* Disclaimer: This post contains affiliate links *
What it Passive Income?
Passive Income according to Wikipedia, is “income resulting from cash flow received on a regular basis, requiring minimal to no effort by the recipient to maintain it. ” You’ll either have to set in an initial investment of time or funds to get the ball rolling, think of it as momentum. You’ll be rolling in dough soon enough.
Passive income can positively change your life add more than just additional cash flow, but also more time to do the things you love. The possibilities to how you obtain your passive income from my research are endless, anywhere from having ads being placed on your car, while you drive around town or cross country, will earn you a nice cash flow with carvertise.com
Carvertise.com says that their standard is $100/month and opportunities to park cars in specific locations for an additional $30/hr, which is a decent income that for some of us, that money can go right back into the car expenses or set aside for a rainy day.
Other options truly depend on what your abilities are and how much initial effort you are willing to invest, with a set-it and forget-it type of deal, such as with Acorns, which is an company that makes investing easier be using your spare change and providing investment opportunities that you can take from without penalty and recently added a retirement investment options, which of course has tax penalties for early withdrawal.
Basically, this income provides cash flow without a huge commitment of your time or resources. It sounds unbelievably but read on, you simply have to know try and see which works best for your life and mindset. There are passive income sources for everyone, just have to have the information and mostly a click of a button and you are your way to making headway.
For instance, most of us shop online, I do, and I have an additional $541.71 in my paypal account, from my own purchases with ebates, (now Rakuten) who from day to day and on those exciting days, from hour to hour may offer you 10% cash back on your purchase of a vacation or even your latest snack food obsession. I would consider this passive income because they have chrome extensions, app, and website where, it will tell you, as you browse what they can offer, you, as cash back. They in recent years even offer in-store cash back options and double cash back options. It’s all a matter of what works for your lifestyle.
Earn money while you are on vacation or having fun with your family and friends! Sounds too good to be true, nope not so fast, it is an opportunity missed if you do not check out the list below.
List of the 5 Best Sources of Passive Income:
It may or may not give you money for the night, but it definitely can help you get cash when need it most, to alleviate stress from life’s unexpected expenses.
Investment property provides and it is so on trend in recent years that, you would be surprised as to how little you need to do or how much initial investment you’ll need if you have the opportunity presented to you. We all know renting a property can yield some profits even when you take into consideration, hell tenants. But between airbnb and turnkey, renting a property can give you passive income and earned income without the headache. Airbnb.com offers earning by hosting an stay or by hosting an experience. Boatsetter offers renting your boat they may or may not in use, an opportunity to earn monies on an otherwise lost investment. Turnkey offers similar to airbnb but they also offer the option to inquire about a revenue guarantee. CHBO offers furnished property rental opportunities. There are many money making opportunities when you own property and acquire property does not have to be a huge ordeal, check out government auctions, for some super deals on property. Comment below for more property options.
Online eCommerce Store
Earn money by moving traffic to your online store. Your online store or ecommerce is a great way to earn money online, you may also set-up the website to become more passive income depending on the design or options selected. webhosting offers an array of options to solve website design issues and concerns. The most important is getting visits which result in sales. Without sales, this is not only the opposite of passive income but also a digital money pit. Knowing how to drive traffic to your site is half the battle and then having the products that that traffic wants is the other. There are many ways to maximize your revenue with Search Engine Optimization or Weebly’s Ultimate SEO Guide” target=”_blank” rel=”noopener”>SEO, advertising, and social media. Web design can be easy with weebly. Dropshipping is another field that is very vast and some platforms allow you to make the website completely effortless.
Comment below for more on Ecommerce or online store information.
Share and Profit
Investing in stocks is no longer reserved for the extremely rich and can be accessed and started with “spare change” from purchases such as with Robinhood and Acorn who make use of technology to provide the average person to invest in stocks and even retirement options. Both provide tax documentation from those shares that pay dividends because this income source can be tapped into as well as provide capital from those dividends paid out to you. If you’d like more information on access to shares and stocks, even cryptocurrency, let me know.
Both offer the opportunity to earn between $15-$30 per hour of audio that you transcribe. If you have typing abilities, you can earn extra cash or supplement income which is determined by your availability. These companies offer opportunities from people around the world that needs audio files converted to text. The time with these companies improves your typing skills to a point where you can do subtitles with rev and make decent money or even local law firms that need someone to type documents.
Online blogging is a great way to generate online or digital revenue with SEO techniques to drive traffic to your blog. Once the traffic is coming, you can utilize affiliate links, within your blog post allow you to get a commission from a transaction and some links allow you to get money from people simply clicking on the link. If you develop a niche blog, you may be able to gather enough information, where you are able to publish an e-book or offer a monthly subscription. Having a blog allows more options outside of just providing information and can turn into a money making machine.
There are a number of passive income options and I plan to post every Tuesday going forward. I recently read an article about having at least 7 income sources and I was very intrigued by this idea. Are you?