Did you know, 40% of the world’s billionaires live in the USA? They number almost 20 million people.
If you have dreams of becoming a millionaire, then you need to get savvy with your ingoings (and outgoings!)
Millionaires know that having one source of income is simply not enough. Instead, they have multiple streams of passive income.
In this article, we’ll look at exciting methods of generating passive income. Let’s get started:
1. Sell Artwork and Prints Online
If you are a budding artist, then it’s a good idea to set up an Etsy shop with some of your artwork.
Although there is some setup required for this, if you do a good job, then people will keep coming back to your online store.
Creating downloadable prints means you can simply upload ten pieces of artwork, and customers will download their favorite, without you having to recreate it!
Alternatively, you could upload a weekly planner, a pretty to-do list, or any other organizational designs that help you.
Putting in the time to develop a strong social media presence, either on your own social media or on a dedicated page, will also help draw attention to your store.
2. Learn All About Investing
You’ll have heard it before, but it’s worth repeating – when you invest, your money is at risk. But, these risks can come with great rewards.
As a result, it’s worth learning everything you can about investing to determine your personal risk level.
If you are looking for a truly passive way to invest, then consider trying out index funds. This way, you don’t have to choose the individual markets or companies to invest in, but your money will still be working hard for you.
3. Start Affiliate Marketing
Do you already have a popular website? Then, affiliate marketing is a great way to begin making money.
Find a website that you like that will pay you a percentage or a flat fee for every buyer that comes through your website.
Consider contacting individual sellers about your website or go through Amazon’s affiliate marketing scheme.
While you sleep, people on the other side of the world may be trusting your judgment, buying a product, and putting money in your bank!
4. Write an eBook
Again, this is rather a lot of work upfront, but once you’ve done it, you’ll be reaping the benefits for years to come.
Choose a topic that is trending or about to blow up. Include interesting, insightful text and images. Your eBook doesn’t need to be the length of a novel. An instructional guide may also sell very well.
It’s a good idea to hire someone who can format your eBook and put it online. If you have no money to spend, then you can also do this yourself.
Get some good reviews on your book, promote it through social media, other people’s websites, and by telling your friends and family.
Although you may not make a killing with an eBook, it is another form of passive income that, once set up, will be coming into your pocket every month.
5. Only Use Credit Cards with Cash Back
While spending money out and about, it’s vital that you use a card that is also working hard, accruing cash for you.
If you’re making large purchases that you can pay off, not only will you improve your credit rating, but you’ll also be able to gain points to spend.
There are hundreds of options for earning while you spend. So, take the time to look for credit cards with cashback options or airline mile perks.
Of course, it’s hard to define this as income as you need to spend to earn the cashback. But, if you’re already spending, it’s worth taking the time to do it wisely.
6. Invest in Property
Of course, for most people, buying real estate is something they can only dream of. But, if you have the means, then this is a great way to make passive income.
After the initial costs, it’s possible to rent out your home and make a profit. Although you’ll still need to maintain the home and speak with renters, it’s a great form of passive income.
You may also want to consider property managers, but this can take up to 20% of your earnings every month. Choosing your renters wisely may be a better option.
Once you’ve paid off the mortgage, with the help of renters, you’ll be earning a decent profit that is entirely yours.
7. Rent Out a Room in Your Home
If you don’t have the means to buy more property, but already own your own home, then why not rent out a room?
You could do this through AirBnB or have someone live in your home full-time. Unfortunately, the laundry and cleaning that AirBnB requires mean it’s not the best passive income option.
But, having someone in a room full-time may involve someone encroaching on your personal space. But, there’s no denying it’s a great way to pay off the mortgage faster.
8. Outsource All of Your Mundane Tasks
We’ve all heard the phrase, money is time, and it’s true! If you have built one business that is doing well but finds yourself working all hours of the day, it’s time for a change.
Hiring people to do small, mundane tasks is an excellent way to grow your business. If your business can tick over with just one other person handling it, then you can move onto building another source of passive income.
If you don’t want to pay regular wages, then hire a freelancer who can do the work from home. Consider hiring someone for copywriting, editing video, bookkeeping, or managing social media.
Passive Income Streams are Numerous
There are hundreds of options for building up passive income streams. But, many of them require some initial work first.
Focusing on just one passive income stream at a time and building it until it’s making you money is a good idea. Then, move onto your next income stream!
Have you found this article helpful? Our aim is to advice assist you in becoming independent from the 8 – 5 or the 9 – 4 hassle for the paycheck on a month to month bases. Hence, our name says, Cash Dollars Online. You can learn more about ways to make money online here, not only extra cash but a passive income.
If you got any comments or any questions, we would love to hear them in, contact us below.