Want to achieve passive income without having to bother your entire family on Facebook with pesky MLM programs? You can. It’s possible to spend some of your liquid assets to get started with the elusive passive income that everyone wants to achieve but rarely does.
Invest in Index Funds
Keeping a little cash laying around for a rainy day is a great idea, but you’re wasting your money’s full potential. Take the dive. Invest in an index fund and watch your money grow while you kick up your feet on the couch.
Vanguard’s 500 Index Fund requires $3,000 to get started and offers superb growth.
A $10,000 investment in 2017 would be worth $13,400 today – over $1,000 in passive income per year.
Invest in High Dividend Stocks
If you’re thinking “but you have to sell of index funds to make money,” you’re right. But when you purchase high dividend stocks, you receive a dividend in accordance with the stock’s payout schedule.
Walmart pays out $0.54 a share, and its earnings growth rate is 24%.
If you’ve ever wanted to own a piece of Walton’s family business, you can this overcrowded retailer an integral part of your passive income empire.
Forget investing in someone else’s dream – invest in your own. Buy rental property or two, hire a manager and collect the check every month. You’ll need to have the cash-in-hand to purchase the properties, and you’ll grow your passive income in two key ways:
- Monthly income
- House appreciation growth
People need money. You have some laying around. It’s the perfect opportunity to make some sweet passive income. Prosper with Prosper, a platform connecting investors (you) with borrowers.
You supply the cash someone else needs and enjoy consistent payments returns of 5%+.
What’s nice about Prosper or most other peer-to-peer lending platforms is that you’re able to help others meet their financial needs while letting the platform vet the borrower. Peer-to-peer lending is a great way to diversify your passive income sources.
Sell Courses or an eBook Online
Are you an expert in something? Do you have a skill someone wants to learn? People are making a lot of money while they’re asleep by selling courses online or even eBooks. There are more than enough opportunities to begin selling too.
There’s a market for almost everything:
- Dog training
- Dealing with a whining child
- Investing with $10 a month
- How to jump rope
People are crazy about learning and won’t think twice about spending $10, $20, $30 or more on an educational product. Make the course or book, promote it and generate passive income.
When you have passive income coming in every month, you’re building financial freedom.