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You can work your butt off to make money but youll never get anywhere until you start making passive income. I make money on seven different income sources but some of them require a lot of work.
Passive income is money you make out of a product or an investment in which you dont need to do any more work after you set this up. That means consistent cash flow every month if youre working or not.
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Thats the only true way to financial freedom. Passive income is the only way you will ever be free from worrying about money and the only way you will ever reach financial independence.
Im going to discuss my seven favorite passive income sources, income streams I use to make money each month. Now Im not going to sugar coat this, a few of them are going to take work but will mean thousands a month you can count on.
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Im going to start with the simple passive income thoughts, the ones you can begin making money on instantly and will operate through to the ones youll create the most money on as we go through the list so make sure to stick around to grab those last few passive income plans. .
Our first side hustle idea is with bargain websites like Swagbucks and TopCashBack. Now these are actually two different types of passive income ideas because theyre different kinds of sites.
Swagbucks is a get-paid-to website so that you get paid to do things like take surveys, play video games, watch movies and test out free product samples. Doing each of these, you earn points that are ordinarily convertible to one hundred points for a dollar.
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Now this isnt something thats going to make you rich but you can earn some legit money for less than an hour of the time. Swagbucks consumers have redeemed over $344 million in benefits for gift cards and Amazon rewards.
Now Ive been using Swagbucks for a little while and have found the money works out to just under $2 an hour so this isnt something thats going to make you wealthy. Youd have to work 2,500 hours to make $5,000 so thats approximately three and a half months, non-stop. The thing with Swagbucks though is that you can take action when youre doing something else so I flip through polls and other stuff whilst Im cooking dinner or even flipping channels. .
Swagbucks link is offering a $5 cash bonus just for signing up through their special offer so sign up here to snag your bonus cash.
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TopCashBack is an online shopping cash back site in which you receive a percentage discount on anything you buy online. Everything you do is start at the TopCashBack website then click through one of those 4,000 retailers using a cash back program.
These are everything from Nike to Home Depot and you get from 3 percent to 25% cash back on anything you buy. Youre still shopping right on the retailers site so that you receive the rest of the discounts and bargains they offer, you simply get an additional bonus for going via the TopCashBack site . .
TopCashBack is somewhat better with the average money back around 6% of your purchase so in the event that you spend $1,000 online youre going to get $60 back. Again, not something thats going to make you wealthy as you need to buy stuff to get the money back but its free money on the things you were going to buy anyway. .
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Our next passive income notion is blogging. Im not a big fan of the term blogger because it sounds just like youre only writing random notes on a website. In fact, owning your own piece of electronic real estate is large money.
I began my own websites in December 2014 and broke $5,000 per month just a couple of years after. I dropped $5,500 through 2017 and thats not including side hustle work I did freelancing.
Blogging is still going to take work starting out. That route to $5,000 a month didnt happen overnight but only like real estate development, it build an advantage that now generates constant cash flow if I work or not. I receive over 30,000 visitors a month from Google search rankings, rankings that will continue to send traffic even when I take a little time off. .