There’s one tactic the wealthiest businessmen in the world have used to amass their fortunes. Do you know what this one, unifying, success tactic is? Passive income. And while many opportunities are finance- or business-related, several passive income streams are available for sharp marketers too
By having numerous passive income streams earning them money, these business leaders don’t have to focus on day-to-day tasks, but instead look at the big picture of creating wealth.
There’s little separating you from them, only the knowledge of what works and what doesn’t. To get you started and on the right track, here are 10 ways to create passive income streams for yourself.
1. Cashback Rewards
Chances are you’re not taking advantage of cashback rewards from places you frequent every day. You also may not be fully aware of what rewards are available from your own credit card company. On the road to financial freedom, leaving money on the table isn’t an option.
2. Become an Affiliate
You simply sign up for an affiliate program of any company you’re interested in and promote their products. You can do this on a website, your Twitter or even Facebook.
Talk earnestly about products you’re interested in and you will get others buying them as well. Amazon has an affiliate program which pays you a percentage when someone buys anything on the store through your link.
3. Create a YouTube Channel
For years we’ve used YouTube to watch funny videos, but it can be productive too. The first step is to start creating videos. They can be on anything as long as they serve a purpose.
Your videos will help others by sharing information, and if you link to the products as an affiliate, it will earn you money. You can also gain a following and earn money from ads displayed on your videos.
4. Become an Investor in Real Estate
Do you own any property or feel you have what it takes to fix one up? By renting out properties, you can have a check from a renter that pays every month. Every state has its own property laws, so keeping apprised of them is important.
5. Buy a Website
You don’t need to be good at making websites to earn money from them. Website owners looking to cash out will often sell their websites for 24 months of earnings. Sites like Flippa allow you to bid on or purchase websites with full earnings information available. You’ll need to do a bit of research, but the fees and difficulties of dealing with a website are far less than real estate.
6. Create a Mobile App
Even if you’re not good at coding you can buy a pre-built app or customize one for under $100. From there, it’s just a matter of submitting it to app stores and promoting your app. You can sell a game app, but you’re best having a free utility app with ads on it. Signing up for Google AdMob is free and will earn you money every time someone uses your app.
7. Financial Investments
Just leaving money lying around isn’t a prudent tactic for financial wealth. Even if it’s just a few hundred dollars, you can have your money work for you through investing it. Bonds, annuities, trusts – there are many various options to take. Speaking to a trusted financial advisor is the best bet, but don’t leave money lying around uselessly.
8. Start a Franchise Business
By owning a franchise business, you gain access to a working model that can begin earning immediately. Another advantage is having a proven track record of what to expect given how other franchise businesses perform These can be restaurants, shops, or services. There’s a lot to know about franchising, so be sure to research your options.
9. Earn Royalties
While you can film a movie or make a music CD, the easiest thing to create is a book. It can be on any topic or even be fiction, but once it’s sold you’ll continue earning money from it. Self publishing is easy and cheap with options like Amazon allowing your book to be printed on demand as well as added to the Kindle store.
10. Business Referrals
You can ask businesses you know and trust what value a customer is to them and pass along friends and family their way. They’ll be happy for the new business, and if you’re happy with them, chances are good others will be as well. It’s a win win scenario.
Imagine what your future will look like a year from now if you begin growing these passive income streams. It’s entirely possible to change your entire situation just by reevaluating what it is you’re doing right and what you’re doing wrong. Take action and results will always follow.