How to Increase Your Passive Streams of Income

passive incomePassive income has long been the right choice for entrepreneurs looking forward to freeing up their time from the demands of daily activities and responsibilities, and still be able to generate good monthly revenues. In simple terms, a passive income is money you make or get paid while you sleep.

Passive income differs from active income in that active income is when you get paid after the work is done. It is never a good idea to put all your eggs in one basket; you should always diversify your streams of income. No job is 100 percent safe; shit happens.  Having a passive income may not entirely replace your salary (active income) in case something wrong happens, but may help you have a stepping stone in case of uncertainties.

 

Here are some of the passive income ideas you might find worth your effort;

 

Investing

Investing is the ultimate and most desirable form of passive income that you can imagine of. One way of investing is through buying stock. When you own stock in a company, you set yourself up to earn passively through dividends. – A dividend is simply a distribution of a portion of the profit a company generates. The amount of dividend you receive depends on the amount of stock you own and the possible profit to be shared. To get more dividends, companies offer a chance to buy more stocks.

 

Peer to Peer Lending

Banks no longer lend money out of kindness, they do it with the sole aim of making a profit. You can make some money through peer to peer lending. With this form of lending, the profit you make is a bit less than what banks make, but it is still high enough to generate you some form of income. You can join various lending clubs that participate in peer to peer lending.

 

Real Estate

Real estate has a very significant scale when it comes to passive income. However, when we talk about real estate, many people only think about rental properties which they consider too high (regarding startup capital) to invest in. The truth is that there are different effortless ways you can get started in real estate investing. These methods include; REITS, crowdfunding real estate, rental properties among others. REIT is a real estate investment trust which is like some form of mutual fund.

Online Businesses

You can earn a significant amount of passive income by investing in scalable online businesses. The level of difficulty of what you will establish depends on what you’re selling. Ways of getting started in online businesses include eCommerce – such as Shopify. Additionally, you can start a blog and monetize it. There are many monetization strategies available, including Google AdSense, Affiliate Partners among others.

Brick and Mortar Business

They say the first effective way of earning passively is to establish a company. If there are many hustles of establishing a company, while not start a business. The business to start doesn’t have to be an online business, it can be a brick and mortar business. A good brick and mortar business can be a good investment that generates you a good passive income. As per with any business, its success will be determined by several factors such as business location, what you are selling, competition, customer service among others.

Best Work at Home Jobs in 2018

freelancingAre you looking for an exciting way to pay your bills or just seeking professional development for yourself? Does working from the comfort of your home excite you? If you answered yes, the best way you can go about it is through becoming a freelancer. When the word freelancer is mentioned, a lot of people think of those people who work in pajamas and sweatpants. However, there is a lot more!

The field of freelancing has a lot of opportunities should you be considering quitting your job and becoming one. As a freelancer, you work when you want, wherever you want and determine your working schedule. You are your own boss and set yourself to higher income potential. You can also take advantage of more tax deductions. If you’re looking forward to becoming a freelancer, here are some of the best work at home jobs for you.

 

Freelance Writer

If you can write proper sentences that hold someone’s attention, the Internet has a lot of work for you. The Internet is always hungry for content, and note that this content doesn’t make itself. There are many freelance writing jobs. You can choose the subjects to specialize in it, be it sports, fashion, autos, governance among others. You can as well write articles for blogs, web copies or ad copies and post as ghost posts for your clients.

 

Coding

Coding, be it developing mobile applications or designing websites is large business online. It can be a fascinating business because you can teach yourself how to code in so many languages. To get started in coding, at the very basic, you need to have a laptop, internet connection and the right software application to build your code from it. There are those small businesses who want customized websites and startups are also trying to create the next great app by the day. Most new languages you need to acquaint yourself with include CSS, JavaScript, HTML, C++, and Java among others.

 

Virtual Assistant

A virtual assistant is another favorite job that you can propel it. Sometimes, everyone needs help and so do the work of virtual assistants. They come in to do all sorts of situations from assisting small businesses to entrepreneurs and corporate leaders. When you turn to the Internet, you will find jobs for virtual assistants who work on many tasks be it sorting emails and managing the client’s schedule, to even making travel arrangements. If you are a virtual assistant who works for a web development company, you might find yourself creating and scheduling social media schedules for the company.