Dare to imagine a life devoid of waking up each morning fussing about getting to work on time to avoid a query or a slash on your paycheck for being late. A life without a boss constantly breathing down your neck with orders and workload. A life with the possibility of retiring from your job on your 40th birthday. Sounds cool, right? Well, this is no utopia, it is very possible with passive streams of income.
In the words of Warren Buffet,
If you don’t find a way to make money, while you sleep, you will work until you die.
What is Passive Income?
Passive income is a source of income from which you generate money without having to work, and if you do put in some work, you will continue to receive earnings after the work is completed.
Engaging in passive streams of income is financially beneficial. It gives you the opportunity of earning from numerous streams of income while you go about your daily activities or spend time with your family.
Gone are the days you must work from 9-5 to earn a living. Today, there are awesome opportunities with which you can earn without being actively involved.
This article will be giving you a kick in the right direction by explaining 3 sources of passive income.
Read More: Sex and Relationships
Creating and selling online courses can earn you an income online though you are having a vacation on an island.
Remember in defining passive income I stated that, in some passive stream of income you put in some work, however, you will continue to receive earnings after the work is completed. Creating an online course on one such passive stream of income.
Creating an online course requires work, however, when accomplished it can serve as a stream of income for years. Creating an online course is a passive stream of making money. People have earned big from creating and selling online courses.
If you are knowledgeable in any area, create an online course on it and earn big. Online classes are the new cool, and people are willing to pay for valuable knowledge. If you don’t know how to create a course, take a course on that. Lately, we must learn to employ ourselves
This passive income idea requires cash investment. In dividend investing, you invest a certain amount of money and wait for your returns. Your profit rate is dependent on the stocks you invested in.
However, it takes continuous investing and time to build a portfolio in which you can receive a huge amount of money as your investment returns.
This is one of the best passive streams of income as it gives you ample time to do other things though you earn from it. Truly, freedom is a tremendous advantage of passive income.
With the aid of Google finance, you choose the right stock investment.
Investing in Real Estate
Real estate investment is another highly profitable stream of passive income. A huge amount of money is required when investing in real estate.
There are several methods of investment in real estate. Some of them are;
- Becoming a Landlord
- Buying and selling of Real Estate
- Investing through REITs etc
A landlord of buyer and seller of real estate is actively involved in the process however, if you invest in REITs you are shed from responsibilities and work.
A REIT is a Real Estate Investment Trust. This is a company that operates, owns, or finances income-generating real estate. REITs create a steady stream of income for their investors. A way to invest in real estate is by buying the stocks of a REIT and earning dividends.
Kindly note that real estate is diverse. It is wise to conduct intensive research before proceeding to invest.
Are you a blog owner or a website? If the answer is yes, then affiliate marketing is another way you can generate passive income.
Affiliate marketing involves marketing the products of a business or businesses and getting paid. In affiliate marketing, when people click on the affiliate link on your page, to purchase a product or sign up for a service you get paid.
Affiliate marketing is not limited to website owners and bloggers. YouTube and other online platforms such as Social Media are great tools for affiliate marketing.
There are tons of sources of passive income, including publishing an e-book and lots more. Nevertheless, search and settle for what suits you and start earning.
If hard work was all you need, the wheelbarrow pushers would be on Forbes list of richest men. Work smart and not hard.
Read More: An Exploration of the African Family.