Updated: Jul 6, 2022
Passive Income. We’ve all heard it, but do you know what it means? Chronicle Live defines it this way, “Passive income relates to monetary earnings which take minimal time, money and effort to keep afloat. Although these revenue streams sometimes require commitment initially, once the ball is rolling, they need little to no attention whatsoever.” Sounds great, right? I think so.
I’m passionate about helping my readers develop financial security. Without it, we carry so much anxiety through our day-to-day, and that energy gets passed to each and every person we come in contact with. By developing passive income streams, you can assure that you will always have some source of revenue coming into your life regardless of your professional circumstance. This is a key player in developing true security and wealth for both yourself and your generations to come.
Before we dive in, it is very important to note this is NOT a one-size-fits-all model. Just like a full-time career, each individual’s personality, skillset, and work ethic will determine how successful any of these methods can be in generating passive income. However, I do believe that with the proper education and a bit of extra hard work, anything is possible, regardless of your background and current skillset.
Here is a list of ways you can start to generate passive income:
Write and self-publish an eBook.
Create and sell digital content.
Print-on-demand.
Dividend income.
Peer-to-peer lending.
REITs.
Crowdfunded real estate like Fundrise and School of Whales.
Vending machines.
Coin-operated laundry machines.
Affiliate marketing.
Drop shipping.
Rental property.
Storage space.