TOP 4 PASSIVE INCOME IDEAS FOR 2020
Top Passive Income Ideas of 2018
Imagine if you could have a continuous stream of income directly deposited into your account every quarter, every month, or even every week. Deposit after deposit. Year after year.
Just think how much easier that would make your life. Not having to worry if you have enough money for your bills, your groceries, going out, anything. Feels pretty good doesn’t it.
An extra $500 to $1000 is all some need to take the financial stress away and allow them to really enjoy life.
Did you know that the average millionaire has 5 streams of income? Think about it. How many do you have? 1? Maybe 2?
I’m going to give you 5 passive income ideas that could generate you an extra $500, $1000 or more a month.
Now, keep in mind, passive doesn’t mean that you do not have to do any work. You will definitely have to put in some work. In the beginning you will put in a lot more work, but it will significantly lessen after you get things up and going.
Remember, you don’t have to be wealthy to get started, but you have to get started if you want to be wealthy.
Passive Income Ideas
1. Affiliate Marketing.
Affiliate Marketing, or more often referred to as affiliate links are 1 of the ways some people are making some serious dough. Now, you may be asking yourself, “What is an affiliate link?” And that is a good question if you do not know what it is.
An affiliate link is a link to another website (from yours) for a product or program, or something that someone would want to purchase, and once it is purchased you receive a percentage of the purchase price.
2. Real Estate.
Real estate is my personal favorite and there are several ways to invest in real estate. You could choose to flip houses. That is where you purchase a home that needs repairs, a foreclosure, or a home in an area that will go up in value and then sell them home at a higher price. Thus, making money by flipping the house.
You could choose to purchase a property and rent it out. This will give you a steady stream of income month in and month out. And once you have equity quilt into the home, you can take out a home equity loan and purchase another property.
You could also choose to Air BnB a room of your home or apartment out. This is something that actually costs you nothing to start. And, it is a way that more and more people all over are easily making extra money.
Now if you don’t want strangers staying in your home and you don’t currently have the resources to purchase an investment property you could do this.
Fundrise is a real estate investment trust, or REIT. The cool thing with Fundrise is you are able to buy shares in the trust and the money is invested into projects. If the projects make a profit, so do you. And, you can start with as little as $500!
3. Dividend Stocks.
High yield dividend stocks can easily create you a passive income that you do not have to put any work into, other than purchasing the stocks. By building a portfolio of high yield dividend stocks you can get paid quarterly and with an annual rate that is much higher than what you can get with your savings account or on bank investments.
4. Network Marketing.
Network Marketing is one of the most popular passive income streams available. Why? Because you work for yourself, but not by yourself. You are part of a team and your success is based upon what you do and the team that you have built does. I have a personal friend that generates over 20k a month with network marketing, and he has only been with the company for just over a year.
Before you join a network marketing company, do some research and make sure it is the company you want to be affiliated with and make sure you get the training and leadership you need. The company my friend works for, and myself, (shameless plug) is United Credit Education Services, or better know as FES, Financial Education Services. Here is a link to learn more. ENTREPRENEUR.
There you have 2020’s Top Passive Income Ideas that are generating a wealth of passive income for others.
Remember, you don’t have to be wealthy to get started, but you have to get started to be wealthy.
You are Stronger Than Failure,
Danny Cole