So, what is the best passive income ideas 2016?
Do you want to make money, even while you sleep?
So, what is passive income?
Think of it as a way to earn money without being paid by the hour that you work. If you are paid hourly, salary, commission, etc. these are all ways that you get paid by the work that you do.
You want to think of business ideas where you can get paid without working.
Passive Income is anything that brings residual income into your bank account on a recurring basis no matter if you work or not. There are many different ways to earn passive income and I want to give you some ideas to help you quit your job.
Passive income ideas I use to quit my job:
This is my primary source of my passive income and the one that I love the most. I doubled the monthly income from my rental properties and it only took me 6 years to do. Most people retire after 35 years of working a job but since I made up my mind to quit my job with passive income ideas, it took me 8 years to do it, 1 year to go off course, and 1 more year to plan my escape.
I have posted extensively on how to earn passive income in rental properties and other ideas. The best place to start is my post on the 5 Ways Rental Properties Make You Money. All of these articles show you how and why rental properties are the best investment and you can do the same.
Get started investing with these TWO FREEBIES
This blog is my first online business I started and is where I put most of my time, energy, and passion. I love teaching and showing people the way to escape their job with passive income ideas and this is the best way for me to do so. It is very beneficial that I am able to earn passive income from the online sites that I create by providing excellent content, services, and resources to everyone.
For keyword searching, I use Market Samurai. This tool gives you great ideas for your niche podcast to bring you massive amounts of leads. If you would like to purchase it, you can use my affiliate link to get $52 off the list price!
Once you find a good set of keywords, you can register your domain name very cheap. You can get domains extremely cheap at namecheap.com. I use namecheap.com and I recommend you to use them as well. When you are looking for a domain name, think of as many name ideas as you can to find the best.
Podcasting is another way for anyone to earn passive income by doing work one time and continually get paid for it. If you record one podcast, you spent 1-2 hours of your time developing and publishing that podcast. Once it is posted, it can be downloaded an unlimited number of times and spread to thousands, if not millions of listeners. The best way to come up with ideas is to find what you are passionate about and find out if there is a market for it with search engine tools.
Online Courses / eBooks
Other good good passive income ideas I use are online courses and eBooks. The online courses take time to develop and produce, but once they are ready and loaded on your website, it can be accessed over and over again just like your blog or podcast.
The eBook I created, I used Fiverr.com for all the editing, design, and production to develop it. Very inexpenses ways to get an ebook published and there are many ideas that you can implement through hiring others to do the work for you for only $5!
Passive Income Ideas 2016 I Do NOT use:
There are many multi-level marketing ideas out there in the business space that you can pick from. I personally have done a few multi-level marketing businesses in my life and I absolutely hate them. They are great sources of income for people and they can thrive doing them. I personally will never do another MLM business. EVER…
Here are a few reasons:
- Extremely low residual (passive) income
- You are the salesman for some else’s company
- The product doesn’t necessarily sell itself. You must work hard
- You sell two things, the product, and the business of selling the product
- You target friends and family to have them buy your products
- It is hard for me to believe in a product enough that I did not produce
- You are not in control of the company
- You are only a salesman
Playing the Stock Market
The stock market is basically a way for the companies of the world to take in money by giving away shares of the company.
I want to create companies, not own shares of company’s that I have no control over.
401k “Investment” Plan
IRA “Investment” Plan
I am not a bank.
I use OPM to make me money. Other Peoples Money! See my post on the 5 ways to make money with rental properties using other people’s money.
I am quitting my job with rental properties and other passive income ideas that bring money in my pocket every month if I work an hour or not. Follow me as I take the journey quitting my job with many different passive income ideas that you can do just the same.