Passive income. Alternative income sources. Secondary income streams.
Time and time again we’ve heard experts, financial gurus and even millionaires talk about how anyone can develop various streams of passive income. Admittedly, it sounds absolutely amazing; the ability to earn money even while you’re asleep seems like a pipe dream.
But is it really?
Is passive income the way of the future or have we been misled by so-called experts and is all of it just a pyramid scheme engineered to separate us from our hard-earned cash.
Well, the answer is yes and no. A majority of the time, most passive income schemes or investments are scams that require you to pay expensive “registration fees” in order to participate and oftentimes leave you with nothing.
On the other hand, through a combination of careful planning and research, we’ve seen that it is in fact quite possible to develop a stream of passive income. It is however, not one hundred percent automatic and you will need to participate in it to some degree.
So, with all of that in mind, we now take a look at how you can turn your computer in a passive income machine.
1. Invest in dividend paying stocks
This idea requires you to have at least some cash on hand in order to get started. However, with a bit of seed money, you’ll be able to build start building your portfolio.
If you didn’t already know, here’s a bit of background for you. Dividend paying stocks are essentially shares that pay regular dividends at certain points. Typically, such stocks are issued by well established companies and the dividends paid out are relatively small.
This method requires patience and rewards those willing to do their own research. However, once you’ve built up a respectable portfolio, it’s more than a little rewarding to have a steady stream of cash flowing in.
Even better is the fact that dividend paying portfolios don’t require much oversight on your end which makes it a truly effective source of passive income.
2. Be an influencer
Okay, okay. Given the barrage of hate directed at influencers nowadays, we often overlook how being an influencer can actually be a great way to earn a steady stream of passive income.
Influencers earn money by endorsing products and services of a particular company for a fee. Successful influencers with a huge following can really rake in huge amounts of money from lucrative endorsement deals.
Of course, being a successful influencer takes plenty of work and in a hyper-saturated industry, the competition can be killer. However, get it right and you can even make a killing selling bath water.
3. Automate your online business
Here at RdXTricks.com, we’ve spoken about how you can make money online with virtually zero capital. Now, running an online business is all well and good, but at the end of the day, you only have a single pair of hands.
Working a side hustle or part-time job can be extremely taxing both physically and mentally which is why you should seriously consider automating aspects of your online business.
Started a copywriting business? Why not take on part-timers who can help you put out more content and leave you free to work on other tasks.
Love photography? Besides taking on freelance gigs, why not sell your pictures on stock photo sites for some of that sweet royalty income.
It will most definitely take some work at the start of it but automating your business and learning how to delegate your tasks are crucial if you want to enjoy all that hard-earned money.
4. Place bets online
Online betting is one of the most underrated and misunderstood ways of earning passive income. Oftentimes, because of the misconception that many people have about gambling, online betting is typically written off as being an addiction.
Upon closer examination however, this could not be further from the truth. In actual fact, online gambling is one of the easiest ways to quickly and lucratively earn passive income.
Take horse racing for example. If you read on Twinspires how to understand the odds, you will end up with pretty good idea of who’s going to be favorite to win the most rated competitions, like the Kentucky Derby. With all of that knowledge and some research, you can place bets and quickly grow your pile of cash.
Before throwing in all of your money, always remember your limits and never get emotional when placing your bets.
The road to financial freedom is not necessarily and easy one. However, thanks to the connectivity afforded to us by the internet, it has now become easier than ever for anyone to build up their sources of passive income.