Yahoo Finance I’m a Passive Income Enthusiast: 6 Methods That Are Making Me Rich
Every wise finance article on the internet will share one common piece of advice: Don’t put all your eggs in one basket when it comes to investing.
Diversifying, according to experts, is one of the best moves you can make towards reaching financial freedom. And that often means creating sources of passive income.
GOBankingRates spoke with Ben Broch, CEO and founder of Cover Letter Copilot, and Mark McShane, founder of Cupid PR, and discussed some methods that have worked for them in making them rich. Read below to learn more about their experiences as passive income enthusiasts.
Read More: Barbara Corcoran’s 5 Best Passive Income Ideas
Check Out: 4 Genius Things All Wealthy People Do With Their Money
Wealthy people know the best money secrets. Learn how to copy them.
Real Estate Crowdfunding
“In addition to my primary role, I have successfully built multiple passive income streams that significantly contribute to my overall earnings,” Broch said.
“Investing in real estate through crowdfunding platforms has been a game-changer,” he said. “These platforms allow me to invest in commercial and residential properties without the need for direct property management. By pooling funds with other investors, I can earn a share of the rental income and potential property appreciation.”
Broch said real estate crowdfunding offers a hassle-free way to diversify his investment portfolio.
“The ability to invest in high-quality properties with relatively low capital makes it accessible and lucrative. Platforms like Fundrise and RealtyMogul provide transparent performance reports, helping me track my investments and returns.”
Automated E-Commerce Store
“Running an automated e-commerce store has become a reliable source of passive income,” Broch said.
“Utilizing dropshipping, I sell products without holding inventory. The entire process, from order placement to fulfillment, is managed automatically, allowing me to focus on marketing and growth strategies.”
“An automated e-commerce business minimizes the operational burden and allows for scalability,” he said. “By leveraging tools like Shopify and Oberlo, I can efficiently manage product listings, process orders, and handle customer service. The key is selecting trending products and optimizing the store for conversions, which drives consistent revenue.”
High-Yield Savings Accounts and CDs
“While not as flashy as other passive income streams, high-yield savings accounts and certificates of deposit (CDs) offer a secure and steady income,” Broch said. “I allocate a portion of my savings to these accounts to take advantage of competitive interest rates that surpass traditional savings accounts.”
“High-yield savings accounts and CDs provide a risk-free way to grow my savings. Online banks like Ally and Marcus by Goldman Sachs offer attractive rates and flexible terms.”
Broch said this approach ensures that his money works for him, earning interest while remaining accessible for future investments.
“Building multiple passive income streams is about diversifying your efforts and leveraging various opportunities,” Broch added. “Real estate crowdfunding, automated e-commerce and high-yield savings accounts are just a few examples of how you can create a significant passive income that complements your primary earnings.”
Explore More: 3 Types of Investments Predicted To Plummet in Value in Summer 2024
App Creation and Monetizing
According to McShane, this involves the development of a mobile app that will generate a significant passive income stream.
“Developers can come up with an app useful or entertaining in some way, then monetize it through ads, in-app purchases or even subscription-based models.”
“App development offers one opportunity for earning passive income,” he explained. “After developing an app and launching it, I can continuously earn money with very little maintenance. Through platforms like the Apple App Store and Google Play Store, the apps along with associated steady income streams are opened up to a mass audience.”
Affiliate Marketing Websites
“Running affiliate marketing websites involves creating content that promotes products or services,” McShane said. “By incorporating affiliate links within the content, you earn a commission for every sale made through your referral.”
He said this will effectively monetize technology-based blogs or review sites where the owner has targeted audiences likely to show interest in technology-based products and services.
“There are plenty of opportunities to make passive income with affiliate marketing through such platforms as Amazon Associates, ShareASale and CJ Affiliate,” McShane said.
Selling Digital Products
Digital products include a lot of creations that garner passive income in droves, such as e-books, online courses, software and design templates, Mcshane said.
“Other than the development phase, these products basically require little or no maintenance and can be resold a lot of times,” he said. “It harnesses your expertise to create scalable streams of income through the sale of digital products. More precisely, platforms like Udemy, Teachable and Gumroad help in marketing and selling digital products to the global audience.”
More From GOBankingRates
I'm a Bank Teller: 4 Reasons You Should Withdraw Your Savings Right Now
This is The Single Most Overlooked Tool for Becoming Debt-Free
This article originally appeared on GOBankingRates.com: I’m a Passive Income Enthusiast: 6 Methods That Are Making Me Rich
