Would you like to increase your income potential? Who wouldn’t? Today, I’m going to discuss passive income.
To make passive income, you should look for opportunities that allow you to build income and search for an audience willing to pay for the service. This can be done by starting slowly and then working your way up the ladder as time goes on!
Many business owners put all their eggs in one basket. I am a believer that you want to be successful in your business, but you also want other opportunities to earn income in the future without always working in the business.
Back in 1994, (Yes, I am old) my bride and I were getting married and we purchased our first duplex to live in while she finished veterinary school. At the time we did not know where she would land her first job, so we decided we could always rent out the duplex if we needed to move out of the area. She actually got her first job in Rolla, MO. This allowed us to rent out our duplex and we actually purchased our second duplex in St. James, MO. This was our venture into creating passive income through rental properties. This helped start us on the path to realizing rental properties were a great passive income source and helped generate equity.
Here are some other ideas to create passive income for you:
Stock Market
The stock market is a great way to make passive income if you don’t mind taking risks with your cash. If you have a little extra cash lying around, you can start out slow and gradually build momentum. You can consult with a knowledgeable and trusted investment advisor. Also, take courses so that you are well informed. There are some available at Coursera that can show you the ropes.
Real Estate
As I told you in my story, investing in real estate is a great way to diversify your portfolio and generate passive income. One popular type is the upfront purchase of investment property with the intent for resale. Rental property can also be an excellent source of monthly cash flow while also providing you the potential return on sale as the property appreciates in value over time!
Affiliate marketing
It is a great way to make some extra money from home. All you need are the skills, time, and energy for this job! You could be making affiliate commissions by promoting other people’s products through social media or email outreach campaigns – it’s very simple once your basics are set up in advance with an online store that supports these types of advertising models
Peer-to-Peer Lending
The process of taking out a loan from an investor instead of your traditional bank is quickly becoming one of the easiest ways to generate passive income. With returns ranging from 6-10%, that’s not a bad return on our investment! But there are higher risks involved with this type of lending too, which you should know before deciding whether or not it’s right for you.
Passive income streams are not one size fits all. But if you’re looking for a few ideas on how to get started, consider investing in real estate or stocks–two of the most popular options among investors because they offer steady profits with low risk involved! You can also lease your property through apps like VRBO & AIRBNB. You could also sell digital products from websites like Amazon’s marketplace and other sites to earn commissions.
In addition, there may be other ways that will suit your personal needs better than what we’ve discussed here today; don’t hesitate to ask around among your friends who have knowledge about these types of opportunities. Please remember to do your research and homework before you invest. Remember it is your money and it does not grow on trees!
If you are struggling with finding sources of passive income, reach out to me. I understand the daily challenges you face when running your business. I have over 30 years of experience running 12 successful businesses. That is why I started the Ascend Mastermind because it is my mission to help business owners succeed in business and life. Email me at [email protected] for assistance.
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Thank you and make it a great day!
Gary Wilbers