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What is Passive Income
Passive income is income received from a source other than a regular paycheck or upfront fee for a job. Passive income is often referred to as recurring income because it’s a consistent flow of money that comes in every month or season without requiring much effort on your part. Some examples of passive income include rental income and royalties from a book, comic, or song you’ve created. Passive income can also come from investments such as bonds or stock dividends.
Is Passive Income Archivable
Many people will discredit this phenomenon as an impossible task and far from the world’s accepted reality of no work no pay. But is that really true, I am here to convince you is actually possible. I challenge you to try some of the methods that will be outlined in this article and when you can make your final decision, it will be different. Some people prefer to keep their day-to-day lives passive. This doesn’t mean they don’t work hard or aren’t committed to their goals. It’s just that they’ve discovered other ways of earning passive income.
5 Most efficient ways to make Passive income possible
These are some of the methods that will possibly earn you money while you are asleep or at least won’t have to wake up and work it daily, so no hard labor, just passive income, and yes maybe little maintenance and improvement will sometimes be required.
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Book writing, with a good book, once it has been published and out on the market you get to sit down and earn its reward endlessly as long as the book is still on the market for sale. - YouTube, this is my favorite as it can be done by anyone and everyone who is connected to the internet. Here you create a YouTube channel and get it to monetization ( 1000 subscribers and 4000 watch hours ) after which Gooogle will run ads on your videos and you’ll earn the passive income for as long as your videos are being viewed on YouTube and adhere to the rules and regulations.
- Affiliate Marketing, A simple method where you sign up to promote products that you do not own and hence will be remunerated for every successful referral. One way will be to promote these products on your platforms such as social media platforms including YouTube. Easy money
- Real Estate, this probably the most famous form of passive income ideas out there, this is an effective method where you have a house, flats, or business building that you acquire and then put it out for rental to tenants, and all you have to do might be to set up a routine, maintenance, and tenant management. This can be very profitable especially if the said property is fully paid for and in a high-demand area. Bear in mind that rental price only increases and never decreases.
- E-hailing ride ownership(Uber/Taxify/Lyft), uber rides have become a famous way to commute all over the world. Here for it to be passive income you will have to own a car and register it on the e-hailing platform after which you’ll hire a driver and require a weekly rate for him to drive your car at his own cost. so the driver will pay for his own fuel and levies including his/ her remuneration. essentially you are renting out your car to drivers at price.
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