Passive income may be a new concept for you, but we’ve got you covered! Passive income is income that doesn’t rely on a straight hours-worked structure. It is money made from rental property, limited partnership, or other avenues in which you are not trading hours of your life for a set income, and with little to no effort on your part. Sounds like the dream, right? Well, it doesn’t have to be. The barrier for entry on passive income may seem daunting, but in all actuality, it’s relatively easy to take the leap and start building your wealth now!
Selling Information Products
If you have any level of expertise in any area, chances are there is a market for the information you have. Writing an eBook or creating a webinar is ridiculously easy these days. And with the right marketing strategy, you can sell your information like hot cakes! Research your target demographic, create a few surveys and connect with beginner groups to figure out what novices want and need!
Affiliate marketing is an easy way to generate passive income if you’re already building an online business or brand. Connecting with a good affiliate marketing program and keeping up to date on SEO best practices can help take your affiliate income to a whole new level.
By investing in dividend stocks, and opting for a DRIP (dividend reinvestment plan), you can watch your investments grow as you sit idle and enjoy your wealth! This is a great way to ensure you have a comfortable retirement, or a relatively easy way to begin paying down debts.
Flipping Retail Products
If you have time on your hands, you can take advantage of online sales platforms like Amazon or eBay to sell products you find at very low prices. You can pocket the proceeds and make a killing on some great deals. This can also work well if you create a website to help generate interest in your products and deals. Just be sure there is a market for the items you purchase, otherwise you may end up with a garage full of products that won’t sell.
The Take Away
Passive income isn’t an unattainable goal that only the upper class can enjoy. Everyone starts somewhere and you can start today! Get creative and start expanding your passive income streams!
Join us next week for more great personal finance tips and information!