Going to work and smashing your butt all the time can really start to wear you down, doesn’t it?
Passive income opportunities are easy if you were lucky enough to inherit a profitable business from someone else who put in all the work in setting it up. So, if you are looking for legitimate passive income opportunities that will help you achieve financial freedom, then you need to look for companies that do not promise overnight wealth on your part. The Internet has made passive income opportunities a reality for millions of people, but only if you’re willing to put the work in up front to make it a success.
Kinds of Passive Income Opportunities:
- Retirement investment income opportunities.
This is the most common kind of passive income generated today because millions of people have retirement accounts through their employers. They make a deposit into their account through salary deductions (the passive part). Their contributions grow throughout their employment, providing them with monthly payouts after retirement. Usually, these opportunities are great for supplemental income after retirement, as they often don’t grow large enough to completely replace a full income.
- Passive investment income opportunities.
This kind of income is created when money is invested to make more money. Basically, for these opportunities, you have to take money from your savings or from a loan and invest it in a business that will allow you to generate passive income. You are using money to make more money, but you have to have those startup funds before you can start your business.
- Passive residual income opportunities.
This kind of income is generated through skills and includes writing books, musical compositions, website building and inventions. There is rarely a need for startup funds because these products are those that can be created for free or nearly free. They earn income through royalties and automation.
Passive Income Examples:
Some examples of passive income streams include:
- Mutual fund – this type of investment allows a group of investors to pool their money and give it to a portfolio manager (for a fee). The manager then invests the money, bonds, stocks, and secures according to the requirements of the investors. They are passive because you don’t have to do anything but turn your money over to the manager.
- Stocks – these are shares of ownership in a company. You can simply give the money you want to invest in stocks to a financial expert and let him or her do all the work. You can be more involved if you choose, but if your goal is to create a passive income stream, you probably want to hand the daily management of your stock investments to someone who is expert at it.
- Online marketing – this passive income business is growing in popularity with the advent of the Internet. There are many opportunities to help you get started. You can write an article that, once they are published, pays you every time they are viewed. You can become a marketing affiliate by selling product offered by other sellers and earning a commission off every sale. There are virtually tons of different works from home jobs you can try.
- Rental properties – you earn a passive income through the rent payments of others. The key to this opportunity, though, is to make sure your rentals stay occupied. Otherwise, you could end up with payments on more than one property and that could result in financial disaster.
- Vending machines – You work out agreements with local businesses to place vending machines at their locations. They get a percentage of sales, but you get the bulk of the income. There is very little overhead and a huge upside. You do have to keep your machines stocked, but if you put in that minimal amount of effort, you can make a lot of passive income this way.
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