Are you a fan of passive income? Most people are, which is no surprise. But it is surprising that very few who talk about passive income ever do anything about it. In other words, they never buy the kinds of securities that pay dividends or interest, never create apps that can bring in long-term income, don't get involved in affiliate marketing, and generally speaking, procrastinate the opportunities away.
If you'd like to take action and get started building a passive income stream or several streams, now is the best time to choose among the many alternatives. One reason is that the economy is currently in a tailspin of low productivity and high inflation. For most wage earners, that means it's extremely important to build one or more additional income channels as soon as possible. Here's a quick rundown of the best choices you can explore in order to make money passively, for as long as you like.
Dividend Stocks and REITs
Stocks that pay regular dividends have been around for more than a century and have always been an ideal way to build non-active earnings. In a similar way, REITs (real estate investment trusts) also pay a regular dividend based on quarterly profits. The downside, but one that can be overcome, is that you'll have to spend time doing in-depth research to identify the best REITs and corporate stocks to purchase.
Finance the Development of Apps
If you have a few interesting ideas for apps but lack the skill to write detailed, often complex programs, consider outsourcing the tech work to a developer. Many people have made excellent income by brainstorming app ideas, outlining the details, and hiring IT pros to do the rest. It's best to take out a small business loan to finance this type of an operation because early state development costs money. Plus, you won't begin earning income until after the apps are developed and sold. That means all your expenses are up-front, and the income is on the back end. The obvious choice for entrepreneurs who take this route is to apply for a small business loan.
Affiliate Marketing
As an affiliate, you can generate a passive income in hundreds of ways. That's because there are an almost unlimited number of companies that pay individuals who can bring in new customers. To begin, focus on just one affiliate opportunity and set up a dedicated website, complete with a high-quality blog, whose sole function is to attract potential customers for your affiliate partner. It can take between three months and a year to get off the ground with this method, but it can deliver results if you're dedicated and hard-working.
Write Educational Courses or How-To Videos
Creating courses and writing e-books are two closely related ways of building income streams that can bring money into your life for years to come. The upside is that you can choose courses in subject areas where you're already an expert or possess a high level of skills. After that, you need to place your courses on one or more websites that specialize in selling them. Of course, the seller gets a financial cut of the action, but a well-designed course can earn a significant amount of cash for your account month after month.
