I suspect a lot of Ft Wayne people dream of scrapping their 9-5 job and working entirely for themselves. That’s why there’s been a growing trend toward passive income, like a royalty or rent check in the mail every month. Passive income may be considered income that comes in regularly without direct effort on your part. Now more than ever, people are finding ways to make ends meet without having to punch a clock or deal with a demanding boss. If this is your dream and you’re ready to make it a reality, Sean Tarpenning, Property Manager from Kansas City, Missouri, in Bigger Pockets, shares 5 ways to earn passive income.
The first way to earn passive income is through Affiliate marketing – If you already have a website or blog that gets steady traffic, including a third party’s info on your page can add a little (or a lot) of money to your bank account. With affiliate marketing, any time one of your site visitors clicks on the other party’s link and makes a purchase, you get a percentage of that. Don’t make the mistake of thinking this is 100% easy money, though. Your site needs to be pulling in plenty of traffic, and you need to be creating regular content that will drive your visitors to click on those links.
The second way to earn passive income is through Peer-to-peer lending – Also known as P2P, peer-to-peer loans have changed the lending game. Using an established lending site, investors seeking an income boost can connect with borrowers looking to circumvent the traditional bank-based loan process. The investor provides the funding, and the borrower makes monthly payments with a fixed interest rate that can earn investors anywhere from 5 to 10 percent.
Become a YouTuber – Got a special talent or skill that you think others would be interested in watching? The third way to earn passive income start a YouTube channel. With your own channel, you can do something you love, whether it’s cooking, gaming, or providing tutorials on something you’re good at – all while generating some side cash from Google AdSense.
A fourth way to earn passive income is Build your investment portfolio – Very few millionaires have achieved their wealth without the assistance of a robust investment portfolio. Putting your money into stocks, bonds, mutual funds, and other assets can pay off handsomely. When building your portfolio, think about your asset allocation, and how details such as your age, investment goals, and risk tolerance will factor in. Remember to diversify your assets, contribute regularly, and rebalance each year. With good decision-making, you can generate large enough returns to live comfortably – if not right now, then at least in the near future.
Rental property – My favorite way to earn passive income! Property investment is one of the oldest methods for creating side (or sole) income. While it can’t always be described as passive – because let’s be honest, owning property can be a lot of work at times – it’s an excellent strategy for building your wealth and eliminating the need for other forms of income. There are lots of strategies for building passive income from real estate. One that caught my recently is BRRRR – Buy, Rehab, Rent, Refinance, Repeat.
If you would like to discuss how you can earn extra income, passive income, in real estate give us a call at 260-202-2222.
We are JT Integrity Properties and we are here to help homeowners out of any kind of distressed situation. As investors, we are in business to make a modest profit on any deal, however we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. Just the simple honest truth about your home and how we can help you sell it fast to resolve any situation.
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