We all know the amazing benefits of passive income. But, it is important to know that passive income does not mean that you don’t have to do any work at all. Rather, you have to do the work once and then you will earn the profits for a long time ahead. You will also have to keep some maintenance to keep them running.
Creating passive income streams has never been easier than it is today and anyone can do it. You don’t even need to invest a lot of your money in order to get started. In 2016 the annual real median income of the US was $31,099 reported by the U.S. Bureau of the Census. That means a weekly income of $865 for all full-time workers, which is not bad but it always can be higher right? With this salary as your budget, you can create multiple income streams. So here are some ways you can use to generate passive income.
E-books are becoming very popular among the masses. Creating passive income with e-books can give you a little more freedom in your business and life. There are a lot of platforms where you can sell your e-books. The most important thing is to decide the topic of your e-book. What is that one topic or niche which you can talk on or write about for hours? You need to select a topic that your readers absolutely want. If you get this part wrong, you can’t do anything to fix it later, even if you use a nice design or a nice title or any kind of marketing tactics.
Invest in stock dividends
Dividend investing is one of the strongest passive income streams. All you need to do is purchase the stock and forget. You don’t need to take any action after that. You will receive your dividends proportional to the number of shares you own on the dividend payout date. This money is automatically deposited into your brokerage account. Dividend growth stocks are stable businesses with strong competitive advantages. You can buy them, hold them, and still sleep well at night.
Drop shipping is a retail fulfillment method which allows you to sell products on your own online store without having to purchase large quantities of products in advance. The most amazing thing about drop shipping is that it doesn’t require a large initial investment to launch an e-commerce store.
So how does it work? First, the customer places an order on your website; you’ll receive the order and send that order to the supplier. The supplier will receive your order and packages and ships it to your customer on your behalf. Then, the supplier will send you the tracking information. You’ll provide that information to your customers alerting them that their order has been shipped. In this whole process, the supplier (that’s you) will remain invisible. According to the customers, the product will be sent to them by the actual company.
Create an online course
If you are an expert at something, you can teach others by creating a course that helps other people learn the skill. For example, if you have complete knowledge about “food photography”, you can create a course teaching others how to do amazing food photography as you do. All you have to do is work hard once to create a course and get paid every time someone buys it. There are many platforms where you can put up your online courses.
Network marketing is a marketing method where companies recruit various individuals that are outside their direct payroll to us, sample and sell the products for them. There are many companies that operate under this model su. Also known as multi-level marketing, it is a perfect opportunity for those who are interested in flexible part-time work that consumes less time.
Network marketing is one of the best industries that offer passive income. You can start your own business as an agent of any multi-level marketing organization. It requires fewer startup costs and you have all the freedom in choosing your marketing technique. But choose the business that you represent wisely. Make sure they are established, reputable and professional. Their product and reputation need to be worth your valuable time.
Thus, these are some ways to earn passive income streams that require minimal investment and can help you witness exponential financial growth.
Some people have all the time in the world but no money to enjoy the time in hand, while others have all the money they need but no time to enjoy money since they are busy using that time to make more money. Passive income gives you both. The time to enjoy the money you earn and the money to enjoy the time at hand.