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You can work your ass off to earn money but youll never get anywhere until you start making passive income. I make money on seven different income sources but some of them require a lot of work.
Passive income is money you make out of a solution or an investment where you dont need to do any more work once you set it up. That means consistent cash flow each month whether youre working or not.
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Thats the only real way to financial freedom. Passive income is the only way that you will be free of worrying about money and the only way that you could ever reach financial independence.
Im going to discuss my seven popular passive income sources, income flows I use to create money each month. Now Im not going to sugar coat this, a few of these are going to take work but will mean thousands per month you can count on.
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Im going to begin with the simple passive income ideas, the ones which you can start making money on immediately and will work through to the ones youll create the most money on as we go through the listing so be sure to stick around to grab those last couple of passive income plans. .
Our very first side hustle idea is with deal sites like Swagbucks and TopCashBack. Now these are actually two different types of passive income ideas because theyre different types of websites.
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Swagbucks is a get-paid-to website so that you get paid to do things like take surveys, play video games, watch videos and test out free product samples. Doing each of them, you earn points which are ordinarily convertible to one hundred points for a dollar.
Now this isnt something thats going to make you rich but you can earn some legit money for less than an hour of the time. Swagbucks consumers have redeemed over $344 million in rewards for gift cards and Amazon rewards.
Now Ive been using Swagbucks for a while and have found the money works out to just under $2 an hour so this isnt something thats going to make you rich. Youd have to operate 2,500 hours to make $5,000 so thats approximately three and a half months, non-stop. The thing with Swagbucks though is you can take action when youre doing something else I flip through polls and other things while Im cooking dinner or flipping channels. .
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TopCashBack is an online shopping cash back site in which you receive a percentage discount on anything you buy online. Everything you do is start at the TopCashBack site then click through one of the 4,000 retailers using a cash back program.
All these are everything from Nike to Home Depot and you get from 3% to 25% cash back on anything you buy. Youre still shopping right on the retailers site so you receive all the other discounts and deals they provide, you simply get news an excess bonus for going via the TopCashBack web site first. .
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TopCashBack is a little better with the average money back around 6% of your purchase so if you spend $1,000 online youre going for $60 back. Again, not something thats going to make you rich because you have to buy stuff to get the cash back but its free money on the things you were going to buy anyway. .