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You can work your ass off to earn money but youll never get anywhere until you start making passive income. I make money on seven different income sources but a number of them take a lot of work.
Passive income is money you make out of a solution or an investment in which you dont have to do any more work once you set it up. That means consistent cash flow each month if youre working or not.
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Thats the only true way to financial freedom. Passive income is the only way you will ever be free from worrying about money and the only way you could ever reach financial independence.
Im going to discuss my seven popular passive income sources, income streams I use to make money each month. Now Im not going to sugar coat this, a few of them are going to take work but may mean thousands per month you can count on.
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Im going to start with the easy passive income ideas, the ones which you can begin making money on immediately and will work through to the ones youll make the most money on as we proceed through the listing so be sure to stick around to grab those last few passive income plans. .
Our first side holiday idea is with bargain sites like Swagbucks and TopCashBack. Now these are actually two different kinds of passive income ideas since theyre different kinds of sites.
Swagbucks is a get-paid-to website so you get paid to do things such as take surveys, play video games, watch movies and test out free product samples. Doing each of them, you earn points that are usually convertible to one hundred points for a buck.
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Now this isnt something thats going to make you rich but you can earn some legit money for less than an hour of the time. Swagbucks users have redeemed over $344 million in rewards for gift cards and Amazon rewards.
Now Ive been using Swagbucks for a while and have found the money works out to just under $2 an hour this isnt something thats going to make you wealthy. Youd have to operate 2,500 hours to make $5,000 so thats approximately three and a half months, non-stop. The thing with Swagbucks though is you can take action when youre doing something else so I flip through surveys and other stuff whilst Im cooking Recommended Reading dinner or even flipping channels. .
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TopCashBack is an online shopping cash back site in which you get a percentage discount on anything you buy online. Everything you do is start in the TopCashBack website then click through one of those 4,000 retailers with a money back program.
All these are everything from Nike to Home Depot and you get from 3% to 25% cash back on anything you purchase. Youre still shopping right on the merchants site so you get all the other discounts and bargains they offer, you just get an extra bonus for going through the TopCashBack site first. .
TopCashBack is somewhat better with the average cash back around 6 percent of your purchase so in the event that you spend $1,000 online youre going for $60 back. Again, not something thats going to make you rich because you have to buy stuff to get the money back but its completely free money on the things you were going to buy anyway. .
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Our next passive income notion is blogging. Im not a huge fan of the term blogger because it sounds like youre only writing random notes on a website. In fact, owning your own piece of electronic real estate is large money.
I started my own sites in December 2014 and broke $5,000 a month just two years later. I averaged $5,500 through 2017 and thats not including side holiday work I did freelancing.
Blogging is going to take work starting out. That path to $5,000 a month didnt happen overnight but just like real estate development, it build up an asset that now generates constant cash flow if I work or not. I receive over 30,000 visitors you could look here a month from Google search rankings, rankings that will continue to send visitors even when I take a little time away. .