Everyone wants to make money right? Maybe. Maybe not! No matter what your answer is, I encourage everyone to think about developing passive streams of income. Passive income is produced by doing something once and receiving payment over and over again without doing that act again.
In this article I am going to throw out several ideas that anyone can engage in to develop streams (many avenues) of gaining passive income:
There are a number of opportunities to develop a passive stream of income through real estate. You can rent out a room or your home through a vendor like Airbnb, or invest in a crowd-funding real estate company like RealtyMogul. Either of those options qualifies as a passive income stream and they are both pretty easy to begin obtain earnings from. You can also go the classic route of purchasing a property, possibly rehabbing it then either selling or renting it. It really depends on which route you want to take based on your desired level of involvement.
You may want to invest in dividend paying stocks. There are a number of companies that pay dividends to their shareholders quarterly or semiannually. Speak with your financial planner to discuss your options here. This may not make you rich, but it can build over time.
Open a high-yield bank account and get an interest payment every month. Speak with your banking associate to understand all of your options. As I mentioned above, you may not get rich from interest, but it can build over time.
In the age of YouTube videos, books and blogs, you can create on one of those platforms in an area you are strong in. What areas are you strong in? Maybe you can start a blog, record a number of YouTube videos or write a book. Remember, you can get paid for writing one book over and over. Of course you will have to market your book, blog or YouTube videos in order for people to know that they exist. This could be the turning point of how money comes in for you.
Buy A Business
You may have heard that many people start business. But believe it or not, there are a number of businesses for sale. If you were to buy an existing business and have someone else run it, you would be producing passive income. If you buy the business and you work there, that would not be considered passive income.
License Your Work
Some people have a great eye for pictures and artwork. They post their pictures all over social media but aren’t getting paid for it. Instead of posting it everywhere, why not license your photos and artwork for other to use on their blogs, greeting cards, etc.?
This list is just a start of areas to consider that will produce passive income for you and your family.