It has been said that the average millionaire has at least seven forms of passive income. This means they are receiving a payout from multiple sources without having to put it significant time or effort. Here are a few ideas to help you develop passive income streams of your own.
Sell Digital Files
Digital files come in many different categories. You can create a piece of artwork, printable greeting card, or even an editable birthday invitation. If that doesn’t encompass any of your passions, you can also create something like a 14 day vegan meal plan or an at home workout guide. Selling digital files is an easy way to earn passive income. Technology allows us to set up files so they are automatically sent to an email address upon purchase. Digital files are amazing because you don’t have to do much outside of collecting money and dealing with the occasional customer service inquiry. Etsy is an excellent place to sell your creative endeavors. If you want develop another kind of digital file, consider your interests. For example, if you love working out, sell a guide that can help people achieve results too. You are definitely going to do a better job creating a project you’re passionate about. It’s an excellent way to create passive income because it costs little to no money.
Write a Book
Writing a book can be an incredibly lucrative adventure. While it takes a significant amount of time and effort up front, publishing a book has the potential to yield royalties for years to come. According to an article written by Nick Morgan for forbes.com, “There are somewhere between 600,000 and 1,000,000 books published every year in the US alone.” This particular article went on to say that half of these books are self-published and tend to sell very few copies. If you have a great idea for a book, seek out professional help in order to help you get the book off the ground and published. Develop a team of people who will support you and help you succeed.
Invest in a REIT
A Real Estate Investment Trust is another great way to create passive income. An article written by Jeff Rose for businessinsider.com states, “This is something like a mutual fund holding various real estate projects. The fund is managed by professionals, so you never have to get involved. One of the big benefits of investing in REITs is that they typically pay higher dividends than stocks, bonds, or bank investments. You can also sell your interest in a REIT anytime you like, which makes it more liquid than owning real estate outright.” Keep this investment opportunity in mind when you’re looking for a ways to expand your portfolio.
Make your money work for you. Set up your up for the future by investing in passive income streams. In doing so, you can ensure you’ll be able to enjoy the fruits of your labor long after you stop working.