10 Best Ways to Make Passive Income

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.

Generating passive income is a financial aspiration that holds immense appeal for many individuals seeking financial freedom and security. Passive income streams allow you to earn money with minimal ongoing effort or active involvement, providing financial stability and the potential for a more relaxed lifestyle. Several avenues exist for creating passive income, each with its own set of advantages and considerations.  The key to successful passive income generation is to select strategies that align with your interests, resources, and financial goals, and to consistently monitor and adjust your investments to maximize returns. Ultimately, passive income offers the promise of financial independence and the freedom to pursue your passions while your money works for you.

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 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

• Lending Club

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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

• Fundrise

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RENTING ROOM  

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

• Airbnb

 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 

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CONTENT CREATOR

Making money as a content creator in today’s digital landscape is not only possible but increasingly accessible. Content creators leverage their skills and creativity to produce valuable content across various platforms, such as YouTube, blogs, podcasts, or social media. They can monetize their content through various channels, including advertising revenue, sponsorships, affiliate marketing, and merchandise sales. The key to success lies in consistently delivering high-quality and engaging content that resonates with a target audience. As content creators build a loyal following, they open doors to income opportunities, turning their passion into a profitable career. However, it’s essential to remember that building a sustainable income as a content creator often requires time, dedication, and adaptability in a constantly evolving digital landscape. 

TIP – constantly check the interest rate and services offered as these are determined by the current market rates 

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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:

• Shutterstock

Read More: Hobbies that Make Money

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SAVING APPS 

This may not bring six figures a year in savings but surely it does feel good to have some of your spent money returned or better have a discount. 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.

• Rakuten

If you want real savings its best to use a cashback credit card especially if its for a business. If you have high priced ticket, such as mortgage, or inventory charges, this can actually save you hundreds of dollars in the long run. As always, any credit needs to be used wisely or will incur debt. Some of the best cashback cards include Chase, Discover, American Express. Regardless of which company you use, make sure is it has great rewards for businesses.

If

 

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BLOGGING

Making money as a blogger is not only achievable but also a reality for countless individuals worldwide. Bloggers create valuable and engaging content in various niches, from travel and lifestyle to finance and technology. The monetization potential of blogging is diverse, including avenues such as display advertising, sponsored posts, affiliate marketing, selling digital products or services, and even offering premium subscriptions. To succeed in this space, bloggers need to consistently deliver high-quality content that resonates with their target audience, optimize their websites for search engines, and build a strong online presence through social media. While blogging offers the prospect of financial independence and the freedom to work on topics you’re passionate about, it also demands commitment, patience, and adaptability in a competitive digital landscape. With determination and a strategic approach, many bloggers have turned their writing skills into a sustainable source of income.

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AFFILIATE MARKETING

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

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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

 

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SUMMARY 

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. Some of the the strategies above, you have to wear and learn different hats, from being an entrepreneur , investor or lender. Regardless which method you choose, you have to know what you are doing. Yes, sometime in business  you can make money with limited knowledge, but always aim to know more. Most times, the greater the knowledge the better the returns.

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Cheering To Your Success
Brenda | www.DesignYourFinances.com
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