6 passive income streams you can start today
If you've ever been online and typed in your browser 'alternative sources of income', then there is no doubt you will have come across the above terminology, along with other headline tags such as “earn money while you sleep”
But, just what are these other sources of revenue? Read the list below and see which ones spark an interest. Who knows, even if you still can't give up your day job, at least you have something that can supplement your main income.
Start a blog about something that you are either passionate about or have some some expertise of. Just go online or on any social media platform especially Instagram or Facebook and you will see a multitude of 'influencers' and 'thought leaders' who are much sought after by major brands that want to connect with the bloggers tens of thousands or so followers.
There are bloggers out there that have been working very hard and providing tonnes of value consistently that are making in excess of $100, 000 plus per month. If this sounds like it could work for you, why not try some of the popular blog ho or sting sites out there such as Wordpress.org, Bluehost, Ghost, Drupal or Joomla.
Rental property. You can't fail with bricks and mortar as they say. Why? Because we all need a place to live so there is always a demand from people looking to buy or rent. One of the best ways to do this is by investing in a 'turn key' property. A turn key property is one that is 'fully renovated and is ready for an investor to purchase and rent out immediately'.
The estate agents responsible for negotiating these sales will often provide property management services that handle administrative tasks such as collecting rent, documenting and paying for maintenance and repairs and forwarding rent money to you. Because you will be hiring management serives to take care of the property, it's possible to have multiple assets since you do not physically have to be there to take care of them yourself.
Join an affiliate programme. One of the best known is Amazom.com affiliates where you advertise products from Amazom on your website and once a visitor clicks the link it takes them to Amazon's site. Once they make a purchase you will receive a percentage of that sale within 24 hours.
One method you can try is creating a product curation platform where you can focus on curating proucts related to a particular lifestyle, occasion, topic or whatever niche you are interested in.
Combine this with good quality content, a great page layout, engaging feeds, tips and advice then reap the rewards.
Create an online course based on a skill or expertise you have. Teaching a skill one on one is great because of the hands on approach that you can offer and there are certain things you can convey that just wouldn't be possible doing distance learning from a web tutorial or because of the equipment required e.g golf or martial arts.
However, online tutorials for things such as creative writing, motivational speaking, arts and crafts and cooking for example, are all skills people can either watch quite easily in their spare time, at home or even lunch periods etc. Presenting your expertise online means you can reach multiple people. Then add to that the reach that social media gives you and in no time you could be getting serious engagement from visitors to your site. You could then add affiliate programmes to your page, pay-per-click advertising or premium content and services. From podcasts to webinars, there are so many ways you can create content that makes you an income with little to no work on your part.
Create an app. When you see crazy numbers like Whatsapp being sold for $19 billion or Instagram for $1 billion then you should seriously consider that crazy idea for an app that you've been shrugging off with that 'But it'll never work' mindset. Sure, most of us will never create soemething that will be snatched up for gargantuan sums of money like that, but with due diligence and research, you can find out whether there is a demand for that app service that's been kicking inside your head. Once you have established that your app is going to revolutionise planet Earth then why not jump on an app building site like ibuild.com or idearoute.com and get started?
Join a web based lending club, or what's also known as peer to peer loans. Peer to peer lending is basically a service where investors can sign up then deposit a lump sum of cash which can then be loaned directly to registered borrowers. The amount will vary depending on the service provider. You have an option of either lending that money out as one major transaction which tends to carry more risk or you can spread your money out, making multiple investments with smaller units of cash. Because the service is non-bank operated and is direct from you, the investor, to the borrower naturally the yields are much higher (can be up to 10%) than other traditional interest bearing instruments i.e. treasury securities and bank certificate deposits but at the same time there is a higher risk of default so ensure that you consult an advisor before you make a start. A good platform to start is www.lendingclub.com