Getting started on the path to building passive income can be a little daunting. There are a few things you can do to make your journey easier. Whether you are looking to earn a part-time income or want to achieve financial freedom, there are a number of ways to do it.
What are the 3 types of earned income?
One of the most effective ways to earn passive income is to buy an equity share in a small business. You will need to provide capital, but you will also have a share of any profits.
Another way to earn passive income is by selling designs. This is an easy and quick method to earn money, but you will have to work to generate traffic. You can sell designs through sites like Redbubble, which offers a commission on items sold. More info : https://goxapp.com/passive-income
Another passive income option is to purchase a piece of real estate. You can invest in a single unit, a building, or a duplex. The cash flow from these investments can be very high. You can also hire a property manager to handle your real estate investment.
If you’re interested in a more hands-off approach, you can purchase an exchange-traded fund (ETF). These funds allow you to diversify your portfolio. This helps mitigate risk and can lower your fees.
If you’re not looking to purchase a second property, consider renting out your spare bedroom. You can list your space on websites like AirBnB, which connects homeowners with people looking for a place to stay. You’ll need to turn over your room between guests, but you can earn $500 to $1,000 a month.