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Passive Income What It Is, Why You Need It, And the Top 5 Places to Get It
There are many different ways to generate passive income. The adventure is exploring all the different options to find the right business that will meet all your needs and is successful. There are many different types of passive income that you can enjoy having. I will list the top five different passive income sources here.
The top 5 best sources of passive income for today's economy are:
1. Real Estate:
Real Estate has been around as long as there has been empty house. It is a consistent reminder that everyone will need a place to live at reasonable cost. With the real estate market in its lowest point in almost 20 years, this is the perfect time to invest in some property that you can use as a residual income. The interest rates in some areas of the country is at a low of 2.0 percent. Buying a rental property is a ambitious endeavor and does require you to but some money upfront. But, the returns that you will receive for your efforts can generate income the rest of your life. If, you buy a home at around 500 dollars a month and the area you purchased in rentals are going as high as 800 – 900 then the result is 400 a month in extra profit.
2. Dividend Income:
This includes (stock, bonds, and mutual funds.)Many people make a fantastic living just living off the dividends that companies pay. Of course, it is starting to become a challenge to finding the perfect dividend stock. But, doing your due diligence and proper research can lead you to a company that pays out exceptionally well. The stock market also holds the most risk so make sure you talk with a financial advisor if you do not understand what you are getting into.
3. Passive Business:
Many people have started to operate a small business in malls and in outlets. Some are operating a small café stand or small food stands. These are serious businesses that can generate a decent monthly income without your direct involvement. It even helps the economy because you can hire someone else to run it for you and after all the cost are added up. It will usually generate that much profit.
4. Vending Machines:
One of the best forms of passive income can be generated through the use of automation. This goes for vending machines, coin laundry, car washes ect. These are areas where the only thing you need to do is make sure the equipment is working, and you have enough quarters to keep the change machine rolling. The hardest part is finding location. Many business owners who did not have one were willing to allow you to have one there for a small percentage of the profits.
The biggest way to generate a passive income will be on line. This is the small wave of the future for people looking for that perfect 24 hour uptime in their business. Many are finding small niches in product fields to cater to a small percentage of the population. If, you want to run an informational website or blog you can use advertising to supplement your income. As long as there is prevalent information on your site people will continue to come back again and again.
Now these are simply 5 ways to earn passive income and welcome you to add more. We all know retirement will not be there for my generation so finding these solutions will be the best options. Enjoy getting your business up and running. Then enjoy spending that extra income on the things you need most.