Passive income – not passé income

It’s always exciting to discuss ways to boost your earnings, especially when we’re talking about income you can collect without doing a lot!

There are numerous ways to create passive income, some of which may suit your current situation and interests more than others.

Some consider side hustles as a means to increase their income. If handled correctly, these side hustles can become solid passive income streams. For instance, you could sell physical products through an online store or monetize your expertise by writing an ebook or creating a digital course.

If you’re adept at creating content, starting a blog or a video channel could generate income through the platform’s ad revenue program.

Granted, you’ll need to put in some upfront effort, but once established, you can generate income with minimal ongoing work, especially if you are just making videos for fun.

If starting a new venture seems overwhelming, investing offers an excellent pathway to passive income. Dividends from stocks are a classic example, although it’s worth noting that significant income from dividends often requires substantial investments.

For instance, Apple’s dividend in May 2023 was 24 cents a share, meaning that generating a significant dividend income would require owning several shares.

Investing in rental properties is another option. However, it does entail significant upfront costs (homes are not cheap right now!), and you’ll need to deal with the downsides of being a landlord.

Before diving in, consider how much time, effort, and money you’re willing to invest in creating these income streams.

Remember, the more hands-off you want your passive income to be, the more initial investment it typically requires. However, if you’re content with a gradual increase in income, there are ample opportunities to build passive revenue.

Want to explore these options or discuss other ways to grow your income? My office can help you work towards the retirement you want.

To get started, book a free consultation >>by clicking here<< or calling 330 836 7800.

Let’s work together to harness your time, talents, and resources to generate more income!