How to Create Multiple Income Sources?
Passive income is making money while you actively work on other ventures or even while you sleep. Many passive income ideas still need a fair amount of work upfront, but after the initial effort they can start working their magic by providing a steady stream of passive income for you.
Here are some ways to get started making passive income:
Real estate investing is one of the most common passive income strategies used today. Buy a house (or a commercial property, storage unit, or building), fill it with tenants, and you’ll collect income every month, whether you’re sitting at the office or on the beach in a market place. Of course, vetting tenants, making timely repairs, and handling other property management needs isn’t necessarily the ideal for passive income seekers, though hiring a property manager can relieve you of this burden.
Need other ideas? Companies like OYO, Airbnb are popular for turning your home into passive income, but there are other sites that turn your property into money-making machines.
2. Digital coaching.
Coaches have been making passive income off the need for education on a variety of subjects for years. But digital coaching is quickly becoming a viable money-making option with multiple revenue stream possibilities. Once you’ve built a brand for yourself as a coach, you can make money off info products, programs, webinars, and more.
If you don’t want to build out your own website, sign up with Coach.me and take its straightforward test to start offering chat-based coaching, paid plans, or phone consultations. While coaching over the phone isn’t exactly passive, Coach.me’s paid plan system is. These micro courses are unlocked by your clients one day at a time with an available at some price point.
3. Create Your Own YouTube Channel (Vlog)
If you are fun and creative, and not afraid of public speaking, you can post videos to a channel, and get paid by monetizing ads on your videos. If you can get a viral video that hits home with people, you could profit immensely in a short time-frame. Not to mention, you could make money indefinitely from those videos!
Maintaining a video blog (vlog) might require a lot of time and effort initially, but once you’ve posted several videos and captured your audience, you can keep on earning from the same videos for a very long time.
4. Peer lending.
Help someone in need of a loan without the sky-high interest rates and complex rules while earning a healthy return on your investment. Sites like Lending Club make peer lending possible by connecting independent borrowers and investors for more flexible terms and low fixed rates. For investors, you can earn an average of 5.23 to 8.82 percent on your return and earn monthly cash flow.
Of course, there is always a risk of default in any type of lending, but it’s typically pretty low. Meanwhile, the results can be highly profitable. But don’t stop your researching with Lending Club.
5. Build a Traditional Investment Portfolio.
The easiest way to make truly passive income is to invest your money into a stock, ETF, mutual funds, etc. The richest people tend to get even richer because they consistently invest and reinvest their money. Keep it up, and you might even be able to never have to work again.
Over to You
What are your experiences in earning passive income? What is your favorite way to secure a steady stream of residual income? Do you have other fantastic passive income ideas that you can add to this list? Leave your comments below!
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