I’m starting my passive income, you should too!
I have done a lot of reading over the last few days about becoming wealthy and having the means to do what you want. Most of the stories I have read are about very successful people making it in their perspective field of work. A smaller amount of articles I have read talk about generating passive income. What is passive income you might ask? In my own words, it’s a form of income that requires you to put forth hard work and effort at the beginning and then continually generates capital with little to no maintenance. Some examples are stock markets, blogging, investing in real estate to name a very short few.
For me, I think some of the easier things that I could accomplish are stocks and things of that nature. I currently have debt. Like most people I’m fighting to pay it off so that I can feel better about myself and have a little extra money remain in my pocket. Until the day comes when I spend it on the next cool gadget that catches my eye. Well, that was the old me, I do still have debt, but unlike my former self I am not going to buy that cool new iPhone I’m going to invest that money on me!
The Easy Stuff
I am going to get down to the easiest way I have found to start to generate passive income.
- Acorns.com
I have used Acorns almost since its release. I didn’t know much about the stock market and the idea that I could have an app handle the diversification of my investment was very intriguing. Their fees are very minimal. For $1/month they take care of rebalancing your portfolio and manage the purchasing and reinvesting of your money. Get $5 free by signing up through the link above. (Yes I am getting $5 also, so thank you!) - Lending Club
Lending Club is a platform for people to crowdsource the funds they need to do any number of things. They also allow people to become the bank or investor. I just started using this service, so I don’t have much to say about it just yet, but a co-worker of mine, swears by it. - Twitch/Youtube
I play a lot of video games. I would say it's a very big passion of mine and growing up in the late 80’s early 90’s afforded me a lot of cool and new video games to play. Since then video games have exploded into almost a $100 billion dollar industry. Along with that Twitch was born. Youtube soon followed the trend. These services allow you to stream yourself playing video games. Many have started to make a living from doing just that, and some people have become quite wealthy. Check out PewDiePie he reportedly made 7.4 million last year. But this trend reaches further than the video game industry, there are plenty of successful fashion vloggers(video blogger), makeup artists and comedians with large youtube followings.
Other ideas
- Blogging
- Write an ebook
- Index funds
- Affiliate Marketing
- Vlogging
- Streaming
- Real estate
- Rent out space
- High dividend stocks
- E-commerce
- Selling junk
- Create an online course
- Cash back rewards
- Become a silent partner
- Buy an app or website
- Reselling
