Passive income is highly sought after and often misunderstood.
Passive income streams require an upfront investment and a lot of nurturing in the beginning. After some time and hard work these income streams start to build and are able to maintain themselves, bringing you consistent revenue without much effort on your part.
Speaking from personal experience, adding passive income streams to your portfolio can help you increase your earnings and accelerate your financial goals in tremendous ways. For example, getting started with real estate with Fundrise for just $500 can accelerate your income and your other goals.
For example, you can use passive income streams to help you get out of debt or achieve financial independence sooner.
If you want to get started earning passive income here’s what you should know first.
Before we get into the passive income ideas I think it’s a good idea to first clear up a couple of misconceptions. Although the word “passive” makes it sound like you have to do nothing to bring in the income this just isn’t true. All passive income streams will require at least one of the following two elements:
1) An upfront monetary investment, or
2) An upfront time investment
You can’t earn residual income without being willing to provide at least one of these two. Because it’s important to remember what passive income is NOT. Passive income is not your job, it’s not freelancing, or working online. Passive income is doing something once, then earning rewards from it into the future.
Passive Income Ideas Requiring an Upfront Monetary Investment
These types of passive income require you to invest money up front to generate the passive income later. The more you dream to make the more investment is required at the start.
1. Take online surveys
Giving your opinion and taking part in market research can be an easy way to make money online. Some of the more popular survey sites include Survey Junkie, Swagbucks, OneOpinion, Opinion Outpost and Ipsos iSay.
Find out how you can make a few extra bucks from home by taking online surveys now!
Keep in mind: These won’t bring in huge earnings. Swagbucks says its members earn about $1 to $5 per day. Just make sure you do some research before you get started or commit to participating in any online surveys.
2 Sign up for a gig-working platform
There are several platforms designed for online gig work. For example, Amazon Mechanical Turk is a place you can take on small tasks for businesses across the globe. They might include moderating content, taking a survey or transcribing audio.
3. Start a blog
Blogs aren’t just for fun these days. They can be quite the moneymaker when done right. The key is to pick your niche, build your audience and then monetize the blog. Just remember: Building a following can take some time, so be patient.
You can do this through affiliate marketing, which earns you a commission when someone clicks a monetized link or buys a product that’s promoted on your blog. You could also try selling and displaying ads on your site. You can use a tool like Google Adsense to get started with the latter.
Now the absolute huge money maker is to join a platform where the content can be done for you so that you can start earning through affiliate links.
To join such a platform CLICK HERE
Source The college investor, CBS News
The more you dream to make the more investment is required at the start.
