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Passive Income: Work Less, Earn More
Recently, there has been a new study released about the availability of income to people over the age of 50. With the current state of affairs, there will be no social security when most of us retire that are already 45 or over. On top of that, most people have not even started to think about retirement and their savings if any is remarkably little. So, what can you do today to help yourself be a little better prepared? The answer is easy: develop a source of passive income.
Ok, the answer is easy to say, but how do I do it? What are some ideas I can use to get started? What is passive income? How can it work for me?
Well, lets first talk about what passive income is. Passive income in a nutshell is a source of money that comes to you with little or no interaction. Pretty straightforward explanation, but I am not going to tell it is easy because it can take a lot of work depending on what you are trying to make into a passive income. There are a lot of different types of passive income that can be earned online passive income and offline passive income. Let’s take a look at a couple of each of these
Online Passive Income
Websites: Creating your own website is one of the best ways to develop passive income online. With today’s software and templates available, you do not need to be a webmaster to create one. Many use a wizard to install and configure the website for you. There is even free places online line where you can start creating content in any category that you like. Places like blogger.com and wordpress.org, provide free blogging sites. Write some content, drive traffic and, place some ads.
Affiliate Programs: Another way to make money online is to promote someone else’s product. This is referred to as affiliate marketing. You are provided a link that contains your information, and you find creative ways to get people to click on that link. When they do they read the information and buy the product. You receive the commissions of selling the product which can go as high as 75% on some. You can advertise through your own website, Pay per Click, article writing, forums, and other ways.
EBooks: Do you have a passion for something? Do you want other people to be able to enjoy the same things that you do? Do you have extensive knowledge on a subject? If, you do then share it. You can create an EBook online and sell the product through various outlets like Amazon, Barnes & Nobel etc. These eBooks do not have to be long but should be informative and unique to the subject matter.
Offline Passive income
Ok, so, you do not think you will be exceptionally good with a computer. But, online is not the only way to come up with some powerful passive income ideas. Here, are some off line passive income ideas that people use.
Real Estate: By far the number one way to earn passive income offline is through the use of Real-Estate. Any kind of rent on a property or equipment that you receive is considered a passive income. There are a lot of things to being a landlord, but the payoffs outweigh the negatives on it.
Kiosk: Every walk by the mall and see the small kiosks in the middle of the mall selling everything from coffee, to donuts these little shops can be rented out to others, or you can work there yourself, but it is an exciting opportunity to make a little extra side income.
Flea markets: Everyone loves to explore the flea markets. I always go when I need something specific because they usually have it. You can sell information on your hoppy, t-shirts, garage sale items, or anything else you can think of. Or you can buy a couple of the spots in the flea market and rent them out to others again receiving passive income from renting.
These ideas off and online I hope will give you some direction. Do your research and get started today developing that perfect passive income for yourself and family. There is no one stopping you but you.