Why don’t most people have sources of passive income? It’s usually because they haven’t built anything first. You don’t just magically get passive income. First, you have to create something that generates it. Today I’m going to break down my 7 sources of passive income and tell you the biggest mistakes people make when building them.
Imagine that you own a house that you rent out. You’ll get rent cheques every month regardless of what you are doing. You don’t have to exchange your time to generate it, but it takes time to build these assets. You have to build it properly before you can see the dividends. So, which source of passive income is right for you?
First up there’s digital products. Take what you are already good at and sell it online.
The second source is software. You can create apps or browser extensions; you don’t need to be a developer. You can invest in hiring someone who can do it.
The third source is affiliate income. This is where you refer customers and receive a cut of what the customer pays your affiliate.
The fourth source is credit card rewards. Trust me, if you are spending thousands of dollars each month on marketing and recouping it from customers, the cash back rewards add up.
The fifth source is ad revenue. For example, if you have a YouTube channel, you get a mailbox cheque each month for ads they run on your site.
The sixth source is forced appreciation. Buying property low and selling high.
The final source is rental income. If you travel or have multiple properties, put them on Airbnb.
Remember that passive income takes time to build. Put the work in and see how you can grow your revenue.
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