We all know the old adage If you snooze you lose. Well, not when it comes to passive income. Wouldn’t you love to make money while you’re asleep? Investopedia defines passive income as earnings an individual derives from a rental property, limited partnership or other enterprise in which he or she is not materially involved.
There are several ways to make passive income but today I’m going to focus on just three ways to get your dollars to work for you while you snooze. Many people think the idea of passive income means not having to do any work at all, and from my experience its actually quite the opposite. In many cases achieving passive income requires a lot of work upfront in which case you reap the benefits on the back end. Let’s explore three totally doable streams to passive income that you can implement to begin to secure financial freedom for yourself.
Passive Income Possibilities: 3 Ways to Snooze and Win
Invest in Real Estate– Of course, this would be the first path to passive income on my list. Buying and holding real estate such as multi-family dwellings or single family homes, is a great way to earn income passively. Take a look at the investment portfolios of any millionaire or billionaire for that matter, and I’m pretty sure real estate is somewhere in the mix. Many would argue that real estate is not an entirely passive investment if you choose to manage it yourself. I manage all of my properties on my own and some months I hear crickets from my tenants (yay!) while others require me to get involved with maintenance and other issues (boo!). Even if you hired a property manager you’d still need to be involved with communicating with the company and being involved with what’s going on at your property. Investing in real estate not only builds wealth but I view it as a way to leave a legacy for my family and create generational wealth.
Write a book/create an e-book– I know what you’re thinking, “Oh yeah Michelle, I’ll just go write a book today and start to sell it.” Did you also roll your eyes to the top of your head? Well spare me the drama because if you look around at the “experts” and “published authors” today- they are just like you and me. What a time to be alive! We have at our fingertips every form of technology available for us to pursue our passions and most of us never take advantage of it! When I self-published my first book people told me I was crazy! Who would buy it? What made me the authority to actually write a book and become an author? How would I promote it? I’ll answer those questions in another post but essentially, I did it because I BELIEVED I could. I had a goal, a passion and the drive to make my dream a reality and guess what? My book has taken me on adventures that I would have never imagined and writing my story has been one of the best decisions I have ever made. Self-publishing platforms like CreateSpace have changed the publishing game, making the entry in the marketplace achievable! What holds you back isn’t lack of available resources but lack of confidence that you too can be as great as anyone else who has taken the leap IF YOU DON’T BELIEVE IN YOUR SKILLS AND ABILITIES, NO ONE ELSE WILL.
Create an online course: This is an avenue I haven’t explored yet, but I’m eager to do so! There are several sites available for learners to watch and or create content that can add up to a pretty nice passive source of income if successful. Udemy, is one of my favorite sites to access courses, for a relatively low price with content created by people just like you and me. Again, there is a time and financial investment upfront to create the content and produce the video, but once you’re up and running the sky is the limit. I held my very first real estate seminar entitled Real Estate & Champagne in a live capacity and one of my goals is to transform that seminar to an online video course that can be watched on a site like Udemy. I will certainly keep you posted on the progress of developing it!
Start your Passive Income Journey Today
There are boundless opportunities to create passive income today and the only limits are the ones that we create for ourselves. For the doubters, you might be thinking the following: There’s no way I can write a book! Create an online course- about what? Real estate investing seems complicated and risky. Consider this: Whenever I feel overwhelmed or unsure about something I want to accomplish my mother always asks me the following: How do you eat an elephant? One bite at a time. I have no idea where she got that saying from and why on earth anyone would want to actually eat an elephant, but the basic premise is that in order to accomplish something really big, you’ve got to take small steps.
Maybe you don’t have the money for an investment property today- that means it’s time to start a savings strategy to get you to property #1. Perhaps you don’t have the time to actually sit down and write a book. Make the time. Creating an online course seem like a wacky idea? Log onto Udemy and check out the various categories that are available. You might be surprised that you actually find your niche.
Carve out time for your dreams so they become a reality
It could mean getting up at 5am to give yourself an extra hour or two to write. No one said this would come without sacrifice.It all starts with you. Do you own your own business? Are you gainfully employed? Are you retired or laid off and have years of knowledge and experience that others can learn from? If so you are supremely blessed and you obviously possess some type of skill(s). Figure out what your unique skill-set is and use it to help others AND build passive income. Someone has what you need to better their lives and….. well, if you keep it all to yourself…how else can the world benefit?