You've probably never heard of method number 2. Here's my top 3 current ways to get passive income.
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What is passive income?
Passive income is if you invest money or time and you build something that generates you gradual recurring income that does not require you to invest a lot of time and money in the future.
Ways to generate passive income:
1 – Investments. If you go and look at S & B 500, the average return in investment yearly is 11%. That is a very high percent. If you invest $10 000, a year later you will have 11% more. There are theories for downturns, but on average in the last 15 years it has been going up very steadily.
That is a form of passive income that almost anyone can play with. Even if you make just a little bit of money, 11% a year is a lot.
2 – There is a website www.themeforest.com. You do not necessarily talk to clients and get sales on the phone like I recommend. You can create a Wordpress template and you put it on that website and it starts getting sales. If it is $50 and you can get 1000 sales per year. This is actually a lot of money, considering that you really do not have to do much of anything.
Once your template is getting ranked and you start getting sales you will make passive income. If you are a web designer and you do not want to deal with clients, that is a good solution for you.
Initially it is a lot of work. However, after a while it is as passive as you can get.
3 – Lend money. Most people borrow money. If you are the person, who is lending the money instead of borrowing it, this is a very profitable way to go. I recommend you use a third party to lend the money.
With lending money you are able to generate a good percentage back on top of the money that you are going to get. If you lend to right people, if they have a job and family and they are highly motivated to pay you back, you can make a lot of money with that.
4 – Become an actual entrepreneur. Someone, who takes risks. Takes something and then sells it in profit. There are many methods to become an entrepreneur. You need to have three things:
a) You need to have a way to get people on a call, or a way to get leads
b) You need to have a way to sell to them, so that you can get sales
c) You need to sell them what they are looking for – a product or a service
If you have these three thing and you are good enough at sales or copywriting or marketing, then you are able to make it into a business.
If you go to entrepreneur route, in the beginning it is very hard. But eventually you are able to leverage that by hiring and automating your business and at that point it can become passive income.
Chasing the passive income is not like to bring you a lot of passive income. It is better for you if you develop skills to a high level and get paid a lot of money by companies and people for you skills. You can leverage the money that you are earning for your business and selling your services and build an actual empire.
