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I labored a traditional 9 to 5 job for many years and eventually I got burned out. Do you know what that feels like I knew I wanted more freedom and the notion of passive income became really appealing.
I had heard of many people quitting and replacing their full-time occupation with passive income, but I had no idea where to start.
This pursuit led me to start this site in which I now make over $6,000 per month, but this is not the only way to produce 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. Get Out of Debt5. Open a High-Yield Account6. Compose a Book7. Rent a Space 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 Cell App19. Rent Your Car for Ad Space20. Buy 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 which are passive, many of which I will mention below.
By choosing the right resources of passive income, you can invest your time the way which you want to. Passive income is a way of buying back more time.
There are many opportunities out there to make residual income in network marketing. However, this is NOT one of these shady things. These are legit means for you to make money while you sleep with something that fits your passion, experience, or skill-set.
Rumored Buzz on Multiple Passive Income Streams
Real estate can be a great way to make money while you sleep. But since it costs a lot to purchase a home, using a crowdfunding platform to invest in property can be a less expensive option.
If you want an easy, low-cost way 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 property investment trusts.
Another company to consider is Rich Uncles as you can begin investing in real estate with as small as $5.
Although they promote an option to start with $500, once you enroll for free you can navigate their offerings. They actually have a Student Housing REIT which has a minimum investment of explanation $5.
Their intention is to produce real estate investing available to everyone and that's exactly what they're doing.
Passive Income Streams Can Be Fun For Everyone
Dividend income is money paid to investors of shares in the form of cash in your bank account. Dividend-paying stocks are especially enticing for individuals wanting to earn a living with passive income, since they will get payouts each quarter or so. Even Warren Buffet historically is a fan of dividend-paying stocks. .
If you are going to go this route, make sure you educate yourself and pick solid stocks so you can depend on for dividend income for many 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 3-8percent range, investing money using a company like Lending Club can get you much higher income results than a typical savings or money market account.
If you're looking for a lower risk option, check out Worthy. They provide $10 bonds and cover a 5% return. One unique thing about these is that your money is liquid, so that you can take it out at anytime.