I’ve been thinking about passive income — here’s our thoughts.
We don’t think there is a single human on earth who hasn’t fantasised about winning the lotto. Yachts, mansions, champagne, luxury hotel rooms all over the world… All of that money, none of the work.
Passive income is kinda like that.
Okay, not really. It can (and likely will) take a lot of work at the outset, but the beauty is in what happens after you get past that. Passive income is defined as an income stream that occurs without requiring continuous effort to create. On the other hand, active income requires effort & time in return (eg. a sales associate earning an hourly wage or a baker who has to make each cake he sells). ‘
Usually, a mixture of both passive and active income streams is your secret to levelling up your financial success.
Check out 3 examples of passive income below & let us know if you have a passive income stream.
Influencer presets, study notes, stock imagery & resume templates are all examples of downloadable media that are commonly sold online and are great examples of passive income.
Do some research and think about what form of downloadable content you could create & sell online. Sure, it may take a bit of effort on the outset, but once uploaded to your preferred sales platform, it should take little upkeep and involvement compared to creating new content every time someone orders from you.
While real estate & the stock market may immediately spring to mind when you think of investments, they certainly aren’t the only options. In fact, in the last few years, the options have expanded exponentially. Micro investing, cryptocurrency & ETFs are all options to explore. Make sure to do your research & know the risks before making any investments, as it can be easier to lose money than make it if you’re not careful.
P.S. Stay tuned as we will cover investing options on Hello Clever blog super soon (you can subscribe to our email list to stay up to date!)
Share you knowledge
Are you surprisingly good at the guitar? A master at knitting? Know your way around an Excel spreadsheet?
While teaching or tutoring students directly would be counted as active income (which is still valuable and a worthy consideration!), sharing your talents online can also be a great way to make passive income. Depending on the skill, creating eBooks, short courses or even a podcast are all methods of turning that skill into cash.
Have you got a passive income stream?
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