These Are Passive Income Streams You Can Start Right Now! 🤑

We’ve all heard the saying, “Wealthy people have as many as seven streams of income.”

Our own entrepreneurial expert Philip Michael is here to bring you examples of passive income you can start on your own right away.

Dividend Stocks - To purchase these, you will need a brokerage account or a stock buying app like Robinhood. Stocks like Apple, AT&T, and Microsoft are some that are paying dividends. It’s not paying you like your job, but the key is to start, and then you have a passive income stream, and can start buying more.

Municipal Bonds - In a normal environment these are a better option. For example, let’s say the MTA Subway in New York City. They issue bonds where you can invest in them, and there’s practically no risk of default. This means you can invest in them, and they will give you tax free yields. With municipal bonds you can make 4-6%, sometimes more and sometimes less, and it’s tax free. Right now, we’re in an environment where there’s a lot of money being pumped into the economy and currently municipal bonds may lose some of their purchasing power. This is just something to be mindful of, because in a normal environment this is a great option.

Rental Income - This one is pretty straightforward. You own a property, you rent out that property, and make a passive income. If you’re not looking to be a landlord, or if that would be too much work for you, you can also invest with a landlord and be part of the deal, and/or own a property for somebody else who then manages it for you.

Peer-to-Peer Lending (also known as P2P Lending) - this is effectively crowdsourced short term loans. You go on websites where they issue short term loans to people, and that money needs to come from somewhere. So can actually invest, see a return on that investment, and they then process that loan to somebody else. However, the leader of this space, Lending Club, recently shut down their offering to retail investors, which is everyday people investing in something. Not sure what that will mean for the industry.

Publish an E-Book - if you have a skill to share, or something you want to say, why not turn it into an e-book, and start selling it? Write it only once, and collect the profit in perpetuity.

Sell a Course - this has become a very popular option especially in the world of social media and digital media. If you’ve got a small following on Social Media, and have a specialized skill, you can create a course for your followers who want to know what you’re doing. You create it once, and people will go to it, and buy it.

And all of these ideas work synergistically. If one is successful, you can use that revenue to invest in another source of income.

No money is easy money, and you’ve gotta do the work, but those are some options if you want to create a passive income stream.

Chapters

Subscribe to BOLD TV

Are you ready to be BOLD? Check out our favorite articles:

SAY HI ON SOCIAL:

Instagram, Twitter, and Facebook: @boldtv