Earning money is but one dimension of how people acquire their livelihood. Maybe earning money through some of the passive income strategies is one of the ultimate goals most people would like to fulfill.
It's usually sought after for one to reach a lifestyle wherein finances, peace of mind, and total satisfaction are in proper sync with each other. Perhaps, some form of
passive income would offer the best way toward achieving that freedom.
It is, after all, a dream by the thought of getting money without necessarily breaking a sweat, and at one point, people will have enough free time to take up other things. It could also open one's opportunity to earn multiple streams of income. Here are ten ideas towards passive income, which help you get rich and get closer to that financial freedom.
1. Dividend stocks:
Most traditional income from investment that is being generated has been dividend
stocks. Here, one invests in a company that habitually shares some percentage of its profit with the shareholders. Then, one gets regular payback in terms of dividends. Dividends are usually disbursed quarter-annually but the amount to be re-invested
compounds the returns further.
2. REIT's
But for the real estate enthusiast minus managing and owning real property, REITs could prove to be a pretty good alternative. These are companies either directly
involved in owning and operating income-generating real estate or financing such property directly. This way you still get to enjoy commercial properties making
income minus the head-turning nuisance of dealing with tenants or the maintenance hassle through investment in REITs.
3. Rental Properties
Real estate is yet another major passive income-generating asset. Once you find a property, get tenants on board, and ensure their maintenance is covered, then you are looking at cash flow generated from ongoing rental payments. As all daily
operations can be contracted out to a property management company, this is also theoretically a passive investment.
4. Loans between peers
This lending platform provides a direct line of communication between the lender and the borrower. Being a lender, you stand to receive interest payments, and with such an operation though you may be losing in some form of risk undertone, spreading
loans to a number of borrowers can mitigate the underlying risk of default thus creating steady revenue passively.
5. Selling an Online Course
Of course, if you know something very well, then you can get quite a lot of serious bucks from the online courses. You can make your online courses on sites like
Udemy or Teachable. After you spent your time putting the course together and you're done, they start generating sales and income over time.
6. Selling Digital Products
EBooks, printable, templates it almost costs you nothing to create them, and you can resell them over and over again. If it's digital content, you do not have a cost of
production in the physical sense. You can sell them online, via a site, Etsy, Gum road, among other site, and you will earn money continuously.
7. Affiliate Marketing
Affiliate Marketing: Share someone else's product or service and link to it; with every sale they make on their end through the referral link, you can earn a commission on that sale. You blog or social media presence around a niche, suggest a product fit for that niche. Your potential for passive revenue increases with the number of people who discover your expertise.
8. High Yield Savings Account
You can also make pretty safe passive income with a high-yield savings account. It is an account into which you put money that will earn more interest than a traditional
savings account, and it just sits while the interest rolls in.
9. YouTube Channel
You can literally have it as a very entertaining source of passive money once you launch your YouTube channel. With your monetized channel, you will start reaping from ad income, sponsorships, and affiliate marketing through your videos.
The more views your video obtains, the more it will rake in. The moment people start watching your videos, it will just keep piling money for you.
10. Automated Drop shipping Store
That is that kind of business model of an e-commerce venture where the owner of the store does not carry any stock. You set up your online store and the suppliers handle all your inventory and delivery in an automated drop shipping store. This, in turn, will give you a source of income with minimal ongoing effort.
Conclusion
It is such a mighty tool sometimes that lets you access financial freedom; therefore, diversification of sources of passive income or scalable opportunities will be great news for security and freedom to do what is really important. Begin with one or two ideas, and then over time grow the portfolio of income-generating assets.