One of the keys to building wealth is having your money work for you. Everyone only gets 24hrs in a day so in order to gain more money you have to build passive income streams. That is when you set something up one time and it pays you forever. So in this post I am going to give you the top 5 best passive income streams you can have.
- Create an Online Course
- Write a book
- Invest in Rental Properties
- Sell Stock Photos
- Start a Podcast
Create an Online Course
Do you have a skill that people want to know? This can be anything from music, art, dance, engineering, business. Something as simple as basic car maintenance could put money in your pocket. You would only have to create the videos once, and when people sign up to take it they will pay you a certain amount.
Write a Book
If you have aspirations to tell a story, there are a lot of free publishing companies that will let you publish a book. But in order to make some passive income you need to put this book on a hosting site. eBook or not this one time thing could pay you while you sleep.
Invest in Rental Properties
This can be done by buying your own properties, or investing in a REIT. Either way you pay a sum of money in the beginning and you sit back and watch your ROI deposit into your bank.
Sell Stock Photos
This passive income stream is pretty simple. If you have an eye for pictures you can take them with your phone, and sell them to a website that hosts stock photos. If you get really into it you can buy a camera to take better pictures to sell as stock photos. One picture could be worth a thousand dollars
Start a Podcast
This one can be kind of time consuming, but if you want to get paid to speak your mind then it might be worth the effort. If your podcast makes it big you can start to leverage the audience that you bring and get sponsorships. As this isn’t all passive, the money you make will grow exponentially as time passes.
Rob’s Opinion
If you enjoyed this post please comment down below. And if you have other passive income streams that you don’t mind sharing then comment down below to let the people know.
These streams can give you some good money but it’s going to take a lot more work than what is detailed in this post. For the real secret and tips to make these things happen go to my Wealth Building Playlist.
