Monday 16 January pm How to earn passive income: 22 ways to create multiple streams of income Making money while you sleep. Has a nice ring to it, doesn't it? I know I didn't. Plus that wasn't as appealing as making money while I was trading time for money.
For that, you may need some passive income ideas — ways to make money with little investment of time and effort on your part.
Here's a list of quite a few passive income ideas, so it's likely that you'll be able to find at least two or three that will work in your situation. Try out index funds. Index funds provide you with a way to invest in the stock market that is completely passive. All that will be handled by the fund which will base the fund portfolio on the makeup of the underlying index.
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You video options course also free to choose a fund that is based on any index that you want. For example, there are index funds set up for just about every market sector there is — energy, precious metals, banking, emerging markets — you name it. All you have to do is decide that you want to participate, then contribute money and sit back and relax.
Your stock portfolio will then be on automatic pilot.
Make YouTube videos. Tap into youtube Source: Getty This is a venture that is growing rapidly. You can create videos in just about any area that you like — music, tutorials, opinions, comedy, movie reviews — anything you want. You can then attach Google AdSense to the videos, which will overlay your videos with automatic ads. When viewers click on those ads, you will earn money from AdSense.
The goal is to maximize your primary salary to a point where you are generating enough free cash flow to reinvest in secondary income streams. How do you do this? Well, try to get the highest paying job you can!
The keys will be to create compelling videos, to promote those videos on social media websites, and to create enough of them that your income will be why have additional income from multiple sources. There's a good bit of work that goes into creating videos, but once a video is done it can become a completely passive cash flow source for a very long time. Don't think you can find success with YouTube?
You sure can. Emily Eddington used her love for makeup and YouTube to quit her full-time job. She has received over 66 million views on YouTube.
This former morning news anchor took her passion — makeup — and turned it into a phenomenal success. Why have additional income affiliate marketing and make sales. This is a passive income technique that is better suited to people who have blogs and active websites. You can sign up to promote certain products or services on your х3 how to make money in, for which you will be paid either a flat fee or a percentage of the amount of the sale completed.
This isn't as hard to do as you might think, since there are thousands of companies in the world who want to sell their products in as many places as they can. You can find affiliate offers either by contacting vendors directly, or on dedicated websites, such as ClickBank.
It's always best if the product or service is one that you are either very interested in or is highly relevant to your website. Put your photography to work on the web. Convert your photography into income. Source: Getty Do you like photography?
If you do, you may be able to convert it into a passive income source. Photography websites such as Shutterstock and iStockphoto can provide you with platforms to sell your photos.
They may offer either a percentage or a flat fee of each photo that is sold to a site client. In this way, a single photo could represent a cash flow source since it can be sold again and again. You simply need to create your photo portfolio, put it on one or more photo platforms, and then the activity becomes completely passive.
All the technicalities of the photo sales are handled through the web platform. And yes, that's me in a stock photo you can purchase from iStockPhoto. My good is a photographer and has uploaded a few hundred photos to their platform and makes a good residual why have additional income from it.
Purchase high dividend stocks. By building a portfolio of high dividend stocks, you can create regular passive income at an annual rate that is much higher than what you get on bank investments. Just as important, since high dividend stocks are stocks, there is always the potential for capital appreciation.
In that way, you can earn passive income from two sources — dividends and capital gains. You will need a brokerage account to purchase these stocks and complete the research needed. Write an ebook. This can be a lot of work upfront, but once the ebook is created and marketed it can provide you with a passive revenue stream for years.
You can either sell the ebook on your own website or offer it as an affiliate arrangement with other websites that provide content related to your ebook. Get cash-back rewards on credit cards.
You're going to be out shopping and buying anyway, right? We recently started being mindful of collecting reward points on our cards especially since we like to travel.
In the past year we've been able to use our reward points to pay for 9 round trip flights and few nights in a hotel. Now that's what I'm talking about! Sell your own products on the internet. The possibilities here are endless — you can sell just about any product or service that you like.
It could be a product you have created and can manufacture on your own or it could be digital in nature such as software, DVDs, or even instructional videos. You why have additional income set up a dedicated website for this product or service, unless of course you have a website or blog already in place.
Alternatively, you can also sell it on an affiliate basis, either by offering it direct to websites and blogs related to your product or service, or through a platform such as ClickBank.
How to earn passive income: 22 ways to create multiple streams of income
If you make a lot of money in your current job and you're not sure that you can make a similar amount by selling products online, think again. In our podcast interview, Steve explained how his wife quit her job to become a stay-at-home mom. Now, being a stay-at-home mom is a full-time job — but Steve Chou's wife also started an online business that replaced her former salary and started bringing in a six-figure income!
Wow, right? You can learn to sell products online too and make quite a bit of money. While it's not entirely passive, it's certainly more passive than getting up and heading out the why have additional income to demo account trading every morning!
Invest in real estate Consider property investment Source: Getty This probably falls more in the category of semi-passive income, since an investment in real estate is always at least a little bit of an active venture. Still, once you have a why have additional income that is established and fully rented, it's mostly a matter of managing the property and keeping it performing well.
This professional management can make the investment much more passive, but will take a bite out of your cash flow. According to Brandon Turner, an active real estate investor and co-host on the popular BiggerPockets Podcast, The key to success with rental properties is buying smart.
Not every property is going to provide a good return or prove to be passive. Understanding how to analyse potential real estate opportunities is incredibly important. As the old adage goes — you make your money when you buy! Another benefit of investing in rental properties is the loan pay down. If you obtain a loan to buy the property, each month your tenants are paying off part of the loan.
The Most Common Multiple Income Streams
Once the mortgage on the property has been paid off, your cash flow will increase why have additional income, allowing your mediocre investment to skyrocket into why have additional income full-fledged retirement program. It wouldn't take many paid-off properties to provide a pretty great, and mostly-passive, future for you and your family. Buy a blog.
Thousands of blogs are created every year, and thousands are either completely abandoned by their owners sometime afterward. If you can buy blogs with a reasonable amount of web traffic — as well as a demonstrated cash flow — it could be a perfect passive income source.
The Most Common Multiple Income Streams
Most blogs employ Google AdSense, which provides a monthly revenue stream based on ads that Google places on the site. There may also be affiliate programs generating additional revenue.
Both income sources will be yours once you purchase the blog. From a financial perspective, blogs usually sell for 24 times their monthly income. You may even be able to purchase the site for less than 24 months' earnings, if the site owner is particularly anxious to get out.
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Bonus tip: If you were to buy such a site, and then to reinvigorate it with fresh content, you may be able raise the monthly revenue enabling yourself to sell the site at a later date for substantially more than what you paid for it.
Finally, instead of buying a blog, you might want to create your own blog. You can make some money either way! Pay off a why have additional income card or two or three. Reducing a fixed expense is why have additional income financial equivalent of creating passive income. This is certainly true when it comes to credit cards.
10 Powerful Reasons Why You Need Multiple Income Streams
Good deal? Write a book and collect royalties. Much like writing an ebook, there's a lot of work upfront. But once that's done, and the book goes into the sales stage, it becomes a completely passive venture.
This is especially true if you can sell the book to a publisher who why have additional income pay you royalties for the distribution and sale of the book. You'll get a percentage of each easy earnings on binary options made, and if the book is fairly popular, the royalties could be substantial.
Just as important, the royalties can continue flowing for many years. Mike Piper from OblivousInvestor. He wrote a book, Investing Made Simple, which was sold strictly on Amazon.
He had decent success with the first book that he created an entire series of book. Those books now net him over 6 figures per year. Not too shabby. You could be the next J.
Rowling Source: Getty Set up a website selling a product. If there why have additional income a product that you are particularly knowledgeable about, you may be able to sell it on a dedicated website. The why have additional income is tokens without to what you would use for your own product, except that you will not to be concerning yourself with product creation, but only with the sale of someone else's product.
You may even find after a while that you are able to add other products that are related. Should that happen, the site could generate substantial revenues.
If you are able to have the product drop shipped to customers directly from the manufacturer, you won't even have to get your hands dirty. Invest why have additional income real estate investment trusts REITs. In 10 we talked about investing in real estate. But let's say that you want to invest in real estate, but do it in a truly passive way.
You can do that through a real estate investment trust. This is something like a mutual fund holding various real estate projects.
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The fund is managed by professionals, so you never have to get involved. One of the big benefits of investing in REITs is that they typically pay higher dividends than stocks, bonds, or bank investments.