Build these passive income streams before drowning in financial debts
6 min read
You must build some if not all of the passive income streams discussed in this article before you get stuck in a money loop with no savings by the end of the month. This money loop becomes even more deadly if a person reaches 40 years of age, he is married, has kids, and cannot save a single penny by the end of the month. This article is very crucial for people who want to change their lives before getting into this situation.
In this article, I will show you the passive income streams which you can build even if you are doing a full-time job somewhere. A BONUS income stream will be discussed in the end with a way forward to give you a head start in the game.
1. Make financial investments
Making financial investments is one of the smartest things you can do with your money. It not only grows your wealth but can also provide you with a stream of income after retirement.
There are many different types of investments you can make, from stocks and bonds to real estate and mutual funds. And while there's no guarantee that any investment will make money, diversifying your portfolio across several different asset classes can help reduce your overall risk.
So where should you start? If you're new to investing, a good place to begin is with a simple index fund that tracks the performance of the stock market as a whole. Over time, you can begin to branch out into more speculative investments, such as individual stocks or real estate, if you're comfortable with the risks involved.
Whatever route you choose, remember that the key to successful investing is to start early and stay disciplined. By doing so, you'll be well on your way to building a solid foundation for your financial future.
2. Own a rental property
There are many benefits to owning a rental property, including the potential for monthly cash flow and appreciation of the property’s value over time.
However, before you jump into the world of rental property ownership, it’s important to understand the risks and responsibilities involved.
For instance, as a landlord, you’ll be responsible for maintaining the property, finding and screening tenants, and dealing with any repair or maintenance issues that arise.
You’ll also need to make sure you’re in compliance with all local laws and regulations regarding rental properties.
If you’re up for the challenge and ready to take on the responsibilities of being a landlord, then owning a rental property can be a great way to build long-term wealth.
3. Start a print-on-demand shop
Starting a print-on-demand shop is a great way to make some extra money without having to put in a lot of upfront work. You can create your own designs or use other people's designs to sell products like t-shirts, mugs, and phone cases. There are a few different ways to get started with print-on-demand, but the most popular platforms are Merch by Amazon and Redbubble.
To get started on Merch by Amazon, you'll need to create an account and upload your design files. Once your designs are approved, they'll be available for sale on Amazon.com. You'll earn a royalty on each sale, and you can set your own prices.
Redbubble works similarly to Merch by Amazon, but there are a few key differences. First, you don't need an account to start selling on Redbubble - you can just create a shop and start uploading designs. Second, Redbubble has more product options than Merch by Amazon (including stickers, notebooks, and apparel), so you can reach a wider audience with your designs. Finally, Redbubble doesn't have any pricing restrictions, so you can charge whatever you want for your products.
If you're looking for a passive income stream that doesn't require a lot of upfront work, starting a print-on-demand shop is a great option. With Merch by Amazon or Redbubble, you can start selling your designs with no risk.
4. Create the content
If you're looking for ways to make extra money, one option is to create content on YouTube. You can generate revenue through YouTube ads, affiliate marketing, or by selling products and services.
To get started, you'll need to create a channel and start uploading videos. Make sure your videos are high quality and offer value to your viewers. Once you've built up a following, you can start monetizing your channel with ads or by selling products and services.
If you're not sure what kind of content to create, consider creating how-to videos, product reviews, or entertainment videos. Whatever type of content you choose, make sure it's engaging and informative so you can attract a large audience.
5. Create an online course
There are many online course platforms available today, such as Udemy and Skillshare. If you have a skill or knowledge that you can share with others, consider creating an online course. You can promote your course on your blog or website, or through social media channels. Once you have students enrolled, you'll need to create engaging and informative content for your course. You can also offer discounts and bonuses to encourage people to sign up for your course.
6. Create an app
Building passive income streams is a great way to reduce your financial debts. There are many ways to create passive income, but one of the most popular and effective methods is to create an app.
There are many benefits to creating an app. First, it can be a great source of passive income. If you create a successful app, people will use it and you will earn money from it. Second, it can help you promote your other products or services. If you have a website or blog, you can include a link to your app on it. This will help you get more exposure for your business and potentially generate more sales.
Third, an app can help you build your brand. A well-designed and useful app will make people think more highly of your company or personal brand. This can lead to more customers and clients in the future. Finally, an app can be a great way to stay in touch with your customers or clients. You can send them updates about new products or services, special offers, and important news.
7. BONUS: Start a dropshipping store
This is not only an investment strategy but also serves as a passive income source. It is dropshipping in the Ecommerce industry and here we will discuss specifically Facebook Marketplace and Facebook Shops. In dropshipping model, the seller doesn't need to worry about storing any inventory nor he will be shipping products by himself. Rather it gives him way too much relief and he can focus his energy on the product research part and maximize his profit margins. The reason we choose Facebook Marketplace and Facebook Shops is because of their potential and low competition unlike the giant Ecommerce hubs like Amazon, Ebay, or Walmart where potential is high but the competition is fierce and new sellers especially someone with limited budgets might not survive in that competitive markets. We highly recommend a tool known as MarketplaceFlow which will not only save you time but will also give you a head start in the Ecommerce business. Here are some valuable links which will help you start the dropshipping journey with low investment and high returns:
What Makes MarketplaceFlow Different
Advantages Of using MarketplaceFlow for Dropshipping
How to Master Facebook Dropshipping in 2022 with MarketplaceFlow
How Do I Start a Successful Facebook Marketplace Online Store?