![]() I use the platform I built through my YouTube channel to sell books, workshops, freelance services, and more. #1 – Build an online presenceīe it a blog, a YouTube channel, an Instagram dedicated to your skill or interest, or any other type of content, having a platform to sell things to can make a huge difference for any business endeavor you’re interested in trying. There are countless streams of passive income, but I’m going to talk about seven big ones you should jump on today if you want the freedom of making money while away in the future. So how do we get started? What are the ways to generate those passive streams of income? How to make passive income? An initial investment of time and effort can pay off Big in the long run. ![]() Even if you can’t completely live on passive income streams, they will give you more room to tread in a flood.Īs you can see, passive income is never a bad idea. ![]() If you lose your job today, where does that leave you? Do you have a savings buffer? What if you burn through it before you’re able to be employed again? Having passive streams of income expands your safety net between monetary stability and poverty. ![]() Even with a regular job, nothing is permanent and nothing is guaranteed. If setting up alternative income streams can cut the number of hours you work so you can use that to spend time with family and friends, fix up your house, or just have more fun, why wouldn’t you do it? Time is our most valuable commodity, so the more you can free up, the better. Maybe you don’t invest the money for extra things–maybe you just allow yourself to work less. More time to devote to things you actually care about.No matter what you’re using it for, the extra money that doesn’t cost a ton of time and effort will never make your life harder. Or maybe it’ll just grease the wheels in your monthly expenses. Maybe it goes to a savings account for vacations, or even adopt a dog. Perhaps you stream your passive income directly into a retirement fund. Extra money! Who would say no to some extra, practically effortless cash? It can give you more financial independence, flexibility, and safety.It’s hard to imagine a situation right now that couldn’t be improved by a passive income stream. If you’re busy taking care of family and others, a more passive stream of income would free up the time you’d be committed to a traditional form of income. You can simply take advantage of the extra time people have on their hands by providing entertainment or engagement with your product or service. A global pandemic is a great time to be secure: you’ve been laid off and need an alternate source of income until you find a new opportunity. Because of COVID-19, passive income is more relevant than ever.So we know what passive income is–why do you care? Is it something you can do yourself? Why spend the time and effort creating a passive stream of income when you already have a regular paycheck? WELL– Many people even go into early retirement through passive income streams like writing and publishing a book, or other means. It can be a great supplementary income, a way to free up valuable time, and it can give you room to have a flexible schedule and build the life you’d rather have. You’ll almost definitely have to do a bit of work at the start-up to get things rolling, but ideally, passive income will require very little upkeep in the long run. It’s income that requires little to no effort to earn and maintain. Passive income is regular earnings from a source other than an employer and accumulates without your need to be actively working.
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