As busy professionals, it’s hard to find room for one more thing. We have a hard enough time squeezing in time to get our oil changed. When it comes to your financial future, though, nothing is more important. So many of us get stuck with this idea that the money we’re making at our day jobs is all we can really rely on. We have our income, a 401k or other retirement package, maybe some stocks and bonds, a savings account, and for too many Americans...that’s it! If that!
And for many Americans, that isn’t enough to cover retirement. The statistics are out there, and they’re not encouraging.
So with that in mind, what are we to do? The answer lies in generating passive income. Because we’re often busy professionals with a primary job, it’s not likely that we’ll want to pick up a side hustle.
These are some of the best ways that you can generate streams of passive income to help build up your dream retirement.
4 Streams of Passive Income You Don’t Want to Miss Out On
1) Turnkey Real Estate
You knew it was coming. Turnkey real estate investment is the best way to invest in real estate without the hassle and stress of investing on your own but with the control and ownership that you don’t get in REITs and real estate crowdfunding. With the help and expertise from a turnkey provider like Memphis Invest, you can buy property in stable, growing rental markets across the country and start building a real estate portfolio...and your net worth.
Turnkey real estate investment is great because while you have total ownership over your investments, you also have the peace of mind that comes with knowing that your investments are taken care of by a team of experts who are invested in your success. The day-to-day details are taken care of for you so that you can stay focused on what really matters.
2) Peer-to-Peer Lending
Another way to earn passive income, especially if you have money to begin with, is to give out private loans. Peer-to-peer lending often comes with higher interest rates and shorter lending periods. This means that you can earn quite a bit depending on the size of the loan. Not only that, but you have the opportunity to help a friend or a colleague in their investment or business endeavors by becoming their investor.
A word of warning, though: don’t invest in just anyone. Remember to do your due diligence. You need to know that a plan is solid, that numbers check out, and that you will be able to see your money again (with interest).
3) Cashback Rewards
While this form of passive income won’t make you rich, when it comes to money, every bit counts! I don’t turn my nose up at any opportunity to save or earn money. With sites like eBates, you can get cash back as you shop online and receive a check or Paypal transaction every quarter. While this may only be a few dollars, it can really add up when you need to make some larger purchases.
Our more traditional understanding of this type of reward system comes from credit card cashback rewards, but with these sites, you don’t have to worry about bad credit and interest rates. Just buy things as you normally would with a certain web plugin installed after you’ve signed up on the website. The rest is taken care of.
4) Write a Book
While not totally passive or accessible to everyone, writing a book can be a great way to earn passive income. If you have a great concept related to your field of expertise or a gift for writing, you can you can find a publisher or even self-publish through a platform like Amazon. With some marketing, you can see a check at the end of each month or royalties from another traditional publisher.
Have I mentioned that I’ve written a few books myself?
Whatever method you choose, I encourage everyone to look into some method of generating passive income for themselves. You can achieve not only financial security but financial freedom!
How are YOU earning passive income? Tell me your favorite method in the comments.