Since my “thing” is passive income, I wanted to share a few ways with you right now.
You *SHOULD* be investing and having your dollars work hard for you. This is key. And the EARLIER you learn this, the better.
In fact, my son is registered for a class this week on the internet about this very topic! If you have kids, consider teaching them this early before they form bad money habits.
2) Renting Out Things You Own
If you have things, you can rent them out for profit. This works for kids also, but think cameras, ski gear, etc.
3) Real Estate Rentals
We rent out a couple real estate properties we own. And while there are sometimes problems you have to deal with, for sure, the majority of the time, you get a nice positive cashflow.
Sidenote: Rentals are EXCELLENT for tax deduction. I use Taxbot to track all the mileage and anything I can justify that I have to buy for managing my rental properties.
4) YouTube Channel
You can start a YouTube channel and monetize your channel with ads. This is something I do with my channel. Every month, I see more income from ad revenue. It's pretty cool.
5) Affiliate Marketing
Still one of my favorites, and with the holidays coming up, certainly one of the most profitable to start right now. In fact, my son was blown away when I showed him a random affiliate payment that came in from something I created long ago.
How do you get started with affiliate marketing? I'd recommend this option.
So, how is your passive income going? If it's slow, start one of these options today.