How many active streams of income do you have? It’s an often repeated saying that millionaires have at least seven active streams of income. Obviously, they don’t work at seven different jobs, so where does the money come from? It comes from passive income to increase and build upon their wealth.
What Exactly is Passive Income?
Passive income is money that you make without exchanging direct time or effort for it. Instead of going to work and receiving a paycheck, passive income is made even when you’re not actively working. Sounds amazing, right?
However, one of the big myths of building a passive income stream is that it’s easy. If it were, everyone would do it!
Don’t let that deter you – it takes a little work to build up the passive income stream, but once you do, you’re well on your way to financial freedom! There are lots of ways to take a step today to start your journey towards passive income streams, and every journey begins with that first step!
The Two Roads to Freedom
Passive income doesn’t come from nothing – it is either achieved by investments of money or investments of time and effort. If you’re missing one, then you’re going to need the other to get started. For me – time and effort were the only options. I’d love to show you some of the ways to do both – and you can decide what will work best for you! I’ll let you know my favorite way below, and how it’s been helping me build my way out of debt!
Most people earn their money through active income – exchanging their time, skills, and knowledge for a set dollar amount. This is a totally fine way to earn money – as long as there is an understanding that there is a limit as to how much money you can realistically earn that way. If you’re looking to expand your earning potential, (don’t quit your day job just yet!) look below for some options. You’ll find my favorite suggestion below.
If you simply don’t have the time, and can’t put in the effort, and happen to be sitting on a decent amount of idle money, there are plenty of ways to help your money grow. If you are like me, and more of the “time and effort” option, scroll down!
- Invest in crowdfunded real estate
- Rent out a room in your house
- Purchase an investment property
- Open a high-yield savings account
- Peer to Peer Lending
- Invest in dividend-paying stocks
Time and Effort:
These methods are going to require a bit more investment of yourself. Don’t worry – they’re still totally possible if you work a full time job, have kids, or go to school. It will just require a bit more discipline.
- Affiliate Marketing
- Start a Youtube Channel
- Start an advertising agency
- Create and sell an online course
- Build an e-commerce website
- Sell stock photography online
- Put your car to work for you
- Write an e-book
There’s a Reason I Listed This First:
Affiliate marketing is an amazing way to follow your passions. You are not going to succeed in the online world unless you love what you do, and there is a niche for everyone. Affiliate marketing is all about creating content that you love, and supporting businesses that you know are going to offer quality products.
For example, on my niche website: www.ThreadArtProducts.com, I teach people about all kinds of embroidery, knitting, crocheting, and lace. I love teaching the history of these items, techniques, and reviewing tools that are sometimes hard to choose between. I help other fiber artists – and you can help others with anything from outdoor activities to gaming to weight loss!
There are plenty of affiliate programs out there, but only one has a community of people who are active, kind, knowledgeable, and who mentor you as you start this journey: Wealthy Affiliate.
Wealthy Affiliate has been around since 2005 and has grown into a community of hundreds of successful people – each one using affiliate marketing to share their passions with the world in positive ways. The two owners, Kyle and Carson, are very involved in the day to day workings of the site, and better yet – haven’t changed the price in 12 years!
For free, you get websites, ongoing and past training, and support from the community – definitely enough to get you started! For a discounted rate, you get to try out all of the premium supports, which are incredible – from your own hosted .com website to research tools, access to media, and tons of helpful training, including feedback from members about your site. If you don’t decide to become a premium member, well, you don’t have to! You can still start your business using free membership!
You’ll learn all about what affiliate marketing looks like, how to avoid the scammy pitfalls, and how to build relationships with affiliates like Amazon – and actually, get paid for it! Wealthy Affiliate doesn’t coat the hard news though – you’re going to need to work, and work hard at first! That extra work represents your escape from the 9-5 and the beginning of your life with financial freedom.
If you’re ready to take the first step, you’ll find people waiting to help mentor you all the way through your journey. From creating a website that shows your passion to setting up your affiliate marketing platforms and writing your content, Wealthy Affiliate has training, support, and encouragement to keep you on the right track.
If you’re looking for research tools, Wealthy Affiliate has one built in! Networking? Built in! Live chat support? Built in! The scariest thing about starting something new is wondering if you’re going to be alone as you do it – and you definitely won’t be lacking for stories of experiences just like yours. It’s only one way to start your supplement to your day job, but it works for anyone who is willing to invest the time. If you have questions about any of my options above or Wealthy Affiliate, click the link or leave a comment below! I’d love to personally chat with you about it!