Ways To Have A Passive Income

Passive Income

Passive income is not just a dream it can be reality if you put you put your heart, mind and soul into it. Let’s first take a look at what passive income is; Google calls passive income as income that is a result from cash flow received on a regular basis requiring minimal work or effort by the person receiving the income. Most of us want to break away from the corporate world and free up time to spend with family and friends but at the same time we want to be the bread winner for our family.   This is where passive income comes in. When an income stream takes little to no effort to maintain this is passive income. It is important to note that once you have your passive income coming in it does not mean that you will not have to maintain it and keep a close eye on it so the stream does not run dry.

First thing first, do you have the heart to make it happen?

Earning a passive income does not happen overnight, it takes time, hard work, discouragement, tears and long hours. One thing I have learnt over the years is – if it was easy everyone would be doing it. You just need to ask if yourself if you can handle the tough road ahead? Usually if the road is tough and difficult it greatly reduces the competition. For me, it is worth the time and effort!

What are some passive income streams?

Investing – Investing has been one of the leading ways for making passive income. The issue with investing is that you first have to have capital to invest. Investing can also be dangerous if you don’t know what you are doing. Dividend stock has been a popular investment tool for many people. They provide a recurring cash flow and when the dividend is reinvested it can compound to a healthy return over time.



Writing – writing articles and submitting them to places like HubPages, Squidoo, Quora, InfoBarrl and so on. There are several places to submit your articles and in due time they will reward you with some passive income. Again you will not get rich from these articles but they will help produce a few hundred dollars a month for a bunch of articles you have written and submitted.

Become a proofreader – Proofreading jobs are flexible and can supplement income. Proofreading can be fun and it does not have to be something that you do full time. There are all sorts of proofreading work out on the web, just take a little time and do some research and find a niche that you are comfortable working in.

Rental income – When we are talking about rental income this does not have to be purchasing property and being a landlord. Renting items that you such as a room in your home, at one time I rented my basement to a person that needed a place to live. He ended up paying us $300 a month to live in my basement for two years. Another time I had a three car garage and was only using two spaces so I rented the other space for $175 a month. That gave me another $2,100 a year income on a space that I did not need. If you can afford to have rental property this is a great source of passive income. My wife and I love having that extra source of income coming in every month, plus the great tax benefits from rental property are a nice perk.

Start a blog – One of the most aggressive and successful passive income generating tool is a blog. If you put in the time, do your research, and can write good articles that will get picked up by search engines you can generate a full time income that will carry on for years. Regardless of the niche you pick, if you have clear knowledge of SEO (search engine optimization), social medial marketing your blog could provide several streams of income.

Self-publish a book – This may not sound fun or interesting but in reality it can produce some nice passive income. Many people that are into blogging love the idea of selling ebooks online, through guest posting, and on their own blogs. The concept sounds hard but in reality it is fairly easy and can add an extra few hundred dollars a month to your revenue stream. Now we are not talking about writing a novel, we are talking about writing a 50 to 80 page ebook that can be sold on Amazon or iBooks.

Dropshipping business – This is a new concept for many people. Dropshipping is a business that you sell products from a supplier and have the item shipped to the customer without have to have any sort of inventory. This is a great passive income producer and believe it or not it has been in existence since 1999. Big name companies like Amazon and Sears use droppshipping and some estimates state that up to 33% of online sales through ecommerce use droppshipping.

Affiliate marketing – Last but not least is affiliate marketing for making a passive income. With affiliate marketing you earn commission for sales or leads that you have linked on your website or in your content of your blog. Another affiliate tool is display ads and banner ads that you receive a commission for every time someone clicks on the ad. This is a great way to produce incomes while you are on vacation or lying in bed sleeping.

Conclusion

These are just a few thoughts for passive income that you can put into action and start generating income for yourself. Like I mentioned in the beginning of this article, each of these idea’s take time and effort upfront in order to benefit from the rewards for a lifetime. The rewards will more than exceed the time and work that you put into any of these ideas.

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Posted by Tom

I have always had an enthusiasm for homesteading and for living off the grid even though I live in a combination of country and urban setting. Living in Central Florida north of the big cities we have the best of both worlds, country and the conveniences that a person would have living in a large urban city. I personally have had a concern about our weakening economy and how it effects each and every-one of us. The second thing that I have a concern about is how most of the world view’s our country and what may happen one day here in the United States. My Life Experiences I was raised by parents that grew up during the great depression, they passed onto me what life was like and how people had to live during this time period. My family were farmers, gardeners, and homesteaders, they were raised this way and they passed onto me these qualities. I also have family members that live totally off the grid. They live in the North Woods of Minnesota which is a great location for living off the grid. The Southern Homesteader is a passion of mine, I love passing on and sharing information about cooking, news, being self-sufficient, living off the grid, canning, food storage, budgeting, and much more. Since this blog is a passion of mine I am constantly adding and tweaking this site to be a better resource for you. More About Me I grew up in Northern Illinois farm fields. After spending most of my life in large corporate business I decided to relocate to a small town on the nature coast of Central Florida. This is where I met my wife and between us we have 4 wonderful daughters. We have a small homestead where we raise our chicken and live freely. We also have a bug-out place in the mountains of North Carolina that we call our retreat. We spend time there getting things prepared for all our family members when SHTF. I am blessed with a wonderful family and the knowledge that God has given me so I can pass this along to you the readers. I will never tell what you what to do or what to purchase, I just am offering my opinion. I want to take this time to thank each and every one of you. Always feel free to contact me and drop me a note. I will do my best to respond to your emails in a timely manner. Thank you again, Tom Johnson