Why don’t most people have sources of passive income? It’s usually because they haven’t built anything first. You don’t just magically get passive income. First, you have to create something that generates it. Today I’m going to break down my 7 sources of passive income and tell you the biggest mistakes people make when building them.
Imagine that you own a house that you rent out. You’ll get rent cheques every month regardless of what you are doing. You don’t have to exchange your time to generate it, but it takes time to build these assets. You have to build it properly before you can see the dividends. So, which source of passive income is right for you?
First up there’s digital products. Take what you are already good at and sell it online.
The second source is software. You can create apps or browser extensions; you don’t need to be a developer. You can invest in hiring someone who can do it.
The third source is affiliate income. This is where you refer customers and receive a cut of what the customer pays your affiliate.
The fourth source is credit card rewards. Trust me, if you are spending thousands of dollars each month on marketing and recouping it from customers, the cash back rewards add up.
The fifth source is ad revenue. For example, if you have a YouTube channel, you get a mailbox cheque each month for ads they run on your site.
The sixth source is forced appreciation. Buying property low and selling high.
The final source is rental income. If you travel or have multiple properties, put them on Airbnb.
Remember that passive income takes time to build. Put the work in and see how you can grow your revenue.
If you want to learn more about getting social media marketing clients, visit https://www.digitalnomad.com/Podcast/
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Medal of Honor: Stories of Courage
Rewarded for bravery that goes above and beyond the call of duty, the Medal of Honor is the United States’ top military decoration. The stories we tell are about the heroes who have distinguished themselves by acts of heroism and courage that have saved lives. From Judith Resnik, the second woman in space, to Daniel Daly, one of only 19 people to have received the Medal of Honor twice, these are stories about those who have done the improbable and unexpected, who have sacrificed something in the name of something much bigger than themselves. Every Wednesday on Medal of Honor, uncover what their experiences tell us about the nature of sacrifice, why people put their lives in danger for others, and what happens after you’ve become a hero. Special thanks to series creator Dan McGinn, to the Congressional Medal of Honor Society and Adam Plumpton. Medal of Honor begins on May 28. Subscribe to Pushkin+ to hear ad-free episodes one week early. Find Pushkin+ on the Medal of Honor show page in Apple or at Pushkin.fm. Subscribe on Apple: apple.co/pushkin Subscribe on Pushkin: pushkin.fm/plus
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com