Three Passive Income Ideas For Busy MillennialsOct 15, 2023
Hello Stoic Investors,
Today I want to talk about passive income.
If you’re a dreamer, you want to live on your own terms.
No more bosses asking you to work overtime.
No more waking up at 6 am.
No more sitting in traffic.
Well, you only need one thing to make that happen.
In case you’re not familiar with the concept. Here are the main differences between active and passive income.
According to the Chamber of Commerce, around 20% of American households earn passive income either through dividends, interest, or rental properties. But it’s usually not enough to be self-sufficient.
And the median amount that those households make from those sources is $4,200 a year, according to bureau figures. Can you live off of $4,200 a year? I think not.
So, let’s look at three strategies that can make you more.
This is a fantastic choice for beginners. Instead of trying to pick individual stocks, you can invest in index funds or exchange-traded funds (ETFs).
These funds represent a broad market index, like the S&P 500, which includes a collection of top-performing stocks.
By investing in these funds, you're essentially buying a slice of the entire market.
Over time, the stock market tends to grow, and your investment grows along with it. It's a simple and effective way to start building passive income.
If you have a passion, hobby, or expertise that you can share with the world, consider building a personal brand online. It might take some time initially though.
Through platforms like YouTube, Instagram, or a blog, you can create content that attracts an audience.
As your following grows, you can collaborate with sponsors and advertisers who will pay you to promote their products or services to your audience. This can become a significant source of passive income as your brand gains traction.
Real Estate Management (Starting with Parking Spaces)
Managing real estate for landlords can be a lucrative venture. You can start small by managing parking spaces.
Many property owners are willing to pay someone to handle parking space rentals, maintenance, and tenant relations.
As you gain experience and potentially expand into managing residential or commercial properties, you can earn fees or a percentage of the rental income for your services.
Real estate can be a fruitful avenue for passive income with proper management.
Before you leave…
Passive income is hard to build. That’s why so many people give up.
But those who do make it, are often set for life.
And they can live it as they please.
So, note down these points and start building today:
1. 20% of American households earn money passively
2. Passive income allows you to live life on your own terms.
3. Index investing is a beginner-friendly choice because it doesn't demand much of your time.