Our Enterprise beta is live! Apply here.
Learn More
Embrace diversity with purpose! Creating content for marketing purposes is a great way to make extra money if you are willing to give up some time to prepare it.
Running a YouTube channel, publishing a book, or starting a business can all be done from anywhere in the world. You do not need expensive equipment to start producing content.
All that is needed is an internet connection and software such as Photoshop or Microsoft Word.
By investing into passive income strategies now, you will have enough resources to live comfortably later in life. Many people earn a decent living off their personal blogs, YouTube channels, and other types of online writing.
There are many ways to achieve this so don’t feel like you’re asking too much when you ask about how to set up passive income. Others have already figured out efficient methods to finance your dreams.
Passive income comes without having to work almost constantly. This is ideal since you want to sleep well at night and enjoy the rest of your time. Plus, you get to keep the benefits of being self-employed.
The more passive income strategies you have, the better chance you have of reaching financial stability. Luckily, there are several easy to implement ones here! Read on to learn more about them.
The next step in establishing a successful passive income stream is registering your business with either state or federal agencies. This includes opening a business, assigning yourself as an employee of the business, and ensuring that all appropriate paperwork is on file.
Business registration not only ensures that you can run your operation with legal permission, it also offers tax benefits. These include deductions for business expenses and savings in personal liability due to being an owner of the company.
By registering your business, you’re taking steps to ensure that everything runs smoothly and legally for you and yours. It will also help inspire confidence in potential investors and customers.
As we mentioned before, creating a business is not free! There are costs involved in opening up an LLC or ITAF account, registering your business with state agencies, etc.
But one of the best ways to mitigate this initial investment is by applying for tax incentives and/or loans as part of starting your business.
By receiving these rewards, you get them without spending any money! The federal government offers several types of income tax credits and deductions along with financing options such as business loans and small business administration (SBA) loan guarantees. These reward you for investing in your career while also lending you some cash so that you can start working.
There are even programs like the S corp stock offering program where businesses can buy certain shares at a discounted price. By doing this, you become eligible for other benefits such as limited liability protection and professional services.
These opportunities are available to both individuals and corporations who wish to pursue self-employment. It does not matter if you’re looking to make enough income to cover your monthly bills or if you want to live beyond your means – there are resources out there that pay for themselves.
The next step in establishing a passive income stream is to invest your money in products or services that will help you generate revenue for your business, or are just plain fun!
There are many ways to spend your hard earned cash passively. You can start investing in hobbies and giving them away as gifts (This is what I call Wealth Donation).
You can also begin investing in educational materials or tools to improve your skills. Or how about starting a food cart or buying a house with a kitchen so you can offer your services baking and/or cooking?
I know some people who make very good money teaching others how to bake and cook, so why not give it a try? If you’re already have a skill – such as writing or painting – apply those principles to create content and sell it online.
How about creating and selling handmade jewelry or bags? There are lots of great resources available these days for anyone looking to learn basic jewelery-making or bag making.
These are but a few examples of ways to invest your money in things that do not require too much effort after production, nor do they cost a large amount of money to produce. And yes, even though this article focused mostly on lifestyle goods, there are plenty more out there!
It’s important to remember that no matter which type of product or service you choose, whoever you are targeting will most likely be spending somewhere around $100-$1000 per person.
One of the easiest ways to begin investing in yourself is by opening an easy access savings account with your home or credit card. This way, you do not have to worry about meeting the requirements for direct investment accounts. You can easily walk away from this account at any time!
A good place to open an account is through CIT Bank. They offer several high yield checking accounts that come with just enough income to meet monthly bills. (More info here.)
This way you are still able to fulfill your obligations, but also earn some extra money that you can save or invest. The more passive the investment, like dividends or appreciation, the better!
Many people start investing when they find out about dividend paying stocks or how stock markets work. A great source for all of these is the book “The Power of Positive Thinking” written by Robert Schuller. He talks about investing in his book and website called ‘Livefreeforooreconomicachangeme.com'.
One of the easiest ways to develop additional income is through your retirement savings. Many large companies offer their employees an investment option in the form of an individual retirement account (IRA).
There are two main types of IRAs: deductible and non-deductible. Deductions can be for certain monthly expenses, such as mortgage or rent, utilities, health insurance, and child care costs.
For individuals who don’t have much money saved away from spending it, a non-deductible IRA is the better choice. This way you won’t need to deduct any spending fees when taking out funds, but there will be higher annual limits.
A basic IRA comes with limited features, so it is best to look into other sites and services to find one that fits what you want. There are many free resources online where you can research Irs for beginners.
Having a savings account that earns very little interest is not a good way to start investing in your future. Instead, consider putting your money into an insurance policy or plan.
There are many types of life insurance policies. Some pay benefits directly to individuals, such as a Paycheck Plan that helps finance education or mortgages. Other policies help fund a charitable organization or research project!
You can also invest in term life insurance, which lasts for one year or less. This type of coverage is perfect if you’re looking to protect your loved ones from being bankrupted by a serious illness or accident.
In both cases, the insurer invests the cash in guaranteed income sources (such as stocks) while you enjoy the dividends generated off the profit margin.
Investing in a policy or plan is far more efficient than buying individual assets like stocks or real estate. A policy is always paid for, whereas the value of other investments can drop significantly before it is recouped.
‘Become an expert’ is the most common way to establish passive income. This is typically done through creating or finding products that people will pay to learn how to use effectively. You can then market these services as a professional who has expertise in them, thus charging a higher price for them.
There are many ways to create a product- you can write a manual about it, develop a software tool using it, or even give away content using it free of charge.
The key thing to remember here is that no one else owns this knowledge. By offering it to others for a fee, you get to keep the profit!
With enough marketing strategies, you can run yourself into debt paying to learn all of these skills. But once you have mastered those things, you will still make money due to the high prices you demand for your service.
This is called pricing out of competition – there is simply not anyone around doing what you do, so there is no need to reduce your price.
A lot of people get discouraged when they can’t seem to make their income goal for the day, or they run out of money before the end of the month.
This is totally normal!
Passive income doesn’t happen overnight, but you have to keep going until it does. Don’t give up, even if you don’t see your desired result right away.
Research has shown that it takes around six months to achieve a sustainable passive income. That means you should expect it to take somewhere between one and two years to really start earning more than your expenses.
So, be prepared for this to take some time. You will also need to maintain this new lifestyle once it's been achieved, which requires staying focused and disciplined.
If needed, you can adjust and re-calibrate at any time by lowering or eliminating non-essential spending, living within your resources, and/or seeking additional job opportunities.
Disclaimer: This article contains links to an Amazon shopping website and/or our own at times. When you do so through the link above, we earn a small referral fee from Amazon and Materials Paydemic. It costs you no extra as you read about these products anyway and we are very transparent about this process. Read our full disclaimer here.
