Who wouldn’t love the idea of sitting back and relaxing while money steadily fills your bank account? Less work but more income is what everyone dreams of.
This is what passive income is all about, and you can have it with a few clicks and a little research.
Curious now? Here are 5 tricks on how to create multiple passive income streams:
Write a blog and get paid
This is a recent trend these days, and the returns are quite good. All you need is a little research, a computer, internet and your creativity. Write something readers might be interested in, and every visit they make on your site earns you money. You can start with two blogs to manage, and gradually increase to five or more. It takes a little work, but the returns are steady and satisfactory.
Write an e-book
Not really a blogger? No problem. You can always sell information in the form of an e-book. This way, you can work on the eBook for a small period and enjoy the royalties for a long time. As long as your eBook is selling, you’re guaranteed a steady passive income. The trend on the internet recently involved self-help and how-to books, so start from there.
Get involved in the renting business
This one might be a little cumbersome, but the income is also steady and quite favourable. If you have a piece of land, or a place you can rent out, it’s always a great way to earn money. Just be sure you have what it takes to be a good landlord and you’re able to take care of your future clients. The income also depends on the current market, so keep an eye and an ear out for the latest trends.
Make others work for you
This is usually what happens in a networking program. You do a little work first, engage others, and then sit back while the commissions of your down line fill your pockets. If you’re a people person, then this one is for you. Don’t limit yourself with networking though. The idea is multiple passive incomes, so you can do more than this.
Offer coaching or consulting
If you’re quite knowledgeable in a specific field, then you can offer online coaching or consultations. All you need is your phone line or Skype, and you’re good to go. Make sure you build up a good reputation and know how to handle your clients. This starts slow, but once your audience/market grows, the income grows with it.
Don’t limit yourself to these tips and tricks. Search the internet. Do a couple of these and that at the same time. The idea is to have as many “side-jobs” as you can. You don’t have to quit your 9-5 job; you just need to put in a little more effort so that money would steadily flow. Think of it as your contingency plan: if you get fired, at least you would still survive. And this is the best Plan B you can ever conjure.