If you are tired of living paycheck to paycheck and worrying about if you will ever get ahead, then NOW is the time to look for extra means of making money. We get it. Sometimes there is just NOT enough money coming in. We think abundantly about creating passive income so we prefer to make the pie larger instead of giving you ideas on how to freeze lasagna to save money throughout the week.
At Life, Liberty n’ Property, we prefer to seek passive versus active income. In addition to building wealth gradually with this type of income, you will gain total freedom because this sort of income is NOT dependent on your consistent personal effort to earn money. Once you change your focus to making multiple streams of passvie income instead of gathering one huge lump sum of money, a whole new perspective will open up to you.
Here are great passive income ideas to gain the financial freedom you’ve been longing for:
#1: Sell Information Products
Information products such as e-books have evolved to become one of the top passive income avenues. People seek information on a variety of topics every day. Unfortunately, most of the pieces of info you find on the internet on various subjects are regurgitated versions of each other. The basic premise is that you take survey of the expertise you have and then offer it to others in a concise, curated manner.
If you are a skillful writer that can provide solution-oriented information and effective ‘how to’ information for a target audience in your preferred niche, consider putting the information in an e-book format and making good income from your brainwork. Information products are particularly beneficial when you have deep, specialized knowledge that you can effectively outline and explain to others. One of the desirable aspects of this idea is that it requires little or no start-up cost. This one-off effort will keep reproducing itself automatically (unlike conventional books that you need to keep printing and incurring printing cost) and yielding major returns. You could also consider creating an e-course to teach and provide your expertise. Whatever you decide, it is really fun to think about your “inner genius” and convey it to others.
#2: Affiliate Marketing
Affiliate marketing is perhaps the most popular and one of the most lucrative sources of income in a truly passive manner. The idea is that you promote and generate traffic to a company’s’ product site and receive a commission based on sales. The company will provide the banner ads and codes that you will place on your personal websites or blog. Consequently, when visitors click the ad to visit the product website, you will get a reward based on pay per click or pay per sale. One example of this process is recommending items on Amazon.com from your own website.
#4: Invest in Dividend Stocks
Dividend stocks are also an effective strategy to build wealth over time. The shares you have in your portfolio will yield quarterly or monthly dividend that will accumulate into real wealth over the years. In our opinion, this is really a better option for those who already have a substantial amount of money to invest. Most dividend stocks pay somewhere between 1-5% of the share price and are typically paid quarterly. Dividend stocks are similar to rental income. There is no pre-determined dollar amount you receive, instead the company pays a dividend based on the number of shares you own. Think of dividends as a royalty payment or thank you gift for owning the shares. The more shares you own, the more of a royalty you are due. Because the percentages are low and paid infrequently, this strategy typically requires are large investment to generate enough returns to support your lifestyle.
4# Invest in Real Estate
Real estate investing is one of the great ways to earn money and gradually build wealth. This is our personal favorite. As you know, we each gathered quite a bit of real estate and fell in love with it as a wealth-building strategy. The best part is that there are many options to earn money passively through real estate investment. The options include investing in rental property, owning mortgages, and lending money. If you are serious and consistent with this concept, you will be amazed at the income you will generate from this business with diligent effort.
Indeed, engaging these great online business and passive income ideas will place you on the road to financial freedom! The primary thing to remember in each case is the each method takes a considerable amount of time and energy to learn how to effectively execute the strategy. Passive income does not mean completely hands off; instead it refers to sources of income that require the majority of the effort up front so benefits may be received over long periods of time.