Passive Income Strategies
The world becomes more complex each year. This presents the budding entrepreneur with both challenges and opportunities. On the one hand, there are new markets opening up all the time. Just 20 years ago, no one knew what a SaaS was. Very few people were comfortable shopping online, either. Yet today, people gladly hand over their credit card details for a free trial of a product that is essentially intangible.
People spend good money on overpriced, sometimes watered-down coffee, too. Entrepreneurs are making money by selling Android and Apple apps it took them only hours to program. It seems, sometimes, that all you need to make money these days is a good idea.
Until the funding doesn’t come through. Or until you realize the infrastructure doesn’t yet exist to execute your brilliant idea.
That’s when passive income streams become essential.
In this Passive Income Strategies guide, we’ll cover eight passive income streams you can use right now to help sustain you through tough times. As a bonus, we include three passive investment methods you can use to ensure that your spare money is working hard for you.
At the end of the day, it’s all about having a lot of irons in the fire. So when you swing and miss on a product idea—which will happen sometimes—you have enough income to cover your losses. There are a few things to know about passive income streams, though:
• They’re not overnight income. Passive income strategies and streams build momentum slowly. Don’t rely on just a few. Use as many as you can.
• They’re not entirely passive. No income stream is purely passive. You’ll have to expend some energy to do just about anything. Even someone using a Robo investor has to check in on it to make sure it’s not making crazy trades. This requires time and energy. Even the best ad smith has to check their campaign for profitability on a regular basis.
• Not everyone can use each method. Some passive income methods require specialized knowledge you may not have.
Even with those disclaimers in mind, passive income streams are an essential kit for the entrepreneur. What’s more, you will quickly see that these methods can work in harmony. Any time you have two or more passive income streams centered around the same topic or niche, you’re doing it right. This creates synergy, and each method can buoy the other. That can send your passive profits into overdrive.
Excited? Let’s get started.