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You can work your ass off to earn money but youll never get anywhere until you start making passive income. I make money on seven different income sources but some of them take a good deal of work.
Passive income is money you earn from a solution or an investment in which you dont have to do any more work after you put this up. That means consistent cash flow each month if youre working or not.
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Thats the only true way to financial freedom. Passive income is the only way that you will be free of worrying about money and the only way that you could ever reach financial independence.
Im going to discuss my seven favorite passive income sources, income flows I use to create money each month. Now Im not going to sugar coat this, a few of them are going to take work but will mean thousands per month you can count on.
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Im going to start with the easy passive income ideas, the ones you can begin making money on immediately and will work through into the ones youll make the most money on as we proceed through the list so make sure you stick around to catch those last couple of passive income strategies. .
Our first facet hustle idea is with deal websites like Swagbucks and TopCashBack. Now these are actually two different kinds of passive income ideas because theyre different kinds of websites.
Swagbucks is a get-paid-to website so you get paid to do things like take surveys, play video games, watch movies and try out free product samples. Doing each of these, you earn points which are ordinarily convertible to one hundred points for a dollar.
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Now this isnt something thats going to make you rich but you can earn some legit money for less than an hour of your time. Swagbucks users have redeemed over $344 million in benefits for gift cards and Amazon rewards.
Now Ive been using Swagbucks for a little while and have found the money works out to just under $2 an hour this isnt something thats going to make you wealthy. Youd have to work 2,500 hours to make $5,000 so thats about three and a half months, non-stop. The thing with Swagbucks though is that you can do it when youre doing something else so I flip through surveys and other stuff while Im cooking dinner or flipping channels. .
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TopCashBack is an online shopping money back site in which you get a percentage discount on anything you buy online. What you do is start at the TopCashBack website then click through one of those 4,000 retailers using a cash back program.
These are everything from Nike to Home Depot and you get from 3% to 25% cash back on anything you purchase. Youre still shopping right on the retailers website so that you get the rest of the discounts and deals they offer, you simply get an additional bonus for going through the TopCashBack site . .
TopCashBack is somewhat better with the ordinary money back around 6 percent of your purchase so if you spend $1,000 online youre going to get $60 back. Again, not something thats going to make you wealthy because you need to buy stuff to get the money back but its free money on the things you were going to buy anyway. .
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Our next passive income notion is blogging. Im not a huge fan of the term blogger because it sounds like youre only writing random notes on a website. In reality, owning your own piece of digital real estate is large money.
I began my own websites in December 2014 and broke $5,000 per month just a couple of decades later. I averaged $5,500 through anonymous 2017 and thats not including side holiday work I did freelancing.
Blogging is going to take work starting out. That path to $5,000 per month didnt happen overnight but just like property development, it build up an advantage that now generates constant cash flow whether I work or not. I get over 30,000 visitors a month from Google search rankings, rankings that'll continue to send traffic even when I take a little time away. .