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You can work your ass off to make money but youll never get anywhere until you start making passive income. I make money on seven different income sources but a number of them take a good deal of work.
Passive income is money you earn out of a solution or an investment in which you dont have to do any more work once you put it up. That means consistent cash flow every 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 ever be free of worrying about money and the only way that you could ever achieve financial independence.
Im going to share my seven favorite passive income sources, income streams I use to create money each month. Now Im not going to sugar coat this, some of them are going to take work but may mean thousands per month you can count on.
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Im going to start with the simple passive income ideas, the ones which you can start making money on immediately and will work through to the ones youll make the most money on as we go through the listing so be sure you stick around to catch those last few passive income plans. .
Our first side hustle idea is with deal websites like Swagbucks and TopCashBack. Now these are actually two different kinds of passive income ideas because theyre different types of websites.
Swagbucks is a get-paid-to website so you get paid to do things such as take surveys, play video games, watch helpful site videos and test out free product samples. Doing all these, you earn points that are usually 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 the time. Swagbucks users have redeemed over $344 million in rewards for gift cards and Amazon rewards.
Now Ive been using Swagbucks for a little while and have found that the money works out to just under $2 an hour so this isnt something thats going to make you rich. Youd need 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 take action when youre doing something else so I flip through polls and other things while Im cooking dinner or even flipping channels. .
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TopCashBack is an online shopping money back site where you receive a percentage discount on anything you buy online. What you do is start in the TopCashBack site then click through one of those 4,000 retailers using a cash back program.
All these are everything from Nike to Home Depot and you also get from 3 percent to 25% cash back on anything you buy. Youre still shopping directly on the merchants website so you receive the rest of the discounts and bargains they offer, you simply get an extra bonus for going via the TopCashBack site first. .
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 rich as you need to buy things to get the cash back but its completely free money on the things you were going to buy anyway. .
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Our next passive income idea is blogging. Im not a big fan of the term blogger because it sounds like youre just writing random notes on a site. In reality, owning your own piece of electronic property is large money.
I began my own websites in December 2014 and broke $5,000 a month just click over here now a couple of decades later. I averaged $5,500 through 2017 and thats not including side hustle work I did freelancing.
Blogging is still going to take work starting out. That route to $5,000 a month didnt happen overnight but only like real estate development, it build an advantage that now creates constant cash flow whether I work or not. I receive over 30,000 visitors a month from Google search rankings, rankings that will continue to send traffic even if I take a little time away. .