Why You need a Passive Income and 5 Ideas to Get You StartedPosted in Features by CashCrate Dana
by Ronald H.
There is nothing better for a good night's sleep than a (or many) stable flow(s) of income. Even better, these revenues can grow, regardless of the financial markets or the economy. This can be done in a variety of ways by which you can jumpstart your income.
This way of building wealth is something that rich people have understood a long time ago. Millionaires have on average 3 different income sources. Let your financial situation and your future income not only depend on your salary.
Increasing your income in the long term requires some more time and effort, but you can earn for much longer. One or more of these tips can get you started.
5 easy ways to make more money
-1. Own a business
A good way to increase your income is to set up a business around one of your hobbies. Most people have a hobby, passion, or something they enjoy. You can also make that a business. Make sure you get more money from your project than you put into it. And it would not be the first time that someone grows his or her own business 'on the side' into a self-employed activity.
-2. Go back to school
Nowadays there are a lot of opportunities to study outside working hours. A higher degree offers opportunities for promotion or another, better paid job. Study something that you like doing, so you’ll stick with it and ask for it so that you also get a job effectively.
-3. Request a raise
You cannot ask "out of the blue" for a raise from your boss. Unfortunately, it's not that simple. But you can work to it. There are 2 important ways to set yourself up for promotion and / or a higher pay:
• Anyone who wants to work out at a company must do more and better than the prescribed job description
• You have to climb on your own power. Focus on the company and others will start to notice you
-4. Dividend shares
There’s a good reason many wealthy people hold dividend shares: they provide extra income. And they do this different ways. In addition to a periodic payment of the dividend, these shares often also increase in value.
The 200 best dividend shares in the United States achieved an average annual return of 12.3% between 1964 and 2014. That is a full 2% more than the general equity market. Those 2% make up the difference between $ 1 million or 'only' $ 700,000 on a $ 100,000 portfolio in 20 years.
Dividend shares are often highly disciplined companies that think long term. These companies are the only way you can maintain the dividend. Many investors like such companies, even though they are not so 'sexy'. But 'sexy' is not important, making money is important.
-5. Real estate
Real estate is one of the most popular forms of an additional income. Many millionaires have (a small) share of their assets in real estate, on average about 5%. You can also allocate part of your assets to real estate through real estate funds. These real estate funds often also pay an interesting dividend or interest. In addition, you can own a diverse portfolio of real estate at the same time. Investing in real estate is much more than buying a house.
-6. Work on a passive income
Passive income is a great way to earn more money. The purpose of a passive income is that you first make an effort but you can continue to earn money without any extra effort. There are dozens of ways to build a passive income. It takes some time to reach your audience, but then everything goes by and becomes 'The Sky The Limit'.
Some examples of passive income
Do you have a hobby that you know about? Are you passionate about one or the other? Write an e-book. Do some research and start writing. Write from the standpoint that you want to help others. An eBook will not earn a lot of money instantly, but a few (dozens) of dollars here and there will be on track to richness over time.
If you do not have an eBook but a blog, you can show ads on your blog. A blog is the most popular way of building a passive income. Many people just start a blog because they want to share their hobby, passion, or travel stories. When you really can make good content, that blog can grow too far beyond your circle of friends. Then you can start making money. You can earn money through affiliate marketing, ads, sponsored content, product sales, ...
Sell your own services
You're probably good at something. That knowledge can help you to help others. You can create your own eBooks, videos, vlogs, ... about your area of expertise and sales. This takes some time and effort to make, but after that you just have to sell your product to earn something. Once you have an audience, you can also sell new products much easier.
Create a paying community
When you're really good at something, you can easily create a large number of followers through various social media platforms. You can provide these followers with additional information through a payroll portal. Pay part of your followers for articles, videos, podcasts, ... of high quality.
Create an autoreply
You can use a set response to sell products. There is software that allows visitors to your website to leave their email address and automatically receive a reply mail with a link to products you sell.
A Passive income is income resulting from cash flow received on a regular basis, requiring minimal to no effort by the recipient to maintain it. If you want financial independence or if you want to get rich, you need a least one kind of passive income.
When you set up multiple such projects, automate well, make good systems and work really efficient, it's very easy to copy these processes. So you have one process, then you build the same process in another market and have two processes for you. From then on, passive income will accumulate.
Don’t wait till tomorrow, start today. You don’t want to lose your ticket to a financial happy life do you?