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|4 Passive Income Streams That Can Earn Over 6 Figures Annually by nairaab: 1:21pm On Jan 10|
I’m always looking for new ways to bring in money, so I decided to ask financial planners and accountants to share unique passive income streams they’ve come across that can generate significant earnings. Read on: https://anthonyex.com/4-passive-income-streams-that-can-earn-over-6-figures-annually-business-insider/
One way to find new ideas for passive income is to look at businesses and services you see operating every day. Financial advisor Chris Nddie suggested that people should look into owning parking lots, for example.
Depending on the location of the parking lot you want to buy, you can find some property for as low as $10,000 using websites like Loopnet.
According to How to Start an LLC, the typical monthly expenses for a small, outdoor parking lot can be around $5,000, but gross profits of a lot with about 20 spaces can reach around $28,000 per month.
A popular way of making passive income is through real estate properties, whether commercial or residential. Financial planner Brent Dickerson recommends people invest in real estate properties, such as office buildings or retail centers.
“Many large real estate ventures are owned by several investors through a Tenancy in Common Arrangement,” said Dickerson. “This allows for multiple owners to own an unequal share of a property, such as an office building or retail center. As payments are made by the lease tenants, the owners of the property receive those payments as income.”
Dickerson added that the amount of income one receives is determined by the percentage ownership in the property, so the more you invest, the more passive income it will generate. You can start with $1,000 and build up from there.
For someone with a strong personal brand, blogging can be a great source of passive income according to Olivia Tan, a CPA.
“Blogging has helped countless entrepreneurs earn passively through affiliate links, courses, sponsored posts, products, book deals, and more,” said Tan.
While Tan acknowledges that starting a blog requires a lot of upfront work in order to be successful, she added that: “It’s one of the most sustainable ways to generate an audience through organic and social traffic, or by building an email list.”
While much of this income is based on how much traffic you can get to your website or social media channels, it’s possible to make money without having a large audience. You can do research to set your personal rates, or follow the common advice of charging $100 for every 100 subscribers you have.
One of my personal favorite ways of making passive income is through the creation and sales of online courses. Financial advisor Sanchit Taksali said that this is a great route for anyone who has specialized knowledge to share, or is an expert in a certain topic.
Depending on the topic of your course and how big your potential audience is, you could follow in the footsteps of people like this copywriting expert who made $1 million dollars in 2020 selling a course, or this 71-year old who makes $8,500 a month selling a course.
|Re: 4 Passive Income Streams That Can Earn Over 6 Figures Annually by soundOsonic: 1:22pm On Jan 10|
You sure say you dey Nigeria?
|Re: 4 Passive Income Streams That Can Earn Over 6 Figures Annually by techmo(m): 1:26pm On Jan 10|
Blogging is fulltime job not passive
Except you lease space next to main road, parking lot would cost you a furtune to put in place
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