Top 8 Ways to Create Passive Income

passive income

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Wouldn’t it be great if you could have a continuous stream of income deposited into your savings and/or checking account? Think about it. You wouldn’t have to worry about paying the bills on time or having money to buy groceries for your family. An extra $500, $1,000 or more in your bank account will reduce your money worries and stress.

While having multiple streams of income is ideal, you need to choose the right one for you. For example, if you want to earn money from a blog, you need to pay for web hosting, choose the right niche, design your website (or have someone design it for you), create a blogging schedule, share your posts, develop a community, guest blog, and choose the best affiliates for your blog niche. Blogging is work, but it is fun!

If you want to earn additional monthly income and start saving for retirement (or add to a fund), college, vacation, etc., check out the top eight ways to create passive income listed below. Some require more work than others. But all of them will put extra cash into your pocket.

8 Ways to Create Passive Income

1. Affiliate marketing.

Affiliate marketing means you sign up with a company and/or entrepreneur and sell their products. For example, if you start a tech website, you could become an affiliate of a web hosting or anti-virus software company. You can earn hundreds or even thousands of dollars each month if your website receives a decent amount of web traffic and you have thousands of email subscribers. Being an affiliate marketer takes dedication and time. You need to build traffic via your website, email marketing and social media. Is this for you? You be the judge.

2. Start a freelance business.

Have you always wanted to own your own business? You could start a side business while you work a full-time or part-time job. For example, if you’re a graphic or web designer, you could start your own graphic or web design business on the side. If you like to make jewelry, you could sell at craft fairs and online. Starting a business may be daunting, but if you believe in you and your work, you could earn a decent living, maybe even quit your day job. Search out those who are doing what you want to do and interview them. Find out the mistakes they made and ask for guidance.

3. Network marketing.

Network marketing or multi-level marketing is one of the most popular passive income streams. When you join a network marketing company, you become part of a team. The goal, for some, is to become a leader, such as a district manager of your area, because you can earn more money. The drawback to network marketing is poor leadership and the emphasis on building teams quickly. If you join a team with a weak leader, you won’t like network marketing. But if your leader knows how to build and develop people and teams, you could be successful, earning $5,000 or more per month. A word of caution: read the fine print when you sign up. Make sure you have ample time to quit if you decide the opportunity is not for you.

4. Flea markets.

Do you have stuff in your basement, attic or garage that’s collecting dust? If you do, pack up the SUV or car and kids and go to a flea market. You could make a couple of hundred, even thousands, of dollars, depending on what you’re selling. You’ll want to go to flea markets every weekend or at least every other weekend. Make an event out of it, and show your kids how easy it is to earn money selling their stuff.

5. Investments.

Stocks, bonds, 401(k)s, annuities, etc. are great ways to earn passive income. If you’re not financially savvy, you’ll want to hire a financial advisor who’ll help you choose the right investments for you. You may want to take a couple of finance classes to understand what your advisor is speaking about when he/she recommends an investment strategy. Done right, investments can pay off for years.

6. Real estate.

Do you watch real estate reality shows? Have you dreamed of fixing and flipping houses? What about being a landlord? Believe it or not, real estate is a good way to earn extra income. Real estate investing includes fixing and flipping houses. This requires capital in the form of cash and/or credit. If you can partner with someone, do it. You’ll attend housing auctions and bid on houses; you can get them for a good price. Hire a contractor to fix up the inside and outside (could cost anywhere from $10,000 and up), have the house appraised, sell it, make a profit and split the profits between you and your partner(s). Of course, you could buy properties (e.g., houses and apartment buildings), and become a landlord. Another alternative is to become a real estate agent. Speak with seasoned investors and realtors to find out if this passive income strategy is right for you.

7. Royalties.

Earn royalties from writing books, songs or developing products. You can even buy someone else’s share of a song via a writer’s auction. For example, if a songwriter dies, his/her heirs have the right to auction off a percentage of their songs during an estate sale. You bid on a song, and if it’s accepted, you own a piece of it and receive a royalty check each month, which can be deposited into your savings or checking account or a special savings account like a financial freedom account.

8. Participate in surveys and paid focus groups.

Get paid to take surveys at home by signing up with one or more survey websites. All you do is answer questions and voilà, you get paid. Another way to earn extra income is to participate in focus groups. Companies hire focus groups as a way to test out a new product before it hits the market. Why? Because they need to make sure it will make money; they want a high return on their investment. Surveys and focus groups may not make you a millionaire overnight, but you can earn hundreds of dollars each month by giving your opinion on products and services.

Passive income is a good way to get onto the road to financial freedom. Some money making avenues require more work than others, but the return on your time and minimal investment can pay off for years to come. You can have a secure financial future for you and/or you and your family.

What Are You Doing Right Now To Achieve You Goals?

Go Get It….Right Now

Many of you reading this already have the mindset of greatness. It is a continuous effort to be great.  But sometimes, we work so hard on our mind and forget to Go Get It…. Watch this and Go Get It.

To Your Success!!

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If you are working to achieve anything, I want to watch this and Go Get It…

Possible

Aim High + Action Steps

I found the below message on a friends Facebook page and decided I wanted to share this.  I hope it does you good as it has done me.

“Aiming high will set you apart from all those who think “realistically” and settle for mediocrity.” – Tim Ferris. Continue reading

Brooklyn-Bridge

The Brooklyn Bridge

Brooklyn-BridgeA Story of Overcoming Adversity

Many of us have had the privilege to ride across the Brooklyn Bridge.  To many, it symbolizes what New York is all about.  The people, larger than life attitudes and expectations, culture and style. But today, I hope you will consider this iconic stature in a different light…one of your own.

You see, the Brooklyn Bridge did not just happen without adversity.  Read the story about the bridges developer and see if you have what it takes to build your own Brooklyn Bridge.  Continue reading

McCrory

Where did the Pat McCory I know Go??

Let me just go ahead and say it.  I am a registered Democrat who votes independently.  In the past, I have voted for some Republican candidates in local races such as Pat Mumford  and yes Pat McCory.  I always knew he (Pat) had other ambitions and I was OK with that based upon how he worked here in Charlotte.

So we he decided to run for Governor, which I believed was the next step to his ultimate goal  President of the United States (note you heard it here first), I was cool. Don’t get me wrong, I knew he would have to pander to his base, but I thought he would pull out his charm and govern a LITTLE to the right. Boy, how was I wrong!!

Came across a great editorial a few weeks ago. What do you think?

The Evolution of Mayor Pat McCory

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Visualization

visualization, n

1. the act or an instance of visualizing
2. (Psychology) a technique involving focusing on positive mental images in order to achieve a particular goal.

I believe in visualization.  I have used the technique in many areas of my life.  It has helped me accomplish many goals and obtain many of my hearts desires.  For those who do not know how to visualize, it is very simple. I found a quick article by Jack Canfield that I wanted to share with you.

As always, knowledge without action is useless.

VISUALIZATION BY JACK CANFIELD

To Your Success!!

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P.S. Have you figured out what I am visualizing acquiring?

Les Brown

Need Help Finding Motivation

I want to share a quick video of a gentleman who I consider to be one of the best public speakers in the world.  Les Brown has a very unique background that makes him qualified to help millions of people he comes in contact with.  Please take a few moments to watch this short video on how to find Motivation.

Welcome Back

I’m Back…

After a long period of absence, I am officially back.  Unfortunately my server was hacked and it has taken me several months to get the desire to start blogging again.  Hopefully the content I provide going forward will be the same level of content you expect to see from me.

If this is your first time, hopefully you will gain some insite into who William C. Wilson really is (is that bad grammar?).

Let me tell it; “I am a simple man, living a simple life, made complex by some of my own decisions. I love God, my family and anything that tastes good”.

We will talk soon!!

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