That may sound pretty weird – earning passive income streams…but I don’t really know a better way to describe what I’m talking about. I’m a firm believer that you can earn a passive income stream from the hard work you’ve already done. Yes, there was something involved, but once you’ve done it, you can reap the rewards of it.
Here is what I’m talking about:
1. Advertising Income
Advertising income is a pretty straight forward example of what I’m talking about. In the online world, you create a product (which is usually an article or blog post), and you place advertising on it. This could be simple Google AdSense advertising or affiliate advertising. Whatever advertising you choose, it should be relevant to the article. With a little luck, and a great article, you should be able to earn some passive income from the ads you placed – they require no work going forward.
2. Selling a Product
Selling a product is a great example of earning a passive income from hard work you’ve done. You have to make an amazing product, and it has to be relatively timeless. The better the product, the more you will make. So, you slave away and create this product over a period of time, but once it’s done, you can sit back and earn the income from the sales of it. You may need to put in some work at the very beginning of the sales period (promotions, last minute edits, etc.), but after a period of time, the income should be passive.
3. Maximizing Your Credit Card Rewards
This one may sound a bit odd at first, but it will make sense. You can earn a passive income stream from what you normally do anyway – spend money. Just back sure that you have the right cash back card to earn you the most rewards, and for doing what you normally do, you can get an income stream. This doesn’t mean that you should go out and spend more, but it does mean that you should keep all your spending in one place and maximize your credit card rewards.
4. Investing Wisely
Finally, investing wisely can be a great way to earn a passive income stream. You investing passive income stream will come in the form of interest and dividends paid by your holdings. With investing, you need to look at your own risk tolerance and investing profile. Figure out what you’re comfortable investing in, and for what objectives. But once you place the trade and buy a stock or bond, the income you receive from it is truly passive.
This post was brought to you by AXA Business Insurance.
What else do you do to earn passive income streams?