Are you looking to build a source of passive income? Below are the Top 7 Sources of Passive Income and how you can get involved in them.
1. Rental Real Estate
Rental real estate is number 1 on this list for a reason. Rental real estate can be huge boost to your bottom line and can require little to no time to manage. Property managers can be hired to handle all aspects of real estate including finding tenants and collecting checks.
Wonder why I promote my book all the time? E-books can be a source of revenue for years and years. Writing a book requires time, but no real financial commitment upfront. CreateSpace or Pronoun.com will help you design your e-book and cover, Amazon will let you publish it for free.
Have a website? Put it to work for you. People are willing to pay good money to have a link and another source of traffic from a reputable source. Google and other CPM networks pay well for targeted traffic and clicks on ads as well.
4. Affiliate Links
Love something and want to make money promoting it to others? Affiliate links are quick and easy to set up. This can be especially easy for people that have a large group of followers on Facebook, Instagram, or Twitter.
5. Phone Apps
Want a piece of the game? Why not buy it outright? Websites like Flippa make it easy to buy already made apps. A little marketing and promotional prowess could make it a big winner! Don't believe all the hype? Flappy Bird was making more than $50,000 per day at it's peak.
There may be no better feeling than buying a stock and getting paid to watch it go up in value. Dividends can be a big part of your retirement plan. REIT's, or Real Estate Investment Trusts, can pay large dividends due to a legal loophole created by Uncle Sam. By law, they must pay out 90% of profits in the form of dividends each year.
7. Buy an existing business
As long as you don't have to physically work the business in order for it to make money, buying an existing business can be a great source of passive income. A great example of this is a coin operated laundry mat. Other examples include a restaurant with a strong management team in place, storage facilities, car washes, and vending machines/ATM's.