Making money in your sleep is a real life hack, but how can you achieve that?
Do you think that the richest people in the world got rich by working a 9-5 job every day? No way! Passive income is where it’s at!
Passive income is income you earn with little to no daily effort, once you’ve set it up. It could be a great option if you want to grow your wealth without working extra hours.
Let’s talk about some common ways to earn passive income.
ONE - Stock market investing. There are two ways you can earn passive income from Stock market investing - price appreciation and dividends. If you buy a stock for $1 and sell it for $5, you’ve earned a profit! That's price appreciation. Meanwhile, dividends are your share of a company’s profit. When you own shares in a company, you get a cheque when they make a profit. However, not all companies pays dividends, and they don’t all have the same dividend policy, so be sure to check out the options.
TWO - Real estate investing. If you are able to do long term rentals or short term rentals like Air BnB, you can earn passive income! When someone pays you rent or books your place, that’s income that you didn’t have to exchange your time for money.
THREE - Digital products. If you write a book or create a piece of art or even a video game that people can purchase online and receive digitally, that’s passive income! Create once, earn forever!
There are so many ways to earn passive income, this list isn’t all there is to it. But the most important thing is knowing how to achieve them. Investing in stocks or real estate, and having a small business does take some effort upfront, but once you've set up your systems, you can easily change that to passive income.
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