I will tell you: if you want start getting involved in real estate make sure that you have a good mentor because you can lose a lot of money very quickly if you don't know what you're doing.
Creating passive income takes work but once you implement those processes it's one of the most fruitful income sources that you'll ever have and it's also impaired your wording.
Today I want to share my 10 most favorite passive income sources that you can start today.
1- The first passive income source that you can derive is from investing now.
I know you might think Lit I don't have a lot of money to get started.
I get it I was there too let me tell you it doesn't take a lot of money to get started whether it be $50 a month, $100 a month anything that you can start investing you can start making gains and start making interest off your investment.
So whether if you're making capital gains off of your mutual funds , your ETFs, your stocks or if you have dividends that pay out on a consistent basis.
These are all sources of passive income that you can get if you're not sure where to get started investing.
There are a ton of online providers nowadays. There are Robo advisors such as betterment, wealthfront, acorns, Robin Hood, Ally invest, etrade if you do nothing about investing and want somebody to pick those investments for you.
That's why I have to recommend betterment because it doesn't have any money to start and they will choose an ETF model for you so if you're putting any money in, they're gonna choose those investments and then you'll sit back and start making those capital gains in
Dividends.
Another form of option that I love when it comes to investing is peer-to-peer lending.
I started doing peer-to-peer lending over six years ago and it has been one of my most favorite investment classes. It’s just like as if you're acting as the bank so instead of somebody going to the bank and getting a loan, you are giving them a micro loan so you become the financial institution and since these are micro loans you're only giving up about $100 per loan sometimes less.
I don't know if you've ever taken out a personal loan from a bank but you know how much interest they charge. So imagine now you're sitting on the side of the bank and you're collecting that interest.
I have accounts with them both and I really don't have a preference either which one I'll tell you. I've been sitting back and earning those interest checks since I've started and I love it.
2- My second passive income idea is taking advantage of deal sites and/or survey sites.
Sites like Swagbucks inbox dollars or my surveys signing up for these sites allow you to do your normal shopping that you do online and make a little bit extra money on the side or if you're sitting on your couch watching Netflix, your favorite TV show or some sports game, if you have your laptop handy you can fill out surveys as you're wasting time.
Killing time and make really good money.
My second passive income idea is a fun one.
It doesn't really apply to me.
Let me explain : one of my good friends is a photographer and when he started taking pictures for me and my family and for my business he asked : hey I will take your pictures and I won't charge you but I want to be able to use you for my I stock photography account.
At the time I didn't know really what I stock was or what stock photography was. But I thought what if I'm getting free pictures Samiha so he would upload my pictures to high stock and businesses.
From all over the world we're using my picture on their websites brochures and other marking materials. I've had so many people contact me because they saw my picture on some brochure or a website and asked :
Like Lit is that you ? it's like, yeah that's me.
Now I don't get any royalties for that because all I got was free pictures but my buddy who's the photographer is still making royalties off pictures that he took several years ago.
So if you have a knack with a camera and love to take pictures of people things whatever consider using I stock or any stock photography service.
4- Number four is for all my artists out there and this is something that's not me because I'm definitely musically challenged.
There's a cool service called patreon and for any artist that has a growing community.
You want to get paid for your work and you have a computer if people that love your art whether that be your drawings , your music, whatever that art may be, each time that you release a new item you can get paid a fee for that and you get to determine what that fee is.
So let me give you a few examples of some friends of mine that have really took an advantage of patreon.
A good friend of mine named Evan also known as the cartoon block is a very popular artist and has a thriving YouTube channel and he loves showing people how to sketch superheroes.
So with patreon anytime that he creates, a new image, a new sketch, his community will pay him a fee.
Another good friend of mine Chris Greenwood a musician and in the band manifest gets paid by his community every time he releases a new music video.
These are things that these artists are doing. But now instead of just releasing something and hope that somebody will discover it or that you hope that you might get paid for your work with your community that is looking forward to the next piece of art that you're going to release, you're going to get paid and they're excited to pay you.
Check out Patreon website. The cool thing is that the book has been out for almost four
years and guess what I'm still getting paid on sales.
I can log on Amazon and see how many sells of my book are occurring each and every week but maybe you're not ready to do a physical book. You can also sell an e-book.
There are tons of authors that release books all the time on Amazon writing and publishing books in the Amazon Kindle program. It is so much easier than it ever was so if this is something that you want to do think about it very hard.
Another blogger that I know in the personal finance space named Mike Piper blogger and oblivious investor calm is making over six figures a year from his ebook that he sells and guess what he doesn't have a ton of ebooks but he has enough and the ones that he does sell yields have over six figures every single year.
Writing a book whether it be a physical book or an e-book can be very lucrative.
You just have to get the book done and get it out there.
Number 5 : about physical products
I’m talking about physical products so this could be a variety of things like t-shirts, mugs …
It's amazing what you can create and sell online especially with the Amazon FBA program but maybe you don't want to go that route and you do have a physical product that you want to sell.
One of my most favorite success stories is Steve Chu from the blog my wife quit her job.
With Steve's case his wife is getting ready to quit her job a six-figure salary living in Northern California and he wanted to find a way that he could replace that so she could still spend the time with their kids but also not lose out on the income.
So they created a digital online store selling physical products in this case it was handkerchiefs.
But here's the cool thing about that story within the first year of launching their online store and selling these physical products. They've replaced his wife's income over a hundred thousand dollars after the first year of opening their doors.
Number six : it was one that didn't work out quite well for me but I know it's worked out for a ton of other people.
There are many ways that you can get involved in real estate. You can flip houses, you can buy them and sell them wholesale or you can become a landlord and have tons of rental properties and that's the path that I started. But when I started down that path I realized I had no idea what I was doing.
Now thankfully I didn't lose my on that investment but it did allow me to explore other passive income ideas and I'm currently implementing.
Let me tell you I have a local friend here who is in his early 30s as making over $250 000 a year from his real estate properties.
He has a lot that he does flip but he has a good chunk of his real estate portfolio that is completely passive.
I will tell you if you want start getting involved in real estate make sure that you have a good mentor because you can lose a lot of money very quickly if you don't know what you're doing.
So if you're not completely comfortable investing into physical real estate there are other options. One option are real estate investment trusts which you can buy through ETFs other options include sites like fundraise.
So with fund rise they will take your money and you'll put that in a pool with other real estate investors and then somebody's in charge of choosing those physical locations for you.
So that way you're not in charge of picking those locations or having to collect rent and making sure that they're taking care of the upkeep on those buildings. All you do is sit back and collect the interest and dividends either which way that you look to explore in a realestate is going to yield you.
Number seven: If you're comfortable putting yourself on the world getting in front of a camera you can publish content to youtube and sit back and make money.
How exactly are you making money on YouTube ?
The most easiest way is the ads. The first five seconds every YouTube video that
you watch those ads, YouTube publishers get paid anytime that you watch any of their videos.
So YouTube is always looking for content creators that are willing to put in the time and effort to create good video content.
One of my favorite local stories here is Emily from Beauty broadcast when she started her YouTube channel showing her community how to apply makeup she started making a little bit of money with the ads from her videos.
Those ads kept increasing as her viewers gained and her subscribers gained fast-forward two three or four years later.
She was able to quit her day job because she was making more money than her day job with
her YouTube videos.
Now she makes almost six figures every year just by putting on makeup every single day it's pretty sweet. I like it.
Whether you want to create makeup videos, prank videos or crazy workout videos if you're willing to put in the work and upload those to YouTube you can get paid.
Number 9 is definitely one of my favorite because it's near and dear to me. That is blogging.
I started my blog back in July of 2008 and I'm still amazed at not only the amount of money I've been able to make for my blog but just all the connections I've made with so many amazing people over the years.
Now my blog brings in over seven figures a year . It does take some upkeep and there are things we have to do.
I put in very little work for the base that I built up over the years.
Bloggers are making really good money and most of them are from blog posts that they wrote over three years ago.
It's amazing.
8- Here is the last one : what I'm talking about here is creating your own online course.
I've always want to create a course but I kept struggling with what do I want to create.
What's the idea, who are the people that I want to serve and I kept coming up with idea after idea.
But unfortunately I never actually launched any of those ideas.
Let me tell you to make passive income you don't make money up ideas, you make money off implementing those ideas.
Finally about two years ago I released my first course the online advisor growth formula in this course I'm showing financial advisers how to use online marketing to grow their businesses.
I launched that course last year (may 2017) and I've created thecourse. I recorded all the videos.
Now what I do is to market. Most of it is automated using Facebook ads and email marketing.
Last year we made over a hundred thousand dollars off that course. All because I took an idea and actually implemented it. This year (Today : 10th October 2018) we're on track to beat that by making at least 50% more than last year.
