Udemy is an online platform that lets its user take video courses on a wide array of subjects. Instead of being a consumer on Udemy you can instead be a producer, create your own video course, and allow users to purchase it. This is a fantastic option if you are highly knowledgeable in a specific subject matter. This can also be a great way to turn traditional tutoring into a passive income stream!
My favorite type of semi-passive income was rental property because it was a tangible asset that provided reliable income. As I grew older, my interest in rental property waned because I no longer had the patience and time to deal with maintenance issues and tenants. Online real estate became more attractive, along with tax-free municipal-bond income once rates started to rise.
If you’ve ever thought to yourself, “I wish there was a product that did this,” then invent it! Create a product, medical or otherwise, and sell it as a company or get royalties for it. It’s not impossible to figure out, I have many friends who have taken a concept to market. Don’t overlook an invention as a fantastic means of attaining passive income.
Based on my initial experience of passive income, I feel real that real estate is best vehicle to build long-term investment. I live in Los Angeles and was able to cash flow my first rental property. What are you thoughts about starting out to build a passive income portfolio? I have utilized Lendingclub, online savings, and a small dividend/bond portfolio.
Roofstock – Investing in rental properties is one of those passive income ideas that can be extremely intimidating, especially when it comes to finding tenants. Roofstock lets you buy properties with as little as 20% down that already have tenants living in them. That means you start getting paid from the first day of your investment. You don’t even have to physically visit the properties!
Affiliate marketing is the practice of partnering with a company (becoming their affiliate) to receive a commission on a product. This method of generating income works the best for those with blogs and websites. Even then, it takes a long time to build up before it becomes passive. If you want to get started with affiliate marketing check out this great list of affiliate marketing programs.
Investing is arguably the easiest way to make passive income. The problem is most investments sound good in theory but don’t work out so well in practice. And if you don’t have much experience or access to capital, let alone the time to work it all out, it can seem more or less impossible. However, there is one smart way to invest that just might work. Continue reading >
But that’s more like a fairytale. You’ll have to put in some effort to continue receiving residual income on the business you started. Talking to your managers and representatives will help them be more productive and run your business better. Marketing your online sales through social media and your network will help earn you more money. But you just won’t have to work at it as your full time job. Think of it as a part time job that can potentially bring in full time pay.
The more residual income you can build, the better off you’ll be. In fact, it’s said that the average millionaire has 7 different streams of income. By creating passive income streams that generate money while you sleep, you’ll build wealth faster and diversify the ways you’re able to make money – which helps protect you from the loss of any one individual income stream.