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Wouldn’t it be great to have complete financial freedom and more time to indulge in your favorite pastime? Be it tending to the garden, spending more quality time with your family, or traveling? After all, that’s what life is really about. If you’re wanting to escape the 9 to 5 and spend less time working and more time doing what you love, you can – but first, it takes some work.
Passive income is created by initially putting in the hours to increase your wealth and later reaping the ongoing financial benefits. Below are a few ideas to get you thinking about what passive income ideas interest you and what would work as part of your dream lifestyle.
Invest Your Savings
If you want to build your wealth and have time and money on your side, you could start creating an investment portfolio. It’s very likely you’ve already heard the buzz around cryptocurrency, such as Bitcoin. Platforms such as Bitit, have made it easier for you to buy and sell different forms of cryptocurrency, so why not get started with LTC (Litecoin).
Other popular forms of investments that could create you an income are stocks and shares. If you’re feeling hands-on, you can begin to practice trading online, or instead hire a stock trader to manage your money for you.
If you make a high-risk investment, the rewards could be plenty. It’s important to note, the investment ideas above could gain you a substantial return, but they also risk decreasing too.
Create An Online Course
If you have a set of skills, education, experience, or advice that could be useful to the public, you could spend some time creating an online course for people to purchase. Plenty of entrepreneurs sell their courses on a well-marketed website to make a passive income. Some sites such as e-student teach you how to make a profitable online course for free! To begin with, you’ll want to brainstorm some course topics and identify a target audience.
Buy A Rental Property
Real estate is an attractive investment because of its stance to ride out any niggles in the economy. With a history of bouncing back from economic downturn and shelter being a necessity for all, buying and renting out a property could generate you a healthy monthly income.
Swap Your Savings and Checking Accounts
There are multiple low-risk high-interest accounts that you could begin applying for today, which could give you a return shortly! Some of which reward you when you spend and others offer you extra cash if you commit to saving a set amount, for a set time, without withdrawing.
By taking the time to create multiple passive income streams, you can set up a bright future that means less time spent working and more time spent doing the things you enjoy.
“If you don’t find a way to make money while you sleep, you will work until you die.” – Warren Buffett