With the holidays around the corner and money seeming to disappear into thin air, many of us are starting to take a serious look at how to bring some extra income into our lives. While the conventional ideas, such as getting a second job or taking out a loan, may be your first thought, have you considered passive income?
Passive income is the holy grail of increasing your finances without putting in long hours at the office or working your fingers to the bone. While that sounds great, is it possible to make passive income happen? Is there a way to bring more financial stability into your life without getting sucked into pyramid schemes or too-good-too-be-true offers?
The short answer is – Yes! But, you have to think outside the box.
Most forms of passive income require dedication and effort on your part to get the ball rolling. After all, nothing in life comes for free. However, once you have set the stage for money flowing in, you can sit back and watch as the numbers roll up on your bank account!
To help give you some ideas on tried-and-true paths to generating passive income, I’ve put together the following list of my top five favorite ideas:
1) Put Your Writing Skills to Work!
With our increasingly digital world, opportunities for writers to generate passive income streams is at an all-time high! Instead of waiting months for a letter from a publisher, you can now publish your eBook with ease and generate revenue on sales. If blogging is more your style, consider utilizing the power of affiliate links! With a regularly updated blog, these links have great potential to quickly add up to some serious side cash.
2) Get Cash Back on Your Purchases
If you’re going to be shopping anyway, wouldn’t it be nice to make some extra cash back on your purchases? There are some easy to use, free apps on the market that allow you to do just that! Check out InboxDollars, Swagbucks, and Ebates to get started. With all of these services, your online shopping and participation in web activities will give you an easy way to add money back into your bank account with no extra effort on your part.
3) Use your Eye for Photography
We’ve already talked about making money from writing, but what if photography is more your style? With the wonders of the internet, you don’t even need to leave your house to cash in on your beautiful photos! By utilizing sites such as Shutterstock and Istockphoto, you can upload your shots into an online portfolio that others can purchase from for personal use or use as stock photos.
4) Invest in Real Estate
This option may not be for everyone, but real estate is a path to passive income that has been around for decades. Granted, there can still be responsibilities after purchasing a property in the form of upkeep and managing client expectations. However, if you get the right deal, you could easily earn enough passive income through rent to pay the mortgage and still put a good chunk of money aside for other purposes.
5) Set up an Online Store
Whether you make your products or resell other’s creations, e-commerce is a popular way to earn a passive income in the modern world. With some dedicated upfront work, you can start building a following online and quickly pull in a steady stream of revenue. To make this money source even more passive, look into using drop-ship strategies!
While money can be a source of frustration for many, there’s no getting around the fact that it is essential in today’s world. By investing in some solid ideas for passive income streams, you can free up time and money to start pursuing other dreams.
To learn about taking the first steps towards creating passive income in your life, just sign up for my newsletter, and I’ll send you a free manifestation audio gift!