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Passive income allows you to make money while not trading your time actively for income. To build passive income you will have to put time into ventures to get to that point.
What is Passive Income? Passive income is money that you earn all throughout the day without you putting much time or effort into it. You can limited by how much money you can earn in a day based on how many hours you are awake in a day. Multiple income streams can help create passive income.
Passive Income Ideas
- Rental Properties
- Dividend Stocks and funds
- Start a Blog
- Grow a Social Media Presence
- Vending Machine Business
- Leasing out Equipment
- Cryptocurrency
- Create an “E Product”
Rental Properties:
Owning property and renting it out is an amazing form of passive income. You will be having someone else pay off the loan for you and potentially cash flow a small amount of money from it monthly after expenses. In 20-25 years you will own the property and chances are extremely high that it will have appreciated in value over time. To own a rental property you will need to have capital to put a down payment and also receive approval from a lender to get the loan.
Dividend Stocks and Funds:
Dividend stocks are very easy to get started into and you can start with a small amount of money. If you live in Canada then purchasing Canadian Dividend stocks are also very tax advantageous and can create a very good retirement fund. If you are in Canada I recommend Questrade and Wealthsimple as two brokerage options to start your own portfolio! You can view my Questrade review HERE. You can view my Wealthsimple review HERE.
Start a Blog:
Creating a blog about a topic you are passionate about will allow you to write content for hours. You can use your audience and monetize your blog by promoting products or selling goods and services. The main goal of a blog is to drive traffic while providing information that can help others. I created a simple step by step guide on “How to Start a Blog”.
Grow a Social Media Presence:
Similar to creating a blog if you have social media presence with a large following you can promote products or services and receive income for this. Often companies will approach you to promote products and you can receive commissions. The goal is again to drive traffic!
Vending Machine Business:
A vending machine route is another example. You can purchase vending machines and contact businesses to find a location where you can put your machine. This will require some work, perhaps once a week to refill the machine and collect the funds. Machines can be purchased used on marketplaces including Facebook and even vending machine routes which owners are looking to sell.
Leasing Out Equipment:
Do you have equipment you could rent to others for a day? One idea is if you own a small utility trailer. You could post ads on FB Marketplace and Craigslist and rent it out to someone for 50$ a day. I would recommend you to collect a damage deposit before lending someone the use of your equipment.
Cryptocurrency:
In the Crypto space they have a term called “Staking”. Staking crypto will put your coins in a locked term similar to a GIC account at a bank. You will earn interest on the funds that you have staked. Depending on the coin you can earn 2-14% internet per year.
Creating an E Product:
A online product like an E Book, video training course is a potential to create passive recurring income. Once you have your product created you can continue to sell it and collect payments with each download.