If you’re interested in a completely safe way to earn a high rate of return, one of the best options right now is a Series I savings bond – current yield (annualized) for the next six months is 9.62% APY! however, once you do the work, it can pay dividends for a long long time. One common myth about passive income is that it somehow doesn’t take work and that’s completely false. You may have to do a lot of research up front, you may have to go through a lot of bad investments before you find good ones, and it’s very easy to make mistakes. Passive income isn’t “free” income or some kind of financial magic – it takes work.
(royalties are just one of the 7 income streams many wealthy Americans rely on) Eventually, you’ve built up a series of ebooks that can generate an income no matter what you do. The first book in the series will sell the second book. You could be working at your job, you could be sleeping, or you could be on vacation.Īs you write more books, they start selling each other. For example, if you write an ebook and sell it on Amazon, you make money anytime someone buys it. Passive income requires less time or effort to earn money than say, a typical 9-5 job, which is considered active income.
Promote products and earn affiliate income Get paid to do things you’re already doing Save with Certificates of Deposit (Brokered & Regular) Take advantage of bank account promotions Take advantage of credit card sign-up bonuses It’s not always about working for someone else all the time.Įxperts have a name for this – it’s called passive income streams. You can spend your time building something someone will buy or a service someone will use. You can also save your money and invest it in other companies, which produces income. Working a job is one way to earn money but it’s not the only way. However, after a few years in the workforce, sitting at a desk for 40 hours a week, I started doing more research and learning how life really worked. You had to earn a living to support your family and your job was how you did it. When I was growing up, I thought that everyone just found a job and went to work.
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