Want to be sipping margaritas by the beach while still getting richer by the minute? You need passive income streams.
Passive income is exactly as it sounds: income earned from a business that can maintain itself and produce consistent revenue without much effort on your part. Of course, a business or product won’t be profitable without you putting in the work and nurturing it in the beginning. But that’s the best thing about passive income streams, though—you only have to work hard at the beginning to get them off the ground and, if you’re successful, they will require little input from you while continuously keeping the revenue flowing in.
If you want to build your wealth with passive income, the following strategies are your best bets:
1. Become a landlord
Real estate investment is one of the leading sources of passive income. When you have rental properties that are always occupied, you’ll always have a monthly income coming in. The catch is, owning a rental property requires a sizable upfront investment. But if you have the capital to build or own homes, apartments, or commercial spaces for rent, you can simply hire a property manager and collect your monthly rent.
2. Start a blog
While not as passive as other options, blogs are fairly low-maintenance and can become a medium for several income opportunities. First, you must create a blog and amass a significant number of followers. This is achievable with consistent posting and the help of SEO or search engine optimization services. Once you have a steady following, you can monetize your blog by joining affiliate programs, allowing sponsored blogs, and displaying ads.
3. Create an online course or publish an e-book
With people out of their jobs or working from home, many are looking for alternative things to do that will help them earn money. Because of this, plenty of people are learning skills from online courses and educational e-books. So, if you have practical and first-hand knowledge about a certain skill, create an audio, video, or written course about it then publish it online through sites like SkillShare and Udemy.
4. Purchase dividend stocks
A tried and true way of earning a passive income, buying dividend stocks is a great investment opportunity. You have to do your due diligence and research which stocks will have the best returns. What’s more, you might need to buy multiple stocks to generate significant revenue from them. But, if you choose your dividend-yielding stocks well, you can expect a high payout without lifting another finger.
5. Put your money in a savings account
If you want a truly passive way of growing your money, then putting your money in a high-yield savings account. This type of account has interest rates that are 20 to 25 times higher than a standard one. As long as the economy stays steady or growing, your money in your savings account can grow through interests. Traditional banks may offer high interests, but you can get the best rates from online banks.
The best thing about these strategies is you choose one or combine multiple sources of passive income. What’s more, you can also customize your income stream based on your expertise. But whatever you choose, the ones above are a great start.