today that allow you to earn income from your videos! The amount you earn all depends on how popular your videos are... So the key here is to make viral videos and to learn how to promote and market your videos. It's as simple as that!
Hope you enjoyed my article. Take care now!
P.S. Don't miss my signature box in the top right corner of this page. This is how I am planning on building a Web Business. I bet you can too.