Vehicles to Generate Passive Income
In order to generate enough passive income, you need to find ways to generate income while doing little more than occasional maintenance. It may require some time and money to get started, but once you have established these small passive income generating businesses, you can let them go and they will generate income that will definitely help you get out of the rat race.
Some options to generate passive income
– A good first step is affiliate marketing. In essence, you create at least one website and post ads on your site that drive business to another site. This is called Google AdSense. When people click on the ads, you get paid. A variation on this is to use the ad to drive business to a site that sells merchandise, and then you get a percentage of what the person buys there. It can be profitable, but it is the slowest method so it requires patience. A good point about this method is that it costs very little to get started.
– A step up is actually selling the merchandise yourself. The most common concept is to find a POD company (print on demand: the company creates the merchandise and ships it as ordered) and set up an account there. Although there are many companies, a good percentage of them specialize in T-shirts, but a great deal of other merchandise is possible. You will need to create layouts and possibly the website, but once set up, the site can generate income for you.
– A third option is to set up a website on a topic that many people are interested in and have an online discussion forum, and charge a monthly fee to visitors who want to become members of the discussion group. This is another example of a web-based business that can generate passive income and help you on your quest to become financially free.
– invest in stocks it’s an option that requires a little more money and a lot of your time to keep up with what’s happening with your investments. You have three basic options: Market Mutual Funds (investments are spread over a number of stocks, ensuring a slow but steady income), HYIPs (High Yield Income Programs – risky as many are scams), and High Yield also means high risk, but they pay a lot when they do) and the standard investment. Also, don’t neglect bonuses, as they are a low-risk way of generating income.
-money business companies is another option. Many startups are looking for angels (someone to fund startups), and by funding them and becoming a silent partner, you are entitled to a share of the profits. Although risky and requires significant capital to get started, this can be very profitable and requires little to nothing in terms of maintenance. Be sure to read the business plan carefully, as you will be investing a good chunk of the change in the business and you may not see a return on your investment. Only invest when you feel good about investing.
– Another option is real estate. Although it may require some money to get started, regardless of what the late-night infomercials say, it can be a pretty lucrative way to generate income. The ideal income generator is a home that pays for itself quickly and can then be rented out. Even better is an apartment complex, which has a lot of people renting. Keep in mind, however, that you need a good credit rating to get started, as well as collateral of some kind to balance any loans you need to obtain. In addition, there are a large number of regulations and laws that you must learn to be an effective real estate investor.
By getting involved in one or more of these passive income generating businesses, you should be able to escape the rat race and live a life you’ve only dreamed of. It takes work, opening your mind to learn new things and a lot of determination, but the reward is something you deserve.
