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What is a passive income and how exactly does this type of income work?

More on how to monetize a blog in a future post. I debated for quite awhile what to start blogging about. So I sat down and brainstormed a list of all the topics I knew something about or was interested in such as chemistry, traveling, food, teaching, beer, writing, board games, editing, etc.

Earning Residual Income Through Investing

It may not be my first choice in terms of creating immediate passive income, but I hope it will at least help to keep me motivated to continue learning and doing, as well as providing me with a steady stream of things to blog about. Once I decided on my topic, I needed two things: a domain name and a web host. You could get started by just creating a free page at wordpress. If you decide to use one of the links, then thank you for supporting this blog and taking part in this passive income experiment!

I began by brainstorming names for my blog and trying them out at GoDaddy , a domain name registrar, to see which were taken. Click to enlarge. Tip: Try to choose a domain name that includes your keywords or primary focus. Once I decided my focus would be on creating passive income online, I started searching for domain names that included those keywords. Next, I needed to pick a web host. If a domain name is like the virtual address for your new business, then a web host is the building that houses it. How many other businesses can you begin with such little overhead!? Oh, and they even throw in one domain name for free!

How To Build Passive Income In Order To Retire Early

Remember, I can host all the domains I want on the same Bluehost account! Finally, I had to decide how to create my actual website itself. But this time I decided to try out WordPress. Setup on Bluehost is a cinch see my guide. Writing a new post is as simple as typing a letter in Microsoft Word. Customizing your website is crazy easy using various themes and plugins. Themes change the entire look of your website, while plugins add functionality. But those spiffy social media buttons above and below each post that allow you to share it on sites like Facebook, Twitter, Pinterest, etc.

Top 15 Passive Income Youtube Channels featuring Passive Income Ideas, Streams & Opportunities

In fact, it only took me a couple of days to get this entire website off the ground and to a state where I felt comfortable sharing it. I find it amazing that I could start up an online business in two days for only a few dollars a month. Check out my step-by-step guide on how to sign up for a Bluehost account, choose a domain name, and install WordPress here.

Calculate your overall basic expenses necessary for survival. Once you have those expenses covered, you are golden.

Passive Income: How I Make $7,200 A Month (5 Ways)

However, I plan to reduce exposure to private equity and P2P lending once these investments come due. Having passive income allows you to geo-arbitrage. The most frequent setback for people looking to build passive income is that they withdraw from their financial nut too soon.

  • How not to get super-rich: the passive income scam | Jonathan Fields.
  • E poi siamo arrivati alla fine (BEAT) (Italian Edition).
  • Una Luz al Final del Tunel (Spanish Edition);
  • The Wolf in the Penthouse (Rough and Reluctant Breeding Erotica).
  • The 5 keys to building enough passive income.

Make sure your money is invested and not just sitting in your savings account. The harder to access your money, the better. Real estate is also a fantastic asset class for the long term. The illiquidity of real estate and the transaction costs encourages you to hold for the long term. Anything great started somewhere and you must set aside one day to tackle your financial independence goal. Circle a date on your calendar and cancel all other distractions.

My original target retirement date was at age I like to have at minimum 2. CIT Bank consistently has one of the highest online money market rates you should check out. Investors are not inclined to take as much risk anymore. My dividend income portfolio consists mainly of dividend equity and bond ETFs. In other words, I expect the yield curve to flatten or invert by , portending a recession. In such a scenario, fixed income investments should hold up well.

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Then I updated the book for with 50 more pages pages total using more successful case studies and highlighting more strategies for those who want to break free from the corporate grind with money in their pocket. My favorite real estate crowdfunding platform is Fundrise. They started in and have the best technology and selection of properties.