This article is written in order to show you how easy it is these days to create a passive income stream.
1. Investing in stocks and bonds: Stocks are the most common way to make money on the market, they can provide growth over time. The risk is big, but if you choose wisely when investing in stocks you can cut off some of the biggest risks out there. I suggest you do some research on how to choose stocks wisely before you start investing. Bonds also offer good opportunities for passive income streams.
2. Property investment: Property prices will always keep rising with inflation so this can be an excellent long-term investment opportunity without any work after your property has been acquired. By renting out your property you have a steady income stream every month. You should however consider your local market before you enter this kind of investment as property prices can differ dramatically from one area to another.
3. Investing in Forex: The foreign exchange market consists of all the world’s currencies (forex) and is considered to be the largest financial market in the world. Trading forex is somewhat similar to trading stocks but there are also some crucial differences. You can make significant profits when speculating on the movement of currency prices whether it’s a long or short position. I do however recommend that you start with something less risky until you have gained more experience in this area.
4. Renting out parking spaces: Many big cities have a lot of traffic and finding parking spaces can be very difficult. You could therefore start renting out your unused parking spaces via the internet on websites like justpark.com etc.
5. Create an app: If you are creative and good with computers you can develop apps which in turn can earn you money. Many app creators make a lot of money because they have a brilliant concept for an app. Just remember that the creation of successful apps requires time and knowledge and that costs money so plan carefully before you enter into this kind of business.
6. Blogging: Start a blog and monetize it through ads, affiliate marketing, or e-commerce. Blogs are a great way to create a passive income stream because you can build them for almost nothing and they have the potential to be very profitable. The more effort and time you put in, the more successful your blog will become. That means that you have to be committed enough to make a significant amount of posts on a regular basis if you want it to be a sustainable source of income.
7. Investing in start-ups: By investing in start-ups, you can make a lot of money if the company takes off. Start-up companies usually need investment and by participating in their capital raising rounds you can get shares at a heavily discounted price before they hit the market.
8. Build an email list: Building an email list is an excellent way to create a passive income stream. When you build your email list, you have access to thousands of people who trust you and are interested in what you have to say. This can be used for promoting products or services like affiliate marketing (recommending products from other companies). By utilizing an autoresponder you can set up a series of emails to get out on a schedule. I know people who set up emails for years in advance making it truly passive.
9. Build a YouTube channel: You can create videos and monetize them through ads, selling your own products, or by selling other people’s products as an affiliate on your channel. It takes time to build an audience that will watch your videos, but if you have a lot of content and viewers find the content interesting they will subscribe to your channels which means more traffic towards your content and more revenue for you. Those videos can give you passive income for years to come.
10. Write a book: Writing a book is an excellent way to create passive income and get your name out there through the process of self-publishing ebooks or print books on Amazon. If you want your book to be truly passive, hire a ghostwriter or co-author who will do the hard work and you can put your name on it and collect the profits.
I hope this list is useful to you when creating a passive income stream, but as always choosing one of these options depends on your personal preferences and circumstances: some people are happy with renting out their unused parking spaces via the internet or starting a blog while others want to create an app that makes them rich.
You need to figure out what you want to do and then do it, but the important thing is that you start!