supplemental income

Ways To Have A Passive Income

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.

Related Links:

Passive income streams

Want to be a millionaire

17 Passive income ideas

 

Posted by Tom in Business
Jobs That Supplement Your Full Time Job

Jobs That Supplement Your Full Time Job

Are you in need for some extra income to supplement your full time job?

There are many of us out in the work force that just need a little bit more income each month to help supplement the pay that your present full time job offers us. Many of us just need a side job or business to put an additional $500 – $1000 a month in our pocket to pay off bills, or make ends meet, or to put away for retirement. The list of jobs that I am going to talk about I have actually done most of these jobs myself or know someone who has done one of these jobs while holding a 40 hour a week regular job.

Please check my links on finances at Cornerstone Finance

Let’s take a look at the list and see if one of these jobs can help you.

Office Cleaning

I was able to do this job in the evenings and on the weekends when businesses were closed. I would work from 6:00 – 9:00 pm four nights a week. Most of the time I would do the work for about $20.00 an hour. If you do the math I would clear about $850 – $900 a month. This is a great part time business that a person can do with their spouse. I have known several people that started doing this as a part time income source and turned it into a full time business.

House Cleaning

This is one job that I have not done myself, but several friends of mine have done this or are doing this presently. One particular friend works full time at a hospital in our town and she gets off of work at 3:00pm. When she gets off work she goes home and changes clothes and runs out for a couple hours and cleans two houses. So she does not get burned out she does this three nights a week. She is paid $40.00 per house and if you do the calculations she makes around $900 a month average.

Grass Cutting

Since I live in Florida lawn business can be big money. When I have needed some extra cash I have hooked my small trailer to the car and loaded up my mower and weed trimmer and gone out and cut lawns. A small lawn I charged $25.00 and a larger yard I would charge $40.00 dollars. In our area we see several husband and wife teams out cutting and trimming lawns. This also can start off small and grow into a full time business.

Pressure Washing Homes and Driveways

This is a great job to do in the summer, especially here in Florida when it is hot nine months out of the year. I have paid friends of mine up to $150.00 to pressure wash my house and $100.00 to pressure wash my roof. This is another job that can be done in the evening like my friends do or on a weekend.

Blogging

This is a great opportunity to sit at home in the evening and write articles about what you like. This is what I did to get my business off the ground. You do not have to quit your day job and it can be done in just a couple hours a few nights a week. You may have to invest some time to build up credibility and grow a following, but once this has been accomplished it can bring in a great side income or full time income. I personally do it for my future in order to have a nice residual income when I retire.

Handy Man Service

This has really put been a blessing for me and many of my friends. There are a huge population of people that do not know or are scared to death too try and tackle small jobs around their homes. Sometimes it can be a 10 minute small job that can put an extra $25.00 – $50.00 in your pocket. Larger jobs can put much more money in your pocket every month. Both here in Florida and in Chicago I was able to find work just by word of mouth. There are plenty of people that just don’t know how to do things for themselves or don’t have the time, this is where a good and honest handyman comes in handy.

Computer Repair

I have fixed people’s computers for years, and have made some serious extra income while still holding down a full time job. The only expense I had was a small add in the local paper in the classifieds. I also would put a small ad on Craigslist which I picked up a few computers each month from. I would charge less than the competition and I was always totally honest with the people and not sell them something that they did not need. By doing this I would get a lot of referrals and repeat customers. I have paid for several vacations and mission trips to Central America.

Music Lessons / Tutoring

If you are musically talented like my neighbor is you can make some serious money giving in home music lessons. My service manager’s wife is a full time teacher and she does private tutoring on the side to help supplement her family’s income. Both of these do require some special talent, but most of us do have our own things that we are talented at that we can offer people.

Conclusion

In today’s tough financial times most of us need extra money from time to time. I hope that these ideas have opened up some thoughts of what you can offer people in exchange for being paid for your services. All of us have talents in one thing or another, sometimes you just need to sit down and give some thought to what you can offer to the general public. Just put on your creative thinking cap!

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Posted by Tom in Budgeting
Need Extra Income?

Need Extra Income?

Are you in need for some extra income to supplement your full time job?

There are many of us out in the work force that just need a little bit more income each month to help supplement the pay that your present full time job offers us. Many of us just need a side job or business to put an additional $500 – $1000 a month in our pocket to pay off bills, or make ends meet, or to put away for retirement. The list of jobs that I am going to talk about I have actually done most of these jobs myself or know someone who has done one of these jobs while holding a 40 hour a week regular job. 

Let’s take a look at the list and see if one of these jobs can help you.

Office Cleaning

I was able to do this job in the evenings and on the weekends when businesses were closed. I would work from 6:00 – 9:00 pm four nights a week. Most of the time I would do the work for about $20.00 an hour. If you do the math I would clear about $850 – $900 a month. This is a great part time business that a person can do with their spouse. I have known several people that started doing this as a part time income source and turned it into a full time business.

House Cleaning

This is one job that I have not done myself, but several friends of mine have done this or are doing this presently. One particular friend works full time at a hospital in our town and she gets off of work at 3:00pm. When she gets off work she goes home and changes clothes and runs out for a couple hours and cleans two houses. So she does not get burned out she does this three nights a week. She is paid $40.00 per house and if you do the calculations she makes around $900 a month average.

Grass Cutting

Since I live in Florida lawn business can be big money. When I have needed some extra cash I have hooked my small trailer to the car and loaded up my mower and weed trimmer and gone out and cut lawns. A small lawn I charged $25.00 and a larger yard I would charge $40.00 dollars. In our area we see several husband and wife teams out cutting and trimming lawns. This also can start off small and grow into a full time business.

Pressure Washing Homes and Driveways

This is a great job to do in the summer, especially here in Florida when it is hot nine months out of the year. I have paid friends of mine up to $150.00 to pressure wash my house and $100.00 to pressure wash my roof. This is another job that can be done in the evening like my friends do or on a weekend.

Blogging

This is a great opportunity to sit at home in the evening and write articles about what you like. This is what I did to get my business off the ground. You do not have to quit your day job and it can be done in just a couple hours a few nights a week. You may have to invest some time to build up credibility and grow a following, but once this has been accomplished it can bring in a great side income or full time income. I personally do it for my future in order to have a nice residual income when I retire.

Please check my links on finances at Cornerstone Finance

Handy Man Service

This has really put been a blessing for me and many of my friends. There are a huge population of people that do not know or are scared to death too try and tackle small jobs around their homes. Sometimes it can be a 10 minute small job that can put an extra $25.00 – $50.00 in your pocket. Larger jobs can put much more money in your pocket every month. Both here in Florida and in Chicago I was able to find work just by word of mouth. There are plenty of people that just don’t know how to do things for themselves or don’t have the time, this is where a good and honest handyman comes in handy.

Computer Repair

I have fixed people’s computers for years, and have made some serious extra income while still holding down a full time job. The only expense I had was a small add in the local paper in the classifieds. I also would put a small ad on Craigslist which I picked up a few computers each month from. I would charge less than the competition and I was always totally honest with the people and not sell them something that they did not need. By doing this I would get a lot of referrals and repeat customers. I have paid for several vacations and mission trips to Central America.

Music Lessons / Tutoring

If you are musically talented like my neighbor is you can make some serious money giving in home music lessons. My service manager’s wife is a full time teacher and she does private tutoring on the side to help supplement her family’s income. Both of these do require some special talent, but most of us do have our own things that we are talented at that we can offer people.

In today’s tough financial times most of us need extra money from time to time. I hope that these ideas have opened up some thoughts of what you can offer people in exchange for being paid for your services. All of us have talents in one thing or another, sometimes you just need to sit down and give some thought to what you can offer to the general public. Just put on your creative thinking cap!

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Posted by Tom in Budgeting