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You can work your butt off to earn money but youll never get anywhere until you start making passive income. I make money on seven different income sources but some of them take a lot of work.
Passive income is money you make from a product or an investment where you dont need to do any more work once you put this up. That means consistent cash flow each month whether youre working or not.
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Thats the only true way to financial freedom. Passive income is the only way you will be free of worrying about money and the only way that you could ever achieve financial independence.
Im going to discuss my seven favorite passive income sources, income flows I use to create money every month. Now Im not going to sugar coat this, some of these are going to take work but may mean thousands a month you can count on.
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Im going to begin with the easy passive income thoughts, the ones which you can begin making money on immediately and will operate through to the ones youll create the most money on as we proceed through the listing so be sure you stick around to catch those last couple of passive income plans. .
Our first side holiday idea is with deal websites like Swagbucks and TopCashBack. Now these are actually two different kinds of passive income thoughts because theyre different types of websites.
Swagbucks is a get-paid-to website so that you get paid to do things such as take surveys, play video games, find more information watch movies and test out free product samples. Doing each of these, you earn points which are usually 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 users have redeemed over $344 million in rewards for gift cards and Amazon rewards.
Now Ive been using Swagbucks for a 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 about three and a half months, non-stop. The thing with Swagbucks however is that you can do it when youre doing something else I flip through polls and other things whilst Im cooking dinner or even flipping channels. .
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TopCashBack is an online shopping money back site in which you receive a percentage discount on anything you buy online. What you do is start at the TopCashBack website then click through one of the 4,000 retailers with a cash back program.
All these are everything from Nike to Home Depot and you also get from 3 percent to 25% cash back on anything you purchase. Youre still shopping right on the retailers site so you get the rest of the discounts and bargains they provide, you just get an additional bonus for going through the TopCashBack site first. .
TopCashBack is a little better with the ordinary money back around 6% of your purchase so in the event that you spend $1,000 online youre going for $60 back. Again, not something thats going to make you rich as you need to buy things to find the cash back but its free money on the things you were going to buy anyway. .
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Our next passive income idea is blogging. Im not a huge fan of the term blogger as it sounds just like youre just writing random notes on a website. In fact, owning your own piece of electronic property is big money.
I started my own websites in December 2014 and broke $5,000 a month just a couple of years later. 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 path to $5,000 a month didnt happen overnight but only like real estate development, it build up an advantage that now generates constant cash flow if I work or not. I get over 30,000 visitors a month from Google search rankings, rankings that will continue to send visitors even if I take a little time off. .