Passive Income – What It Is, Why You Need It, And the Top 5 Places to Get It
Passive Income – What It Is, Why You Need It, And the Top 5 Places to Get It
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Home Page > Internet > SEO > Passive Income – What It Is, Why You Need It, And the Top 5 Places to Get It
Passive Income – What It Is, Why You Need It, And the Top 5 Places to Get It
Posted: Jan 26, 2012 |Comments: 0
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Unless you’re about to retire, social security just isn’t going to be around for you. The funds are limited and the Boomers are coming. And as a lot of us know, a good recession will all but diminish the best Mutual Fund or 401k. If we’re going to survive after retirement, we’re going to need to take care of ourselves. And unless you wind up one of the lucky 1 in 8,000,000 people who hit the Lotto, you’re going to need a plan. There are only so many hours in a day, and only so much you can earn in an hour, unless you harness the power of passive income. Passive income allows you to earn whether you’re present or not, sleeping or awake, working or on vacation. Passive income is a powerful thing, and for most people, passive income of $10K a month means a comfortable retirement. You don’t need millions in the bank if you have $10K a month in passive income.
The top 5 best sources of passive income for today’s economy are:
1. Real Estate in the form of rental properties. This probably the safest and most stable of all passive income streams available because “everybody needs a place to live.” Now is also a great time to invest in rental property if you can pull it off. Home prices are down; interest rates are low, and these two things together means that your Mortgage is frequently less than rent in your neighborhood. If your mortgage is $500 a month, and fair market rent is $1000 a month, your monthly passive income is $500. Now to truly be “passive income,” you won’t be managing this property yourself, so you would subtract this cost when determining your passive income on a rental property. While this is considered one of the safest streams, it’s also one of the most expensive to get into. On average, an investor will need 10-20% down since zero down and low down type loans are generally reserved for first time buyers and owner occupied only.
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2. Paper Assets (stock, bonds, and mutual funds.) Assuming they pay dividends, and are managed by somebody else. Definitely the riskiest passive income stream. There are no guarantees, and fees can wipe out your return if a recession doesn’t get you.
3. Businesses under proper management generate passive income. If you own a business, and your presence is required, it is not a source of passive income. An example of an entry-level. business that generates passive income would be an espresso stand that you don’t operate personally. Businesses can be even riskier than paper assets, but there are things you can do to minimize risk. One would be to start a small business in your spare time, but keep your day job. You could man it yourself, but grow it into something that functions without you. Another safe bet would be to invest in a franchise like McDonald’s or Subway. These cost a lot more to get going, but the chances of success are greatly increased.
4. Vending Machines, coin laundry, car washes, etc. Vending machines that sell candy or soda are only a few hundred dollars and make this an affordable option. The hard part for most people is finding a place to put them. I’ve used these myself, and many business owners who didn’t have them already were willing to accept them for a percentage of the profits.
5. Small Money Making Websites are the vending machines of the future. Small product based websites are popping up all over the net. These sites offer valuable content like that found in this article, and sell ads like those found above and to the right of the page. Advertisers pay per click to companies like buy google plus one and they frequently pay between $1.50 and $9 per click depending on the product. I know because I’ve done it. Page one results on Google can earn you thousands of visitors per month, and hundreds of clicks. Once built, these sites run on autopilot, twenty-four hours a day, seven days a week. This is the least expensive option. Coaching that includes all the step-by-step instruction, software, and web hosting you’ll need to get started can be had for as little as $67 a month.
Many people think that their expenses are going to go down in retirement, but I disagree. Advances in modern medicine have everybody living longer these days, and living to see 100 isn’t all that uncommon. This longer life means a longer list of prescriptions. We need to work on creating passive income like our lives depend on it, because they do.
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About the Author:
Many people think that their expenses are going to go down in retirement, but I disagree. Advances in modern medicine have everybody living longer these days, and living to see 100 isn’t all that uncommon. This longer life means a longer list of prescriptions. We need to work on creating passive income like our lives depend on it, because they do.
buy google plus one splits this money with the owners of these websites, and I’ve been told that they pay around 60%. People who build these sites follow Google’s quality content guidelines to a “T” and strive for first page results. With proper coaching, this is totally obtainable.
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