PASSIVE INCOME includes earnings or proceeds derived from activities that do not require day to day management, but still generate income consistently. This includes rental income or dividends income. It is advisable to verify IRS definition and rules as it may have different tax requirements.
This post will have options that require upfront work to set up and thereafter, will earn money passively and easy options to set up with little effort.
PEER TO PEER LENDING
This option is best defined as having your money work for you. The company has two options, either you are a lender or a borrower. As a lender, you can invest any amount from as little as $25 and get a percentage in return. The borrowers are already vetted and this eliminates risks as your information is protected, terms are clearly stated. The most favored company is
REAL ESTATE PLANNING
If you have ever wanted to invest in real estate and did not have the time to source the deals, inspect the properties and or did not have enough money to purchase a property, this option is certainly a great way to start investing. You have the opportunity to invest in private market real estate deals, this is different from the limiting traditional options such as public stocks and bonds. There is a wide range of projects and this increases the diversification.
There are many levels of which you can participate, the starter portfolio allows you to start at the minimum cost of $500 and you have to choose to increase your investments. The types of investments which include apartments, luxury condos, townhomes, office space to mention a few Click here below for more information
It has become much easier to make money from your rentals and or primary residence, instead of having a monthly rental income, you can now restructure and create a business out of it. Many people have found new ways of creating wealth by renting their rooms and Airbnb has made it much easier. This is a great way to pay for your mortgage, some are even living mortgage free due to renting out additional space. Click below for more
TIP – the best way is to treat your rental space as a business, clean it, declutter and make it as comfortable as much as you can
HIGH YIELD SAVINGS ACCOUNT
This may not get you rich quick, but it will certainly help in getting the best interest rate. Most savings accounts offer little to nothing, it is better to have your money work for you in the most effective way. The best way is to research which banks are offering the best interest rate and how much is required to set up an account, you are already keeping your money in the bank, at least open a high yield savings account and earn more. Below are the current leading saving account
TIP – constantly check the interest rate and services offered as these are determined by the current market rates
SELL YOUR HOBBY
There are many people that have turned their hobbies into a business, the best way is to research your hobby if it can make money. Usually with hobbies there is an active target audience that can easily convert into customers. Things to look for when turning your hobby into a business is what kind of products are being sold in your niche, what product can you sell in order to solve a problem and what is the cost. All these details will help in setting your business on the right track. For example, photography you sell your pictures to stock companies such as:
Read More: Hobbies that Make Money
This is the best way if you do most of your shopping online, you can also have cashback. It may seem a small option to have but when you start getting $50 or $100 back, it certainly makes the option worthwhile.
There are many cashback sites, but one of the leading ones is Rakuten mainly because you get cashback and on top of that you can get a referral commission. You get the cashback if you make any online purchases while using their site. The site has great discounts, deals, promo codes and numerous brands which enables you to get a cheaper price than when you go to the stores directly. All you have to do is get a browser extension which enables you to activate the site. Rakuten has a referral program that can earn you commissions from. Click below to learn more here:
This option requires more work than the above, but the returns are much higher as you can easily create many avenues of generating an income. The best approach is to find which topics you want to write about and research more about your target audience. Always aim to provide solutions for your target audience. Click below on the different ways to make money blogging.
Read More: How to Make Money Blogging
8% – 75% in commissions!! That is the power of affiliate marketing. There are many ways to get passive income from affiliate marketing. The best approach is to find specific problems that your audience is facing and then find a product that provides a solution. The best method is to find platforms that have many affiliate companies you can choose from and have good payouts.
Different Methods to Market
- Video – demonstrate how to use the product
- Website – write a blog post about the product
- Email Marketing – sent a link to your subscribers
- Direct – You can directly market your affiliate to target consumers eg Instagram
TIP – always promote products that are reputable, as people depend on your views
AMAZON ASSOCIATE PROGRAM
If done correctly, Amazon Affiliate Program has the power to scale into a full time income. The best approach is to create an Amazon review site. There are various formats that one can implement such as reviewing trendy products or reviewing products within the same category. Regardless of the option, it is best to offer reviews that actually help the buyer to come to a better buying decision. When you write your product reviews, detail pros and cons.
Below are some tips to consider
- Have great photos of the product
- look for products that are high priced and have various product selections
- Reach out to the seller and ask additional questions to better write your review
- Ask about their customer service process what other customers love about the products
- Go through the reviews, examine the top complaints and reach to the seller on how they are solving them. This usually helps the buyer in making a purchase
The best approach is to start with choices that are easy to set up while you research the ones that bring the most returns. When it comes to earning money passively through affiliate marketing, try to find companies that offer high commission, have a good track record of paying affiliates and great product quality.
QUOTE OF THE DAY