Passive income just has a good sound to it. The idea of doing nothing (or, in most cases, very little) and making money is appealing. It’s all about finding things you already have and making them work for you. In the case of renting space, you’re taking an area that was just sitting around and making it productive. Maybe you have a basement apartment, a spare room, or even some storage space in your garage, attic or shed. It’s time to stop scratching your head about what to do with the space and put it to some good use.
There are all sorts of different medicines and drugs available to help people with issues from toe fungus to life-threatening illnesses. Regardless of the function of any given substance on the market and its process for arriving among the general public, every single one had to endure a process of testing and trials before it could be considered safe and effective. First, there are the tests in labs in petri dishes and test tubes. If those seem to be working, then things move on to live testing. Bunnies and mice and such have all been forerunners of everything we are able to buy to help us with ailments, and even several ineffective drugs. Once the lab rats have been cured of hairlessness, warts or ringworm, the final stage is human trials.
Hobbies help round us out as people and fill in the cracks to define us—they help make us who we are. Perhaps you have a hobby like pottery, sewing, baking, scrap booking, or candle making, but have never really invested enough time to sell your work. If you’re like me, you may also never spend quite enough time on any of your hobbies to finish them. Don’t worry, this doesn’t make you a bad hobbyist, just one with great, untapped potential.
Investing is exciting and fun stuff. All you non-finance people, who just threw up in your mouths a little, that’s okay. Hear me out here. The whole scenario sounds intimidating, but it’s not. You find a company, like ScotTrade, or something like that, that handles investments, do a little internet research to find out what companies you want to invest in, and voila, you are on your way. Make sure you follow the buying and selling rules below, and you’ll be set. You can make a nice, tidy passive income while the stocks rise and fall.
Collectors tend to accumulate a lot of one particular item. In addition to obtaining and storing all of these items, they also tend to learn a lot about the value of various items within that niche. Collections range from trendy to bizarre and every possible thing in between. Regardless of what you collect, eventually, availability of space for storing collections becomes a limiting factor.
The web has become a proverbial madhouse of information, tutorials, and how-to websites as a growing number of people tap into the masses of people seeking guidance on everything under the sun. Blog topics are as varied as the people in this world and seek to occupy a new space in our hearts. Where previous generations would pore over a morning newspaper with ink-stained fingers and a cup of coffee, times have changed. Today’s culture has transformed those impossible-to-refold pages into neat frames on a smart phone or computer screen. The cup of ‘joe’ is packaged to go and most of our catching up on news comes in snippets of information bombarding our poor, easily-distracted brains all day. By the time a newspaper can roll off the presses, its drying ink is out of date and newer news has taken its place.
Did you ever wonder how the Hiltons, the Rockefellers, and the Kennedys manage to have so much time on their hands. How do they find time to earn money and still manage to have time to go sailing, go on safari, learn to pilot a plane, and travel almost constantly? The answer—passive income. Unlike us working stiffs, these families have an income stream that requires very little effort to maintain, giving them vast amounts of leisure time and, yes, MONEY! In fact, that is the very definition of passive income!
Nothing has demonstrated the fragility of jobs more than what we have been through in the past five years. Twenty-three million people unemployed or underemployed is something that even the most obtuse among us cannot ignore. This is not a political statement. It is a fact, and it is irrefutable. Maybe you are one of those 23 million. I can only imagine how losing your job has turned your life upside down. Unemployment compensation cannot replace a paycheck and although it surely helps, it is only available for a defined period. Passive income can be a buffer against such life-changing events.
Passive income is a fantastic concept. It evokes visions of fast cars, luxurious living, and endless leisure time. The thought of living a lifestyle like that is understandably seductive. Too many young people, suckled by the Internet and infused with too little life experience, expect to put up a website, sit back, and rake in the cash. When it doesn’t happen, these young adults often turn to this system and that report or this secret method, which for just a few bucks, is guaranteed to bring in thousands of dollars per month. Well guess what? The only people making thousands of dollars per month are the people selling this crap and broadly speaking, the buyers of this bullshit end up bankrupt or worse.
Have you ever wanted to make money without having to work for it? No, I’m not talking about identity theft, mooching, or getting yourself a sugar daddy or sugar momma. I am talking about using your brain a little and creating a way in which you can make a passive income. Passive income can be a lucrative form of income, or it can be a hit and miss, depending on how you are earning the income. Passive income is basically money you make after setting up a system that doesn’t require much maintenance.