Bloggers Beware: Passive Income on the Rise

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 By the time a newspaper can roll off the presses, its drying ink is out of date and newer news has taken its place.

Web Log Gone Crazy!

There are, among us, the nostalgic group who insist on killing trees for the sake of a “classic” experience of their daily dose of information. For the rest of us, news has taken on quite a new meaning. We want to read about information that applies to our niche interests, our hobbies, sports and little snaps of humor. One of the internet’s most-searched words is “recipe,” making way for a whole new era of definition of information digests. Today, anyone with a laptop, some time and a whole lot of opinions can become a blogger. There are thousands of self-proclaimed reporters springing into action and vying for a piece of the media-overloaded paradise that we live in.

It begins to beg the question: How well does blogging actually work out as a form of passive income? And have no fear, there is, indeed, a blog about that, or rather, a great many blogs, to be exact. Is blogging the new, elusive “get rich quick” scheme that represents a packed-out market of people looking to join the fray and a lucky few rising to the top of the pile? Or has it really become feasible to achieve greater success in less time?

What Kind of Income we Talkin’ About?

Blogs generate passive income for writers through advertising. Websites that receive more hits per day are generating more income. According to Forbes, women comprise a massive portion of the blogging market. And the women who make it big are not about to disclose their numbers.  Power Moms author, BSM Media’s Maria Bailey told Forbes, “You can break it down like this, there’s the top 10% who make six figures, who write books, and have deals with the Food Network. Then there’s the bottom 20% who are only doing it for the love and not making anything.” In years to come, perhaps this time will be referred to as the “blogging boom” or some other vague overgeneralization that seeks to encapsulate the priorities of all the people on planet Earth at one point in time. Whatever it all boils down to, one thing is clear, the boom of blogging has reshaped the world of business on a grand scale, and women seem to be the driving factor in this shift.

Forbes tells us that “brand executives and women bloggers say the going rate for a $300 kitchen product is 500 monthly views; an all-expense trip to Hawaii requires at least 20,000 monthly views.” The numbers are rough guesses, but provide an interesting backdrop for the blogging scene. It appears there is not a magic number or goal for bloggers, either. Some bloggers will strike big deals with advertisers while others may have more readers, but won’t necessarily hit the jackpot.

Be Realistic

Since the blogging arena is so unpredictable, it’s vital to enter with your eyes open and to be fully aware of your personal motives for doing so. A prominent and self-proclaimed healthy dessert blogger, Chocolate Covered Katie, discusses her opinion of the ins and outs of blogging as a form of passive income. “To be really honest (and blunt), I think that if your goal in starting a blog is to turn it into a career, you’re going to fail. You should blog because you love it, not because you want to make money. I didn’t set out to make this my job, and I happily blogged for years without getting much (or any) pay. … If it turns out—without your trying—that you can blog for a living, that’s a happy coincidence. But I think if you specifically tailor your content to become a full-time blogger, people will see through you and see that your heart really isn’t in it.” Katie’s advice rings true and seems to echo the well-known adage: “do what you love, love what you do.”

If you are an avid blogger, or love researching and writing about particular topics, blogging might be a bright future for you, but if it’s not your thing, don’t force yourself into an uncomfortable mold.


The Experience Problem: Applying for Jobs Without Experience

In a modern-day economy, it is hard trying to find jobs. It is even harder if you do not have any work experience on your resume. This usually applies to people ages sixteen to eighteen trying to find a way into the work force, but may apply to people in their twenties. Since our workforce has become a very competitive environment, most employers are looking for applicants that have experience or a specialization in a particular area. Most of these experiences may be management experience, sales experience, or being able to speak a second language. If you are new to the workforce, the possibility of having any of these qualifications is not even there. There are a few things you should remember, however, that may help you succeed in obtaining the job that you want or need.

First of all, most employers list job requirements as more of a wishlist as opposed to a demands list. Sometimes, you may have past experiences that may not be exactly what they are asking for, but could show that you know how to perform the tasks that they want you to do. A good example of this is working charity events. You may have helped manage an event at a local charity organization, which is not necessarily a work experience but does qualify as a leadership experience. Even if you do not meet a set years of experience, any experience you may have may qualify you depending on the quality of work you gave while performing the job.

If the employer lists certain skills as a requirement, such as “three years experience with so and so program,” you may still also qualify by having experience with a similar program. This mostly applies to computer based skills, but can also apply to machinery. Maybe you helped your uncle on his farm for a summer, and you can drive a tractor. This can be translated as being able to properly use machinery.

When it comes to the interview, you will want to be ready for any question that is thrown at you. More than likely, they will ask you about why you want the particular job and how you would rate your work ethic. Most typical answers such as “I need the job” will only have you back in line applying for other jobs. You will need to show the employer that you are special, and that you will be bringing something specific and vital to his or her workforce. This can be done by showing you have excellent work ethic, speaking clear English, and even dressing appropriately for the interview. Most importantly, make sure the interviewer knows who you are. A strong presence is a vital part of every modern work environment.


4 Steps to Declaring your Passive Income to the IRS

Passive income is defined as something you earn on a regular basis through little or no effort. Once you’ve got your income stream set up the way you want it, you will be able to essentially receive the fruits of your labor. Since you are earning money, you have to declare your passive income. Just like with active income sources such as a salary and business revenue, passive income is also taxable by the IRS. However, passive income is treated a little differently from your sources of active income. This article will discuss the differences in the treatment. It will also be a step-by-step guide on how you can report your passive income to the IRS.

1.  Know which income streams are categorized as passive income.

To be able to correctly declare your passive income, you must first be able to categorize whether a particular income stream falls under the passive heading. It is important that you use the IRS definition as a guide since various institutions have their own definition of what makes up passive income. For the IRS, the income you enter falls under one of three categories. This would be active income, passive income and the final category as portfolio income.

This is where it gets a little tricky. For you and other financial institutions, dividends from investments are often part of your passive income stream because you don’t really do any work for that money. That may be true on the basic definition but not for the IRS, which categorizes it as portfolio income.

The IRS defines passive income more narrowly than the rest. For them, passive income can only come from either rental income or any business activity in which you do not participate materially.

2.  Compute your passive income and deductions.

You have to figure out your net income or loss from your passive activities. This would mean computing the income you generated through passive activity and making the necessary legitimate deductions from that figure. You can actually declare self-charged interest income and deductions in the passive category if the proceeds from your loan are used as part of your passive actions. This would include any loan agreements that you have made with the business entity that you have a stake in but do not actively manage. Another deduction would also include losses from dispositions of any rental property that you might have.

3.  Segregate your activities and group them together.

The IRS has stated that you can group together passive income activities into economic units.  These economic units measure either gain or loss. Once you have grouped them together, each cluster can then be treated as a single activity. This makes it undeniably easier for you in the succeeding processes. You only need to prove that you don’t have any material activity for the entire cluster. You don’t have to repeat it for every element.

You are required to disclose to the IRS any changes that you make with regard to the groupings. That would include forming a new group, regrouping, or adding an element to an existing group.

4.  Create a report of you passive activities.

The IRS has made it easy for you to create a report of your passive activities by developing a step by step worksheet system that will guide you throughout the entire process. The first step in the process is to complete your tax forms before computing for any passive activity limits that you might have. The second step is to take a look at Form 8582 and complete any worksheets that are relevant to your passive income activity, and there are about seven worksheets that are relevant to Form 8582. You can now finish up your report and submit to the IRS.

Declaring any passive income might be difficult for someone who has only been declaring active income for the last few years. If you find yourself in a bind, don’t hesitate to contact the IRS for any tax help that you might require. You can visit the IRS website, contact them via phone or even walk-in into your nearest IRS office.

Tell us about your experience. How easy or difficult was it to declare your passive income to the IRS?


Live By Example: 10 Public Figures Who Overcame Great Financial Problems

From rags to riches – you often hear of the classic story in movies or fiction, but this can also, and is often, a reality! Your financial life can be saved. Just take these ten public figures who overcame great financial problems as examples and let them serve as inspirations to you.

Jim Carrey

Carrey grew up penniless in Canada. He had to drop out of school when the family became homeless and lived in a van. Carrey overcame this by going to comedy clubs, performing and learning his craft before becoming a star on “In Living Color”.

Hilary Swank 

Swank lived in a trailer by a lake. Her parents divorced. She lived in her car when she got to Hollywood at age 16. However, she got a part in “The Next Karate Kid”, met Chad Lowe and got it together with an award-winning career.

Oprah Winfrey

Oprah’s story is legendary. She grew up in poverty in rural Mississippi with two young parents. She moved with her mother to Wisconsin, gave birth at age 14 to a premature baby who died. Oprah landed a job as a TV reporter in Nashville beginning her rise to talk show, and world prominence.

Charlize Theron

Theron’s dad was an alcoholic who womanized. Her mom shot her dad dead as he tried to attack her. After being forced by her mom to enter a modeling competition, Theron became famous as a model and actress after that.

Anna Nicole Smith

Smith’s mother and aunt took care of her. She worked at places like Walmart and Red Lobster before becoming a Playboy centerfold, marrying an oil tycoon and becoming a modern sex symbol.

50 Cent

Real name, Curtis Jackson, he grew up with an alcoholic mom who was murdered when he was 8 years old. He never knew his father. Cent turned to the streets selling drugs. He started rapping around New York in 2000 attracting attention before putting out an independent tape and becoming famous.

Demi Moore

Moore was born to a teenage mother in New Mexico. Her mother and step-father were alcoholics. The step-father killed himself. Moore moved to Los Angeles and started finding acting jobs.

Naomi Watts

Watts’ mother and father were into the music scene and broke up when she was four years old. Her mother moved frequently around Great Britain and had many boyfriends. They didn’t take care of her financially. Her family moved to Australia and she started acting on television.

Christina Aguilera

Aguilera was born in New York and moved around a lot with her parents after that. She was abused by her father who divorced her mother when she was 7 years old. She had few friends as a kid, but was able to sing like a bird. She finally landed a role on the Mickey Mouse Club.


Jewel was born in Utah and raised by her father in Alaska in a tiny home lacking even indoor plumbing. To earn money, she sang with her dad at local bars. Leaving high school, she traveled in a van around America performing in coffeehouses or on the street. While living in San Diego, she was discovered by an agent.


Mystery Shopping Revealed: It’s Passive Income

If shopping is fun and mysteries are fun, well, what could be better than smashing the two ideas into one fantastic job. Hearing about jobs like this makes me wonder what I am doing with my life; I could get paid to shop, and instead, I work to earn money to pay bills. It’s been ages since I took my money out and showed it a good time. There seems to be some grand mistake or glaring flaw in the design.

Glorious things parade through my head with that cheesy background choir music you hear on sitcoms. Here it goes (cue ethereal voices singing nothing but vowels): purses, shoes, an electric mixer, tailored winter coats, couches, real silverware from this century, and a fantastic new dishwasher that doesn’t register on the Richter Scale every time it runs.

(Music fades and the bright lights vanish). Yes, my shopping list of dreams runs like a screenplay in my head, don’t judge. The life of a mystery shopper seems ideal, indeed as I list the things I would go out and buy, so ladies, let’s find out where to sign on the dotted line for some very passive income.

Mysterious List of Agreements

Now, doing my due diligence, I have taken one for the team (if you’re reading this, hurrah, you’re on that team, and you’re welcome) and decided to give it a go and sign up so I could report with accuracy to all of you. First, there is the somewhat shoddy grammar of the site, I moved past it and looked deeper. The next step after deciding to sign up is the “Shopper Agreement.” Sure, you could click the box and sign up without reading it, but here are Cliff’s Notes on the agreement for anyone interested.

  • By clicking, you basically agree to not embarrass the company by acting “disorderly” in any way.
  • You are a contracted worker, not an employee of the company, and you promise to pay your taxes later.
  • If you get hurt while shopping, you agree not to sue them. Basically, don’t let a TV fall on your or something. Pretty standard shopping advice, if you ask me.
  • You are, officially, released to be yourself when you’re not on the clock, and they aren’t to be held responsible for keeping you regularly employed. This isn’t a certain guaranteed amount of work per week, so don’t depend on it that way.
  • They’re not gonna pay you until you finish all of your work for any given assignment.
  • You agree to keep the research you do between yourself and the company paying you and you promise that you’re not working for someone else. No double-agents.
  • You’ll be supplied with things to help you complete assignments, ie, parking passes or security access, and you have to return those items before you can get paid.
  • Finally, you promise to do your own work. Come on, it’s shopping for money, and someone would ask a friend to do that for them?! Seriously, now, I can agree to that.

That’s it, folks. Don’t break the rules they give you, and it sounds like this is a win-win. Be sure you do go ahead and read any agreement anyway. There are a decent number of scams out there with “mystery shopping” as the guise, so don’t agree to anything you haven’t read. If it gets too cumbersome with jargon, check it against my breakdown here, this is the rundown of acceptable agreements for a mystery shopper.

Where’s the Catch?

So, just to clarify things, yes, we’re talking about a job where you go out and buy things and get paid for it. You’re really getting paid to share information about your experience as a shopper. It’s not a gimmick, though the abundance of scammy companies out there pretending to hire mystery shoppers mean you’ll wanna watch your steps. Don’t give out your credit card information to become a mystery shopper. That’d be a huge no-no. Think about it, there’s no reason an employer has asked you for your credit card number. Don’t give any information you wouldn’t normally relinquish to an employer. That should keep you away from someone looking to take advantage of you.

Also, don’t get caught up by a company that solicits you. When was the last time an online ad offered you a real job anywhere? This is no different. If it seems gimmicky, it probably is. There are legitimate mystery shopping jobs out there, but like most jobs, you’re gonna have to find them, they’re not gonna look for you. Also, they’re going to want more from you than proof that you live and breathe and have a bank account. They’re looking for a person to do a job. They should be interested in qualifications and such, and a bank account has never been a qualification for any job.

Aside from scamming sleazeballs, there isn’t really a catch, but keep in mind, while this is considered a form of passive income, this is a real job so there will be actual work involved. You are being paid for your opinion. Think of yourself as someone who paves the way for others in the jungle of shopping. If you’ve ever had an incredible experience shopping, a mystery shopper or two probably helped the company streamline it all for you ahead of time. If shopping is one of your addictions, this just might be the kind of passive income maker you’ve been waiting for.

Check out some of the mystery shopping sites online and tell us which ones you’ve tried, which ones are legit and which ones are scams.


All That Glimmers: The Truth Behind Cash For Gold

There are a lot of scams that are out there when it comes to different companies that offer you the ability to get cash for your gold. The most important thing to do, research! Make sure you have the necessary information to know the legitimate companies from those that will scam.

There are certain scams that you will find on both ends of the spectrum. No matter if you are going through a web based organization or even in your home town, be aware that you will see scams in both realms.

The most common scam that you will come across is in the way that the agency representatives will talk to you. The most familiar is how the gold is weighed. Most dealers actually weigh by the gram while others will use what is known as pennyweight. In many cases, the dealer will tell you that they weigh by pennyweight when in fact, they actually do use a gram scale of measurement. By telling you that they are paying by the pennyweight, be aware that this form of measurement actually pays less for the gold than the gram measurements that should be used if the dealer says they use the gram scale. If you hear a change up when discussing this with the agencies, be careful.

Make sure you know what the Karat weight of your gold is. It is important to separate out the different Karat weights. This is because dealers pay differently for the different weights of gold. Standard measurements are 24, 14 and 10 karats. Of course if the gold is 24 karat you will receive more for the gold. However, the number of grams will also play a factor too.

The price of gold does vary, so be sure to check and find out what gold is worth before you decide to cash it in. Contact the dealer and find out how up to date their pricing is. This will help give you leverage. If possible take print outs of the most recent pricing available for gold. You will be glad that you did. You will get more bang for your buck and have a tool for negotiations. That’s right, even in this industry, you may have to haggle for the best price for your gold.

Protect yourself and your gold at all costs. Shop around your local area first. This is where you may find the best deals for selling your gold. Research the different stores in the area, see if there are any alerts that you need to be aware of. Next, search online sites, again, check to see if there are any scams or alerts that you may need to know about for the particular company. Do not use roaming dealers, these are people that tend to wonder to a city for a very short period of time and purchase gold. They are usually the ones that will scam you out of the gold and give you very little money in return for your investments.


The Right Direction for Retirement: How To Prepare in Advance

There are lots of people that are considering retirement, but many people have had unrealistic views about it. The following presents some of the better ways to get prepared for the retirement process in advance.

Stop Hesitating and Sign up for the 401K

There are a lot of individuals that have 401K plans with dollar for dollar matching by employers up to a certain percentage. Some people don’t even take advantage of this. These people are basically giving money away. Anytime that an employer is willing to match the investment employees should take advantage of this. So many people hesitate because they feel like they cannot afford to do it. They should cut out the excuses, stop hesitating and sign up for the 401K as soon as possible.

Keep Additional Savings Outside of Company Retirement

Some people assume that there is safety in company retirement plans. Lots of people just assume that this will be enough to get by. These are workers that obviously have not done the numbers when it comes to living after retirement.

There should always been an alternative plan for people that are looking forward to retirement. This is a good backup safety net that can help people stay on track if they are laid off long before they reach retirement age.

Invest Aggressively Early

The right direction for retirement involves a fair amount of good decision making in the early years of work. People that start saving early will reap the benefits of compound interest early. These individuals will find that their investments will yield a must better return over the years.

They can save aggressively when they start out and pull back to conservative investing when they are older. This minimizes risk and helps people that are closer to retirement reduce the risk of losing large sums of money late in life.

Become Knowledge of Every Aspect of Your Investments 

Individuals that want to retire should take the opportunity to do everything that they can to become knowledgeable about their investments. Don’t sit back and let others control your financial future.

Consider Living Expenses after Retirement

People that have a lack of motivation should consider their living expenses after retirement. The higher cost of health care coupled with failing health can be a real wake up call to some people.

There are some people that may be reluctant to say, but the realistic views on living expenses can really give people a better picture of what they will need to survive. Some people may be saving a little, but truly sitting down and planning out what it will take to live comfortably in retirement may cause people to become much more disciplined.

People that are able to take heed to the tips above will have a much better chance of actually retiring when they want to do so. Many people may want to retire at a certain age, but if they don’t prepare in advance it will be difficult to do this without struggling.


Got The Bill Paying Blues: What to Avoid When Paying Your Bills

Paying bills can be a stress inducer for many people. In most situations unless a person is indefinably wealthy, paying bills can bring on a level of stress. But it is important to balance out bill paying and recognize it as a process that is a necessity to life but should not bring about debilitating stress, depression and anxiety. The main goal when addressing bill payments is to lighten up a bit on the stress factor and to realize with each bill paid, there are blessings to be grateful for.In most cases, bills are expenses for things that are important for everyday living. So when the basic bill is paid it can be very helpful to be especially thankful that you have the wherewithal to provide for your basic needs. Instead of feeling depressed and overwhelmed, try to be appreciative that you are capable of paying for your housing needs and other basic necessities.One great way to ensure that bill paying is not overly stressful or depressing is to not over buy unnecessary items and to not overpay for the things you use. Often people who are stressed over their bills find themselves in a little over their head from expending money on things that they could cut back on or by not shopping wisely.

For example, utilities such as cable, phone and Internet expenses can be significantly reduced by bundling these services with one provider. Cable costs can be significantly reduced by having less channels and using the Internet or movie services like Redbox or Netflix to supplement. The same applies to cell phone services. Cell phone costs can be significantly reduced by getting a cheaper cell phone provider that offers the same services for less money. In many cases the service provider may even use the same high quality network as the name brand provider at a fraction of the cost. Shopping around for auto insurance coverage and other services can also provide significant savings as well.

Monthly food, paper goods, cleaning products, toiletries and cosmetics can cost significantly less if you shop around for better prices and coupons. Both the local Sunday papers and the Internet are great sources for finding coupons that can literally save a consumer hundreds of dollars each month on their food and grocery bills. Coupons are a perfect example of a “common sense” approach to saving. Just a click of a button and instant savings.

As for other purchases that are considered extras, it is good to remember that buying a product or service on sale is of little value if the cost of purchasing it is higher than the amount saved. That means that for people who end up overdrawing their bank accounts or exceed their charge card limits soon realize they have lost money rather than gained when the fees are applied to their expenses. Another great way to reduce the depression of bill paying is to find ways to have fun without spending money so that at the end of the month when the bill paying starts, you can feel good that you spent less money on things that are unnecessary and have lessened the burden of paying your bills.

As an additional note, when paying bills it is advisable not to drink alcohol or take medications that can compromise your mental ability. Making errors while paying bills can be costly which can significantly throw off a budget. A good time to pay bills is during quiet moments that are free from stresses, an altered state of mind or fatigue. This will ensure that the process goes smoothly.


Creating a Passive Income With Your Blog (Part 1)

Blogging is typically a ton of work, but what if I told you that you could run a blog almost 100% passively and make more than $1,000 per month? Would you believe me? If someone would have told me that a year ago, I would have thought they were crazy.

After all, think of all the things that go into a blog. You need to write an article about every other day, set up the SEO, put the article on your Facebook account, Tweet the article, answer emails, deal with advertisers, and constantly handle the millions of minute issues that you would have never thought about before your blogging days began. That’s a lot of stuff, right? So how on earth can I make the claim that all of this can become passive? Believe me, it’s possible, and I’m on my way to proving it with my blogs.

This Won’t Happen Overnight

Before I dig into the details, I want to make sure I’m absolutely clear about one thing, THIS CANNOT BE DONE IN JUST A COUPLE OF DAYS. Creating a passive income with a blog can take months, or perhaps even years, but the benefits are out of this world. Stick with me and I’ll teach you everything that there is to know about creating a passive income with your blog.

You Are The Proud Owner of a Blog

So you started your own blog, huh? That is an excellent move on your part. But, believe it or not, the next step is NOT making that blog passive. Nope. The first step is to build up an insane amount of traffic. If you write consistent, quality content (with solid SEO), and you are active in the blog forums, you will most definitely get more eyeballs on your blog pages. And, the more eyes you get onto your pages, the more potential income you will generate.

You’ve Got The Income, Now It’s Time to Make More

I started my first blog almost 2 years ago. It hardly earned any money in the beginning (which was expected), but it soon grew into a well-respected personal finance blog and was consistently earning $1,500+ every month. I was under the delusion that my blog would continue earning more and more money, but in the reality of blogging, this is pretty much the peak (consistent) income level for a single blog. Of course, some blogs do earn more than this, but it’s quite rare, and one probably shouldn’t depend it.

So, I have one successful blog that has peaked out its earnings potential – how in the world do I earn more? You’ve got it, let’s start another one! If I can earn $1,500 each month with one, then I should be able to earn $3,000 a month with two.

I figured, why stop at 2? So, I started 3 more blogs to make a total of 4. My potential earnings were $6,000 per month. Guess what happened? My plan failed miserably. My first blog continues to earn a consistent income (because I know that I need to keep it going if I want to see any money in the future), and my second blog has earned about $200 per month, but my third blog is dying (basically before anyone even knew it existed), and my fourth blog was never built! There just wasn’t enough time in a day to run all four blogs by myself. It was killing me, and all that work wasn’t really earning me any extra money either. I needed a better plan. I needed help!

What Would You Have Done?

I think the majority of people would have just sold off the 3 extra sites and grown complacent with their first site that was making them the dinero in the first place, but not me. From my past experiences, I knew two things:

  1. If I would have thrown in the towel on my other blogs, a little piece of me would have died, and I would have never been happy with my $1,500 from my 60 hours of work.
  2. Almost every business can be turned passive. All you need is a trustworthy team of people and a system that guides them.

My Decision to Press Forward With My Sites

After contemplating my options, I decided that I would continue on with all of my sites, and I would do it by creating a passive income.

(The 2nd portion of this article will be posted on Monday, June 25. I will then reveal the plan that is taking my blogs from incredibly manual to nearly 100% passive, and I’ll soon be earning well over the $1,500 that I was making just a few months ago)


Passive Income: The Secret of Making Money While you Sleep

It is typical for an ordinary working individual to want extra income. Who would not want to earn extra money to spend or save for the future? Even if you may have all the abilities to handle more than one job, sometimes you just don’t have the time. That is where passive income comes in handy. With passive income, you literally earn extra income without devoting too much time or attention to it, and the sources of passive income are numerous.

What are some examples of passive income?

  • Real Estate or Rentals

One of the possible sources of passive income is through real estate or rentals. If you have a spare room or a property that you do not use, you can rent it out and earn extra money. It only requires occasional maintenance and probably a little renovation at the start, but as soon as someone rents the space, you can be assured of earning extra money monthly.

  • Dividend Stocks

Many financial experts say that one of the fastest ways to earn extra income is investing on dividend stocks. Investing on dividend stocks involves investing your money on stocks that consistently pay out dividends. You may not get rich with dividend investing, but it is a sure source of extra income. It also carries less risk since you do not need to worry about the stock price going down since you are already earning even if you do not sell the stocks itself.

  • Creating Software

If you have the technical know-how to create computer software, you can make passive income from it. You can create how-to or instructional videos. After initial investment of time and money, you will get a flow of income without any required maintenance.

  • Online Sources

Affiliate programs are abundant. If you own a website, all that the business sites require of you is to put links to their site. They are actually getting help from you because you advertise their site and in return, you get paid. After creating your site and putting a link, money will arrive. Some of the sites are pay per click. This means that you get paid as soon as someone clicks the ad or link in your site regardless of whether they buy something or not from the online merchant. The most popular pay per click site perhaps is Google Adsense. Some websites that use pay per click to advertise are not all business sites that sell items or services. Some are information sites. Pay per click sites become a source of income for you if your website requires little maintenance or if you hired someone for its maintenance.

  • Limited Partnership

You can enter a business through limited partnership. This limited partnership entitles you to receive a part of the profit of the business without taking too much of your time and attention. Most limited partnerships require only your initial investment.

In Conclusion…

Most of us want to have a comfortable life and a secure future. Due to the financial crisis and to inflation, achieving financial freedom seems much harder these days. A lot of times, having a day job, no matter how secure it is, is not an assurance of a comfortable life. Bills, expenses, and needs pile up over time. The possible solution to this is to find an additional source of income. If you are working full-time, finding another job may not be possible. Passive income is a good source of extra income because it will not take much of your spare time. With passive income, you can dream away and still have the bucks come in continuously.

Have you tried one of these passive income sources? Were you successful?