If you’ve been dreaming about leaving your 9-to-5, you’re not alone. More than half of the working population have considered calling it quits. Why? Because the pandemic changed the way society thinks about their jobs. People are now more aware of the need to build passive income streams, so they can work less, save money, and spend their time doing things they enjoy. That said, creating passive income streams isn’t always as easy as the online gurus make it seem. While some people do go viral and make tons of cash quickly, most others need to find the right income source and then learn how to build passive income that eventually replaces their full-time job. Check out some of the most popular passive income streams and how to get started in each one.
Real Estate Investing
Investing in real estate, if you have the money, is by far one of the easiest, not to mention, most lucrative ways to make money. Aside from finding a property in an area that is worth buying, you need to know how to determine if that property is going to be profitable. Learning the capitalization formula can help you weed out properties that aren’t going to be profitable. Using the cap rate formula, you can determine whether a property will yield the results you’re hoping for. If you’re not sure how to go about it, you can always review a guide that outlines the process, including what to look for, how to calculate it, and when you should use it.
Sell Your Knowledge
Whether you’re a whiz at Excel or have always been good at photography, you can sell what you know. There are plenty of online platforms where you can create a course and then sell it for profit. You can also make money from YouTube, or build a social media following, and push traffic to a Shopify or Stan store where you can sell your digital courses as well. Where you sell is completely up to you; however, it’s always a good idea to sell on more than one platform. Over time, you can also add additional courses or bonuses for subscribers. The goal is to get people to buy your courses without having to recreate them continually.
Become a UGC Creator
Marketing and advertising look nothing like it did before. These days, brands want to create ads that aren’t staged and look fake. UGC, user-generated content, is now what people want to engage with online. To get started, think about your favorite brands. What type of content could you create that would make them take notice? Say you love a certain brand of sparkling water and use it in mocktails. You could create a series of Reels or videos of yourself creating drinks and then pitch to the company. If you decide to try UGC, make sure you have several examples of the different types of content you can create. You can use Canva to create an online portfolio, which you can submit with your pitch.