Living off of passive income is one of the biggest dreams for many people. Becoming rich being dependent on other people’s money or having to work hard to make more money is not part of that dream.
But how can you achieve this? This article will talk about some simple ways to live off of passive income through online businesses, investing, real estate, and more!
Now, these are not easy to do, nor does anyone really ever truly “live off of” just one source of income, but it is possible to have multiple sources of income coming in consistently without too much effort.
And while most don’t refer to it as living off of a passive income, there are several strategies out there that could easily be considered a part of that goal. So let us get into it!
Disclaimer: All information here was published early this year (Jan 2019). I updated certain parts if they were fact-checked with new material and/or additional resources. As such, some content may no longer apply to modern situations.
Online shopping has become one of the most popular pastimes in our society. It is virtually impossible to escape the influence of the internet as it pervades every aspect of life these days!
With all this exposure, people have made money via online selling or “shopping” as they call it. This isn’t necessarily a good thing though.
As more and more individuals are gaining access to the power of online buying, there are also more sellers who are earning significant amounts of revenue off of their products.
This article will talk about some ways to live comfortably without having to deal with other seller-buyers in an open marketplace like Amazon or eBay. Instead, you can choose to be a buyer instead, which removes that source of income from the equation.
You will still earn money through the articles and resources we use for writing but not from selling anything yourself. This will provide you with enough income to satisfy your needs while simultaneously creating more space in your wallet for spending cash on experiences rather than goods.
It’s not enough to have lots of money, you need to invest it. This is one of the biggest reasons why people don’t succeed in this game. They keep all their money in a savings account or they buy a boat but never investing it.
Investing means putting your money into something else that will make money for you! For example, if you loved reading books and wanted to see how well you could market yourself, you would invest in marketing courses online. Or, if you are passionate about fashion, you can invest in buying new clothes and selling the old ones on eBay or Amazon.
These are just some examples — there are thousands and millions of ways to invest your money (and time!)
You should always be thinking about what to do next and what opportunities you want to take. Don’t hesitate to try out new things so that you can add more to your investment portfolio.
It’s easy to start working hard, but it is much harder stay in that mode for long. The more time you spend putting in effort without any reward, the more likely you are to give up and quit.
If you want to keep moving forward, you have to make sure that you don’t stop what you're doing too soon!
It's important to remember that even though you might not see results immediately, people will notice when you do something well. They'll talk about you, comment on you, or even ask you how you were able to accomplish such a task.
By staying strong and confident, you'll set yourself apart from others who give up easily. You'll be seen as someone who knows what they're talking about, which can really boost your confidence.
And just like anything else, once you get into a rhythm you won't be able to break out of it very easily.
Even if you make your first million dollars online, it will not set him or her back. It will probably give them a slight boost in self-confidence and maybe inspire them to try something else that they have been putting off for years, but they really want to do it.
That is why most people never make any money. They are too focused on getting rich quickly instead of investing in things that will help them achieve their long term dreams.
Don’t get greedy! Do what you love, pursue what makes you happy, and invest in things that bring you joy. You’ll eventually reach that next level where you can live off your income.
It takes time, sure, but don’t rush into things unless you know how to manage your money well.
A good way to live off passive income is to stay focus. You will need to know what you want, but you do not need to set a goal that has you chasing all sorts of things that may or may not help you reach your ultimate goal.
The key word here is “knowledge”. If you are not in possession of knowledge that can be translated into money then pursuing an investment strategy is pointless.
You have to understand how markets work before you can invest in stocks, real estate, or anything else related to investing. The same goes for working with money!
If you don't, then it's a waste of time trying to learn about these concepts. By having this fundamental understanding, you'll be more confident in your decisions as to whether or not to invest.
A second important thing to note is that you should always be looking at ways to improve upon what you're doing now.
This could mean improving your own personal productivity skills or financial management strategies, or even finding new ways to provide value to others.
Let’s face it, living off passive income doesn’t happen overnight. It takes time to develop your online business, find ways to make money from it, and maintain that lifestyle once it does.
But one thing you can do right away is keep yourself focused on what needs to be done today, instead of what you want to do next week.
Focus on being productive in the present moment, and stay positive about your future success. You’ll have to work hard at times, but keeping a level head will reward you with progress every day.
Start each day by reviewing your daily tasks list and then moving forward from there.
Starting your own business is one of the best things you can do if you want to live off of passive income. All it takes is a few thousand dollars to get started, and most people are able to run a small business from home with just their laptop.
There are many ways to start your own business without having to go through expensive formalities like registering with the IRS as an entrepreneur or hiring a professional accountant to help setup your company.
The easiest way to begin is by creating something that people will pay money for and then marketing it so that others know about it. By offering your service or product at a reasonable price, you’ll be attracting customers who will spend money on it.
Good luck keeping up with all of those clients!
Another option is to take advantage of free online services to test your marketability before investing in more equipment or additional training. Some of these sites offer enough tools to create a similar looking website, which makes it easy to launch into business right away.
People have made a living off of the internet since it was first designed, so don't hesitate to use this resource to gain knowledge and experience.
A great way to make money passively is to be an online tutoring coach or teacher. There are many sites where you can create an account, find a niche field such as math, science, or reading that students need help with, and then teach those subjects to others in the community!
Most people have their phones with them at all times, making it easy to test out your teaching skills by posting lessons online. Some of these sites even pay its teachers per lesson completed so if someone doesn’t seem interested in learning from you, you can just drop them off until they do.
One of my favorite ways to earn extra income via teaching is through TutorVista, I will talk more about this site in detail later in this article. For now though, try out what types of things you would like to teach and which communities might want some education. You could also start your own specialty area or position yourself as a generalist and grow into other areas.
The key here is to pick fields that you are passionate about and that will motivate you to learn and teach well. Take your time to look around the settings and features for this site before creating an account, there's always something new being added.