5 Ways To Make Money In Your Sleep!
Hi Money Masters!
How would you feel if you knew you were making money while you mowed your yard, sat on the beach, or even while you slept? (Yeah, sure, Helen, keep dreaming!) I know you might be skeptical, but, I assure you- this is a thing!
It’s called “passive income”. Passive income is money you earn in which you do not need to constantly put forth effort to obtain it. It is not your “9-5” job. With passive income streams, you put in the work at the beginning and then sit back and reap the rewards. The amount of time and energy required to start a passive income stream varies based upon what it is.
Here are my TOP 5 “tried and true” ways to create passive income:
When I was in my 20s, I began thinking of ways to save for retirement. This led me to begin investing in real estate. For 30 years now I have had a steady stream of income due to this. There are 3 ways to build passive income with real estate.
Buy and Hold: renting your property to tenants for monthly rental income. Note: this option can require varying degrees of your resources as well as patience when managing tenants.
Buy and Sell (or flip): purchase a property and sell it with the expectation of making a profit. It may require spending time and money to make improvements or curb appeal.
Buy and Sell/Lease Options to Buy: a strategy which involves giving a tenant the option to purchase the property after a certain period of time.
Another added benefit with real estate investing is the tax deduction of property taxes for the owner.
After years of working in Corporate America, I stepped out and decided to focus on my family while still contributing to our household income. I became a “Momprenuer”! I used my engineering background and experiences to start an engineering firm out of my home office. My firm supports companies across the country and provides significant financial benefits for my family. By having a home business, I am able to work around the schedules of my clients and my daughter as well. This flexibility enables me to focus on her development and needs of my whole family.
An At-Home business can give you the desired level of flexibility when it comes to how much work you want to do and what you want to do to obtain that passive income.
FOREX (Foreign Currency Exchange)
My newest venture is the Foreign Currency Exchange. The FOREX is 10x bigger than the US stock market and can offer very lucrative benefits if entered into properly. The market is open 24 hours a day, five and a half days a week, and all trading is done electronically. In my opinion, I believe this will be a significant income generator for 100s of people. COMING SOON…Beyond FOREX University. I am currently building a team of teachers and recruiters over the next several months. If interested, contact me at firstname.lastname@example.org.
Royalties are sources of income that someone receives for owning/creating an item such as a book, e-book, song, stock photograph, etc. For example, if you write a book for a publishing company you would receive a certain percentage of every book sold. You write the book once = let the money flow in 😉 I wrote my first book called “Mastering Money: 30-day Devotional Guide to Financial Awareness”. In addition to it being a rewarding experience for me personally, I’ve received feedback that the book was very much appreciated and beneficial. To get a copy of my book, click here.
INVESTING IN DIVIDEND STOCKS
Dividend stock investing is becoming increasingly popular with investors lately. What this means is that a company will give back a portion of its profits to those who have purchased a stock/stocks from that company. When choosing a company, you’ll want to look for one that is stable and profitable with no shortage of cash-flow. When stock prices are stable this means lower risk for the investor. Although investing in stocks is a part of our family portfolio, we do have a financial advisor assisting us in this area.
There are plenty of options out there for creating a passive income stream. You can turn a hobby into a business (think photography, writing or blogging), take money saved and move it around in the market or venture out into real estate. By getting creative and doing some work up front you could be on your way to sitting on the beach watching your bank account balance go up, up, UP!