7 Best Passive Income Ideas!
What are the Best Passive Income Ideas that come to mind and why we should have them… We have to take the time for a moment and ask ourselves if i lose my job tomorrow, am i going to be ok. I break a leg, getting sick for a while ,you car breaks down, big repair on the house and so on… What do you do,when you have those kind of emergency… You ask your friend Credit Card to take care of it for you!
Let’s try to avoid mr.Plastic and rely on a real source of income that will help us go through adversity,issues, frustrations and keep a smile on our face so we could go on, that is to enjoy Life.
1. Income Dividend
Dividend income is one of the seven wonders of this World because once you start investing you will not be abble to stop. You will see your money working for you and not the other way around. Dividend is a form of payment or interest that you receive every month, quarterly, every six months or once a year.
Yes, it is possible to make a living with Dividend Stocks payment but you need to be aware of the company that your investing in, making sure they have a solid foundation like Coca-Cola you will not lose your money, thats what we call a Blue Stock Company.
Knowledge is a Key factor when you become a investor but so rewarding when you start making a good passive income and it start replacing your active income.
2. Invest Real Estate
Real Estate is one of the main way to generate a Passive Income while you sleep. Yes there is so much going on around this topic. Don’t have enough to invest, my credit score is really BAD, don’t know how to do it, so much scam or my tenants will not pay and will end up in the streets…
Everything as a risk but it need to be a calculated risk, meaning you need to be educated in order to succeed in this field. If you want to purchase a duplex, we should be in contact with the right Team ex: Morris Invest,(They have pioneered a way to invest that is really good ), if you have equity on your house that is available, you could use this money to invest…
There is so many avenue but again, i want to say it out loud… Make sure you are educated, you have all the informations that you need to have, prior to invest but at the end this is the perfect form of residual income you could have.
3. REIT’s Investing
What is REIT’s (Source–WIKIPEDIA–)? “Is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, ranging from office and apartment buildings to warehouses, hospitals, shopping centers, hotels and timberlands.”
So is it a good thing to insvest in Reit’s? The answer is a Big Yes… Because if you don’t have a lot of capital you have the option to purchase Reit’s shares in order to have a foot in the Real Estate World. Instead of having to deal with tenants, repairs, paper work, banks,loans, lawyers,builders and more, you just invest your money and voila.
You must take in consideration that you need to do your due diligence so you don’t lose your hard earn money.
As a example: I do have shares with a Reit’s called: RWH (Real Wealth Housing) they mainly specialise in the medical field (include, clinics,hospitals, specialise centers…). So we always need to go to the doctor, hospital,etc… So i do understand that my money will be put in good use compare that, if i invest in a Reit’s that has only commercial building and we all know that the market is changing, more and more peoples will be working from home!
4. Peer-to-Peer Lending
Peer-to-peer lending is when you loan money to peoples that are not abble to qualify for a traditionnal loans. That’s where you come into play and lend money to peoples with bad credit with some great interest in return.
We could be looking at Lending Clud per example that has been in business for so many years with a huge infrastucture, good website, good customer service will not say excellent since not all company are created equal.
Interest rate could from 6% to 20%, yes those numbers are high but sometime peoples are in bad situations and this is the only way to come about. That’s where Landing Club has help thousands of peoples and that’s where you come into play to lend some money and in return you get a good commission and by doing so, you have some passive income working for you.
But again always make sure you do your due diligence, i will say it a lot because a lot of us, we see the final numbers but we don’t take the time to look at the full process so beware. At the end it’s only a question of: what is your tolerance to risk!
5. Write a Book or e-Book
We all have a experience to share and why not share it in a book… In our working life we have unvaluable experiences that could be super valuable for others so we should not be scared to share our lesson learn in Life.
Easier said than done, you could start with a book of 20 pages maybe give yourself a month. Writing one page per day, give yourself a day for the cover and also finding a title for it. You could take a look at Amazon to see all the amazing books available as a example. This will give you some great content to base your book on, including your Life lessons and this will become a great book to share.
Also the book could produce a great return in the futur. You Royalty could be from 2% to 10% and even more,all depends with who your dealing with (a private company, establish business…).
See the book called the Four hour work week, it will show you how to increase your volume of productivity and maybe will help you create more time to do what you Love.
6. Purchase a Online Business
There is a lot of Online Business that are not created equal but it is a really good option. Starting a business takes a lot of time, resources ,why not looking at purchasing a established online comapany that has a proven track record.It’s easy to say, i will purchase a business but again we have to look at what we want, how much we want to generate every month (Try to cover your expenses to start with) and from there will see.
There is a site called Biz Buy Sell that has thousands of Online business to sell at a full range of prices. Yes the amount could be really high but we have to look at the numbers, what is the return on investment, how long it has been in business, futur investments,publicity, inventory,clients base, customer services and more….
If you are passionate about a certain topic or subject, why not try it and see where it could bring you. Make sure all your research have been done, due diligence is in check and for the rest enjoy the process.
7. Start your Business
Start your own business and have someone else do the work for you. It’s kind of semi-passive income but it’s better to have this option than nothing. If we have the right peoples working for us this is great, taking care of all the bell and whistles, talking to clients, dealing with inventory, purchases, collecting payments and more.
There’s even some good programs helping new Business owner get a good head start, providing them with the right tools, resources, connections. It is Key to make it a success, to have the right team in place around you because once the ball is rolling, it could be really difficult to go back and redo a system that was not build properly in the first place.
If your looking for extra options ,please read this book it will help immensivly… The $100 Startup by Chris Guillebeau talking about how start with a small investment and build a great business.
Action is Key.
To conlude, there is no good or right option ,it is a question of knowing yourself, your tolerance to risk, what you want to achieve , what are your dreams and goals… The only secret is to take action, even if it’s a small step but by doing so your building your brand new legacy to a Happy Life.
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