Wouldn’t it be great if you had multiple income streams flowing into your account every month? Well, there are different ways to create $500 to $2000 monthly passive income, if you are able to master the discipline required:
6. Real Estate
Fixing and flipping property, building homes from scratch and leasing/renting them out to interested tenants, and buying new property to sell at a later date all generate great returns on investment. In case you feel you lack the finances, get a loan or partner with a trusted business associate.
5. Affiliate Marketing
With affiliate marketing, you’d have to sign up with an entrepreneur/company for purposes of selling their products and/or services. Through this stratagem, you should be able to earn hundreds (if not thousands) of dollars every month.
If you are tired of your current job, consider going all out as a freelancer. You can even start the side business and continue working part-time or full-time in your current job. Freelancers include web and graphic designers, content writers, and SEO experts. You also have the option of selling your own handmade products (such as jewelry).
3. Network Marketing
Also referred to as multi-level marketing, this is one of the most common streams of passive income. By joining a network marketing team, you will be part of a larger team. As far as possible, only work with dedicated leaders. They are more likely to develop and build you up, thereby increasing the earnings you get.
2. Flea Markets
In case you have stuff in your garage, attic or basement that you no longer use, consider selling it all at a flea market. Depending on what you wish to sell, you could easily make hundreds (or even thousands) of dollars.
The most durable and dependable way to earn passive income is by investing. Put your money away in annuities, 401(k)s, bonds and stocks. Hire a financial adviser if you are not sure about what to invest in. Done right, these investments will pay off greatly for years to come.
In conclusion, passive income will give you the financial freedom needed to truly live your life. Although most of the above money-generating ventures require a great deal of work, the future returns on your investment and time will pay off for many years to come.