Your Guide to Total Thriving Part 4: Creating Passive Income
In this installment in this series I'm going to focus on how you create passive income. In the previous post I talked about shifting global currents and generally preparing to come out of the next period of contraction better than you went in.
A lot of that had to do with different ways of investing, yet not everyone has the spare funds to do that. So as promised, then I'm going to teach you about how you successfully create passive income, which is something that I've done quite a bit of over the last 8 years. In fact, I'm now completely supported by passive income.
In the video below I tell the story of how I developed my entire passive income portfolio, including the essential elements for success with each one. I hope you find it entertaining to hear my story and also practically instructive in how you can do your own version of that in a way that fits you.
A few extra details for you from various parts of the video...
Here are some peer lending sites you may want to investigate:
There are more out there too, so if this path interests you, it would be worth doing more research than just these sites.
If you have more time than money, and a niche that interests you....
Consider affiliate blogging. You can do this on Whaleshares or you can do it on a Wordpress website.
The key idea is to have affiliate marketing relationships with some vendors you like that you recommend in posts you make on your blog. I personally always recommended things I actually used and just got into the habit of searching vendor websites for affiliate sections every time I found something good. Some people refer things they've never personally used. I recommend being clear about which you're doing and also disclosing affiliate relationships in your posts.
Common sources for affiliate products include:
Investing in income real estate with less startup money
In case you are interested in making money off real estate, but don't have the kind of money to cover the down payment on a full apartment or house you can rent out, keep in mind that people rent other property besides housing.
People rent storage containers. All you need is some space that doesn't forbid commercial use and some storage sheds you can put up with a place for your customers to put their locks and have easy access without disturbing anyone.
People also rent space for their RVs or trailers. Mostly you need a way for them to power up, get fresh water, and preferably dispose of their grey and black water.
If you own your own home and have a good sized yard, you may be able to add a few hundred dollars a month in extra income with either of the above. It really depends on how your property is laid out. Just make sure you have good contracts covering you and the right kind of insurance.
Forgot One
As someone brought out in the comments on the steem version of this post, there are also books. And actually I have two books out. I think the reason I tend to forget that one, which works quite well for some people, is that it takes more active marketing than I've ever been able to get myself to do. Just not passive enough for me. But some people find that the activity needed is fun for them, so it still counts as passive income to them. And at some point perhaps you're making enough to hire someone else to do all the marketing and not need to do interviews and book readings anymore.
In Summary
All the different methods I've covered in the video are things I did. Note however that some things really worked particularly well for that point in time.
Recall from the previous post in this series how I ended with the importance of timing, and attuning oneself to being guided by intuition that gives you that perfect timing. This really is always a crucial element. You can do the exact same things I did, but if you don't connect with the times, it will be a miss.
So do keep working on your ability to really listen to the small quiet voice within you, expect the best, and let yourself be guided by inspiration.
Your opinion is celebrated and welcomed, not banned or censored!