Many people often start a side hustle while they are currently working to get some passive income, or side income that eventually can be their main income. Then Voila! Financial Independence. Sounds easy. It’s not.
Research, hard work, follow through, possible failure, restarts, knock downs, get ups, work. It all comes down to hard work.
I have relatives who have been quite successful in commercial real estate rental. This is appealing because real estate is a physical tangible asset. If the space is rented (ignoring possible defaults) there is an ongoing monthly income stream. However there is maintenance required and therefore you need to stay near the real estate to really make this type of income work, and then it really isn’t all that passive. This could be a viable option for us, as we would have help in finding a property and a possible tenant. It’s just that the down payment would have to come from somewhere and I am hesitant to take it from my current investments as I am pretty loyal to my dividend holdings.
Writing online and earning blog income is something I find appealing, however with my limited website knowledge, this would require additional learning, training and would require time and effort. I am not afraid of either the time commitment or the effort. I just am not sure where to look for this training, and I don’t want to sign up for a costly seminar where I don’t learn what I actually need to know. And of the however many bloggers out there could I make mine stand out and gain followers?
Network Marketing is something that I am interested in learning about. In April, B & I are going to a training conference by Market America, where we will learn strategies to grow our business as well as more about the products they promote. I really see this being something we can use for future income. It’s just a matter of getting out there. I know I will feel more confident and excited after receiving some training.
Finally there is Dividend Investing. I read almost daily about different investments and analysis. I am excited about this path of passive income and I am committed to regular savings and purchases. I think this is one of the best ways to earn passive income that is location independent. All you need is an internet connection, of course research and timing is crucial too. It is really exciting to receive those dividends in your account. It’s a rush to put the orders through and to watch your account rise!
How do you feel about earning passive income? What’s your strategy? How has it been working for you?