Having financial freedom is essentially the ultimate goal of everyone. One way to achieve this is to have a passive income stream. Basically, a passive income stream refers to a situation where you only contribute to the initial investment, after which you either provide little or no upkeep to the investment. A good example is owning a rental property. After fixing it up and getting a tenant into it, you can comfortably sit back and wait for the cash to flow into your back accounts.
As you are aware by now, in order to achieve absolute financial freedom, you require some sort of initial investment; this is either the investment of time, money, or both. We will therefore look at different ways of creating a passive income under those two categories.
Creating Passive Income through the Investment of Time
Essentially, this involves spending some extra time to concentrate on an investment that will progressively bring in income over time. Your creativity, energy and commitment are therefore the most essential components to these types of investments. Without further ado, let us look at a few options.
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Blogging
Blogging has become very popular as a good way of building passive income. However, we cannot deny the fact that you have to work very hard initially in order to attract more people to view your blog(s). Once your blog starts receiving high traffic and better internet rankings, more and more opportunities such as an affiliate marketing and direct advertising, will start presenting themselves, and ultimately you will start getting a sizeable income.
Website Services
If you are skilled and good with websites or other digital content, then you could sell your services using a broker such as 99design or Upwork, or you could use your own sources including channeling your services through eBay.
Freelance Writing
If you have dazzling ideas or subjects you want to write about; or if you are very talented or gifted in writing but are unable to start your own website, then you can use your writing skills on some popular websites such as eHow, iWriter among others, that pay their writers for quality and exceptional articles.
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Taking Paid Surveys
As a result of high competition in the market, most marketing companies offer a chance to fill some detailed information about their products and services to assess market trends and other information. In return, they can pay significant amounts of money for simply giving your opinion. In fact, surveys are regarded as the simplest way of making money for doing almost nothing.
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App Development/Creation
Due to the rapid advancement in technology, most people are demanding more sophisticated apps for their smartphones. Unlike full scale program software, apps are easier to produce and therefore you can make your own app and put it on sale on popular marketplaces such as Apple or Amazon.
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Developing Static Websites
Basically, a static website provides information about a particular topic, product, idea, etc. After developing a static website, you can easily come up with mechanism of generating revenue such as direct advertisements, product sales, and affiliate links to Amazon among others. When all that is in place, you can allocate more time to develop more and more links so that goggle can easily find the website.
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Creating eBooks
You can write eBooks using Google docs, Ms Word or Pdf and then sell them through popular distributors such as Amazon or eBay. All of these requires a little bit investment of time and resources in the beginning, but if done right, can pay back many times over.
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Investment of Money
This simply involves contributing some initial capital toward an investment with the purpose of generating a steady passive income. The some common ways include:
Investments in Annuities
Annuities are generally the type of investments that you purchase from an insurance company with the aim of receiving significant amounts of money yearly for the remaining part of your life.
Purchasing Dividend Bearing Stocks
This is absolutely one of the best ways of creating an income stream especially if you buy stocks from a stable and productive company. You may also invest in an index that simply spreads your investment over more companies and hence less risks although lower returns.
Treasury Inflation Protected Securities
These are simply bonds that you can buy from the government and in return receive some regular income. Although the rates are quite low, you can easily sell the bonds at a higher price at maturity.
Lending to Peers
Peer-To-Peer lending has become very popular especially on the internet whereby if you have a substantial amount of money, you can lend to your peers at very high interest rates.
Certificate of Deposits (CDs) Or Savings Account
You simply deposit a lump sum of money with a commercial bank and pull it out occasionally when you need it. If you are looking for steady passive income streams, then you now have a wider variety to choose from that will ensure you are one step closer to your financial freedom.
In the end, Passive income refers to money that a person or business makes without investing a lot of time in return. With above passive income ideas, you’re literally making money by doing nothing.
If there’s anything you think I’ve missed – talk to me in the comments below!
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Thx