3 Ways on How to Generate Passive Income
Creating passive income is a dream of everyone including me. The knowledge of how to create wealth through passive income is now understandable, particularly if you are worried about how to save sufficient money in order to meet your desire goals.
Even though it is no longer a secret on how to create passive income for oneself, there are still some people who don’t have enough ideas for making passive income.
Therefore, in this post, I will be sharing 3 ways on how anyone can generate or create passive income.
But, for those who don’t know what passive income is, let me make it clear to you.
Passive income is an income that comes from a business you are not actively participating. A good example is dividend from stocks, royalties from books as an author, rental income etc.
So, now that you have an understanding of what passive income is, let us go to how to create 3 for you.
- MLM/NETWORK MARKETING
This is one great way to generate passive income for yourself. You just have to join an existing successful network marketing company that you understand and you are comfortable with. You are required to pay a startup fee which is always small compare to what you can generate.
You put in the work at the beginning to build your team which is known as down line. The more your team grows, the higher the passive income you generate.
Some network marketing company just involves getting 2 people to join without buying any products while others involve purchasing their products monthly.
Network marketing is also great because it’s more like a course in personal development. The person you end up becoming in the process is far more important than the income you can earn.
- SELL DIGITAL PRODUCTS
For those that have been following me will know that I also generate passive income from selling my products. Customers are buying products online at a very fast rate these days. The best thing about selling digital products is that you only have to put in the work and after then, you are done.
If you don’t wish to use those marketplace, you can create your own WordPress blog and sell your digital product using plug-in Easy Digital Downloads.
- INVEST IN MUTUAL FUND
Investing in a well-diversified mutual fund is another way to generate passive income. Personally, I have an investment in mutual fund with a trusted investment company.
I get paid my dividend 4 times in a year and I only started with a little cash of ₦10,000. For those on low income range that will like to generate passive income, investing in mutual fund is the best way to create your first passive income stream easily.
Every month you just add to your investment with any amount that you have. Before you know it, it will grow to something huge in the long term.
Generally, the ideas on how to make passive income are not that easy as it seems, you will spend a lot of time perfecting your ideas. But the insights given in this post should help you a great deal to make residual income with ease.
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