I worked a traditional 9 to 5 job for many years and eventually I got burnt out. Do you know what that feels like? I knew that I wanted more freedom and the idea of passive income became very appealing. I had heard of many people quitting and replacing their full-time job with passive income, but I had no idea where to start.
This pursuit led me to start this blog where I now make over $6,000 per month, however, this is not the only way to make residual income.
What exactly is passive income?
Passive income is where you get paid over and over again for work that you did once. I have multiple income streams that are passive, many of which I will mention below.
Passive Income Ideas
By choosing the right sources of passive income, you can invest your time the way that you want to instead of the way you have been spending it. Passive income is a way of buying back more time.
There are so many opportunities out there to make residual income in network marketing. However, this is NOT one of those “things.” These are legit ways for you to make money while you sleep with something that fits your passion, experience, or skill-set.
1. Invest in Crowdfunded Real Estate
Real estate can be a great way to make money while you sleep. However, because it costs so much to purchase a home, using a crowdfunding platform to invest in real estate debt can be a more affordable option.
If you want an easy, low-cost way to invest in real estate, consider using a company like Fundrise. You only need $500 to get started, and they have three main eREITs to choose from.
You can also consider checking out Realty Shares which is one of the largest crowdfunding companies around today. While most deals require at least $5,000, they occasionally offer properties with a $1,000 minimum. The cool thing about Realty Shares is that you get to hand pick the property you invest in.
Want to invest in a specific hotel or a certain apartment complex? They allow you to do just that.
Right now you can use the promo code Partner100 to get $100 bonus for signing up.
Keep in mind that there are risks to investing. It is also worth noting that we do have an affiliate relationship with RealtyShares.
2. Dividend Income
Dividend income is dividends paid to shareholders of stocks in the form of cash in your bank account. Dividend-paying stocks are especially enticing for those wanting to make a living with passive income, as they will get payouts each quarter or so. Even Warren Buffet historically is a fan of dividend-paying stocks.
If you are going to go this route, make sure that you educate yourself and pick solid stocks so that you can depend on your dividend income for years to come.
If you don’t have an investment account, check out Ally Invest because trades are as low as $3.95.