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Wealth creation, financial freedom, and, eventually, generational wealth — that timeline sounds like a dream, right? Passive income refers to money that requires no effort to accumulate. It’s a wealth creation strategy that involves upfront investment and continued effort leading to eventual steady financial growth.
Maybe you make more than enough at your 9-5 job — passive income is still for you. It can make you money in your sleep, helping you reach your financial goals that much faster. With passive revenue streams you’ll have freedom, flexibility, and, most importantly, a fallback — because truly, anything can happen. COVID, unemployment, voluntary time off work? Passive income streams will have your back while granting you immeasurable financial security and peace of mind.
As a freelancer, you’re probably used to utilizing multiple streams of revenue. Ready to see that money flow in for years and years to come? Read on.
1. Stock Market Investing
A little goes a long way with stocks. What is essential here is time so that your investments mature through the power of compound interest. Warren Buffet swears by the buy-and-hold strategy. Buy your dividends, ETFs, and shares, and don’t sell until you absolutely have to. You’ll also make some additional cash each financial quarter through dividend payouts, which is always an added bonus.
2. Affiliate Marketing
This revenue stream is set to exceed the $8 billion mark by 2022, with exponential growth predicted. What is it? Essentially, you promote the retailer’s services or products, and they give you a commission for every sale. This is especially great for those with a built-up network on social media platforms but will work equally well for those wanting to monetize their blog, podcast, or email newsletters. Build up trust with your audience, promote items you genuinely love, and watch the affiliate money come flying in.
3. Print-on-Demand Items
E-commerce is the hot ticket, and one of the rising contenders in the passive income world is creating a print-on-demand store. With this option, you’re able to design custom graphics and get them printed on items like t-shirts, clothing, mugs, bags, and more. After building up a shop with a bunch of designs, you’ll get a percentage of the income every time one of your designs ships and sells. This opportunity is unique in that you can crank out all the work in a short period of time, never open the print-on-demand platform again, and still have revenue rolling in.
The dropshipping model is similar to a standard business model except you’re outsourcing the manufacturing, production, and delivery to other sellers. Simply create a website, decide on a niche, and find sellers who will manufacture your products at a good profit margin. It’s then your responsibility to use ads and other means to get views and conversions to sales. Easily the most lucrative (yet demanding) option; you will need a backup for this one — or, at least, a very extensive skillset. Graphic designers, writers, developers, and product sourcers are all resources you’ll need to refer to, in addition to handling the overall business.
Hiring other freelancers for this work is ideal as it’ll keep you focused on the important bit: making profits. An online payroll platform like QuickBooks comes in handy when trying to organize your team of freelancers as it comes with intuitive features, including direct deposit. You won’t have to deal with paper checks, which is a godsend when working with folks remotely. It’s also the most efficient way to keep track of hours logged and ensure your hard workers get their money on time — just set up payroll early in the day and the funds will be waiting for them on the same day.
Want some more passive income ideas? Create an app, make an online course, sell your stuff, write an eBook, flip websites, sell your videos — with the internet at your disposal, the options really are endless! There’s no entry barrier or minimum payout standing between and your goal of financial freedom. So, get out there, get creative, and make some money. Future you will thank you for it. Take a look at JG’s app portfolio to see how it’s done.
Article was written by Lance Cody-Valdez.