Monday 16 January pm How to earn additional types of income income: 22 ways to create multiple streams of income Making money while you sleep. Has a nice ring to it, doesn't it? I know I didn't. Plus that wasn't as appealing as making money while I was trading time for money.
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For that, you may need some passive income ideas — ways to make money with little investment of time and effort on your part. Here's a list of quite a few passive income ideas, so it's likely that you'll be able to find at least two or three that will work in your situation. Try out index additional types of income. Index funds provide you with a way to invest in additional types of income stock market that is completely passive.
All that will be handled by the fund which will base the fund portfolio on the makeup of the underlying index. You are also free to choose a fund that is based on any index that you want. For example, there are index funds set up for just about every market sector there is — energy, precious metals, banking, emerging markets — you name it.
All you have to do is decide that you want to participate, then contribute money and sit back and relax. Your stock portfolio will then be on automatic pilot.
Make YouTube videos. Tap into youtube Source: Getty This is additional types of income venture that is growing rapidly. You can create videos in just about any area that you like — music, tutorials, opinions, comedy, movie reviews — anything you want.
You can then attach Google AdSense to the videos, which will overlay your videos with automatic ads. When viewers click on those ads, you will earn money from AdSense. The keys will be to create compelling videos, to promote those videos on social media websites, and to create enough of them that your income will be coming from multiple sources. There's a good bit of work that goes into creating videos, but once a video is done it can become a completely passive cash flow source for a very long time.
Don't think you can find success with YouTube? You sure can.
You need to have money already to benefit from some of these income streams. Earned Income Earned income is your primary income stream through a job. The majority of us start here, and many go no further. For most, earned income is very limiting and has attracted the acronym, Just Over Broke! In other words, you earn just enough to survive.
Emily Eddington used her love for makeup and YouTube to quit her full-time job. She has received over 66 million views on YouTube. This former morning news anchor took her passion — makeup — and turned it into a phenomenal success. Try affiliate marketing and make sales. This is a passive income technique that is better suited to people additional types of income have blogs and active websites.
How to earn passive income: 22 ways to create multiple streams of income - CityAM : CityAM
You can sign up to promote certain products or services on your site, for which you will be paid either a flat fee or a percentage of the amount of the sale completed. This isn't as hard to do as you might think, since there are thousands of companies in the world who want to sell their products in as many places as they can.
You can find affiliate offers either by contacting vendors directly, or on dedicated websites, such as ClickBank. It's always best if the product or service is one that you are either very interested in or is highly relevant to your website. Put your photography to work on the web.
Convert your photography into income. Source: Getty Do you like photography?
If you do, you may be able to convert it into a passive income source. Photography websites such as Shutterstock and additional types of income can provide you with platforms to sell your photos. They may offer either a percentage or a flat fee of each photo that is sold to a site client. In this way, a single photo could represent a cash flow source since it can be sold again and again.
You simply need to create your photo portfolio, put it on one or more photo platforms, and then the activity becomes completely passive. All the technicalities of the photo sales are handled through the web platform.
And yes, that's me in a stock photo you can purchase from iStockPhoto. My good is a photographer and has uploaded a few hundred photos to their platform and makes a good residual income from it.
Purchase high dividend stocks. By building a portfolio of high dividend stocks, you can create regular passive income at an annual rate that is much higher than what additional types of income get on bank investments.
Just as important, since high dividend stocks are stocks, there is always the potential for capital appreciation. In that way, you can earn passive income from two sources — dividends and capital gains. You will need a brokerage account to purchase these stocks and complete the research needed. Write an ebook. This can be a lot of work upfront, but once the ebook is created and marketed it can provide you with a passive revenue stream for years. You can either sell the ebook on your own website or offer it as an affiliate arrangement with other websites that provide content related to your ebook.
Get cash-back rewards on credit cards. You're going to be out shopping and buying anyway, right? We recently started being mindful of collecting reward points on our cards especially since we like to travel. In the past year we've been able to additional types of income our reward points to pay for 9 round trip flights and few nights in a hotel.
Now that's what I'm talking about! Sell your own products on the internet. The possibilities here are endless — you can sell just about any product or service that you like.
It could be a product you have created and can manufacture on your own or it could be digital in nature such as software, DVDs, or even instructional videos. You can set up a dedicated website for this product or service, unless of course you have a website or blog already in place. Alternatively, you can also sell it on an affiliate basis, either by offering it direct to websites and blogs related to your product or service, or through a platform such as ClickBank.
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If you make a lot of money in your current job and you're not sure that you can make a similar amount by selling products online, think again. In our podcast interview, Steve explained how his wife quit her job to become a stay-at-home mom. Now, being a stay-at-home mom is a full-time job — but Steve Chou's wife also started an online business that replaced her former salary and started bringing in a six-figure income!
Wow, right? You can learn to sell products online too and make quite a bit buy Skoda for trading money. While it's not entirely passive, it's certainly more passive than getting up and heading out the door to work every morning! Invest in real estate Consider property investment Source: Getty This probably falls more in the category of semi-passive income, since an investment in real estate is always at least a little bit of an active venture.
Still, once you have a property that is established and fully rented, it's mostly a matter of managing the property and keeping it performing additional types of income. This professional management can make the investment much more passive, but will take a bite out of your cash flow. According to Brandon Turner, an active real estate investor and co-host on the popular BiggerPockets Podcast, The key to success with rental properties is buying smart.
Not every property is going to provide a good return or prove to be passive.
WhatsApp I talk a lot about having multiple streams of income. Researchers have even pinpointed a statistic: millionaires, on average, have not just one, but seven streams of income. Now, when I read that, being the critical thinker I am, a few questions came to mind. Second, are those seven types of streams, or could those seven streams be in the same category for example, real estate?
Understanding how to analyse potential real estate opportunities is incredibly important. As the old adage goes — you make your money when you buy! Another benefit of investing in rental properties is the loan pay down. If you obtain a loan to buy the property, each month your tenants are paying off part of the loan. Once the mortgage on the property has been paid off, additional types of income cash flow will increase dramatically, allowing your mediocre investment to skyrocket into a full-fledged retirement program.
It wouldn't take many paid-off properties to provide a pretty great, and mostly-passive, future for you and your family. Buy a blog. Thousands of blogs are created every year, and thousands are either completely abandoned by their owners sometime afterward. If you can buy blogs with a reasonable amount of web traffic — as well as a demonstrated cash flow — it could be a perfect passive income source.
Most blogs employ Google AdSense, which provides a monthly revenue stream based on ads that Google places on the site.
There may also be affiliate programs generating additional revenue. Both income sources will be yours once you purchase the blog. From a financial perspective, blogs usually sell for 24 times their monthly income.
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You may even be able to purchase the site for less than 24 months' earnings, if the site owner is particularly anxious to get out. Bonus tip: If you were to buy such a site, and then to reinvigorate it with fresh content, you may be able raise the monthly revenue enabling yourself to sell the site at a later date for substantially more than what you paid for it.
Finally, instead of buying a blog, you might want to create your own blog.
You can make some money either way! Pay off a credit card or two or three.
The goal is to maximize your primary salary to a point where you are generating enough free cash flow to reinvest in secondary income streams. How do you do this? Well, try to get the highest paying job you can! Ask for a raise! Utilize services, such as Glassdoor.
Reducing a fixed expense is the financial equivalent of additional types of income passive income. This is certainly true when it comes to credit cards. Good deal?
1. Try out index funds.
Write a book and collect royalties. Much like writing an ebook, there's a lot of work upfront. But once that's done, and the book goes into the sales stage, it becomes a completely passive venture. This is especially true if you can sell the book to a publisher who will pay you royalties for the distribution and sale of the book.
You'll get a percentage of each sale made, and if the book is fairly popular, the royalties could be substantial. Just as important, the royalties can continue flowing for many years. Mike Piper from OblivousInvestor.
He wrote a book, Investing Made Simple, which was sold strictly on Amazon. He had decent success with the first book that he created an entire series of book. Those books now net him over 6 figures per year.