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In this episode we are discussing 18 opportunities to make passive income, but first, what is passive income?
In my own words, passive income is revenue gained from doing no work, or from doing the work once, and investing the time and money once to get paid multiple times.
Passive income is important because it’s money you can make while you’re on vacation, sleeping, on the weekends, or during the holidays. Because you already put in the work, time, investment once, you can now reap the financial rewards over and over.
Let’s get into this!
I have to admit, this is an area where my knowledge wanes, but I know there is a lot of money to be made and lost in investing. Whether we are talking about the stock market or cryptocurrency, you need a lot of knowledge to get into investing seriously. You can hire a financial advisor to get you headed in the right direction.
If you just want to dabble a little with investing, you can use an app on your smartphone like Acorns. It takes the change left from your debit and credit card purchases and invests it for you.
2. High Yield Savings Accounts
If you’re looking for a safe investment, try a savings account. Sure, it’s boring, as you just deposit your savings and let it accrue interest, but you won’t lose your nest egg in the process.
You’ll most likely get a better interest rate from an online bank like Everbank or Synchrony.
3. Monetizing Things You’re Already Doing
For example, you can use an app like Adme to earn money each time you unlock your phone screen.
How much can you make?
With some apps, you can make $7 to $15 per month. That’s a Netflix subscription, my friends.
To earn from normal activity both on your computer and mobile device, try Swagbucks. It’s one of the older, more trusted companies that pays you to take surveys, watch videos, try things like Dollar Shave Club, and search the web.
4. Credit Cards with Rewards Programs
Whether it’s frequent flier miles or points that convert to cash, it’s free money on spending you were going to do either way. That’s a no-brainer.
5. Sell Your Photographs
Did you know that you don’t have to be a professional photographer to sell your pictures? Most high-end cell phones these days pack a high-quality camera, and there are apps where you can sell your photos for a decent chunk of change.
For example, Clashot will sell your photo for up to $80 and pay you a percentage. Foap also does the same thing.
There are also websites like iStockPhoto that will pay you commissions on photo sales. There are many sites like it as well.
Let’s think about this for a second…
If you utilized money-making apps on your phone and did activities on sites like Swagbucks that made you just $15 per month, in 2 years, the length of most cell phone contracts, you would earn $360 toward a new phone purchase. That’s not too shabby.
This is one of my personal favorites and a passive income method that I am well-versed in. In fact, stay tuned and subscribe because I will be discussing self-publishing in detail in the next episode of The Candid Cashflow Podcast.
For that reason, I’m not going to cover it here in detail.
7. Real Estate Investing
This is an area that has interested me since I was a teenager. I come from a humble background. When I was 4 years old, my dad retired from 20 years in the Air Force.
For my entire growing up, we rented our homes until 1994 when Dad bought our first home, a trailer. We actually ended up in a nice park with spacious lots. The landlord lived just 50 yards or so away.
She had 13 to 14 lots in this one park with lot rent set about $150 to $200 per month. I saw this as an ideal way to generate income. She wasn’t responsible for any maintenance on the homes themselves like one would be with a house or an apartment building.
In addition, you can create a splash screen , lay in your audio file, and upload to multiple video sites. On top of all of that, you can transcribe your audio into a blog post. As a general rule, many podcasts also have downloadable show notes in PDF format.
The opportunities are endless.
That’s a Wrap
Whew! That was a ton of stuff in a short amount of time. Be sure to grab those notes linked above.
I’ve set up a mailing list. I’m being very selective about what I’m sending out, so I hope you will consider subscribing. You can do that here.
The most you’ll ever receive would be 2 emails a week if I’m running a promotion or or something. Most of the time it will just be a newsletter.
That’s going to do it for this episode…
Until next time, turning your passion into cashflow!