Quantcast
RELATED

Long gone are the days where you can work one job until retirement and be good. Nah. That just ain't gonna cut it these days! Multiple streams of income are imperative if you don't want to end up having to work after retirement because you can't actually afford to be retired. Unfortunately, we see this all too often; people are working well into their old age. Not because it's a choice, but a necessity.

And I'm not necessarily talking about having multiple 'jobs' either. We need to let go of this mentality that says we have to always trade our time for dollars and get on the passive income train. It's time that we work smarter, not harder! There's only so much time in a day sis and all of it can't possibly be dedicated to working.

So what is passive income, you ask? Passive income is coins that you make without putting in much effort or time. Some passive income streams may require you to put in some work/time upfront so that you can get those returns later. For example, let's say that you want to write a book and get it published. It may take you a ton of time to get that book written, packaged, and ready to be sold, but once it's done, all you have to do is collect royalty checks from it going forward. Not all passive income streams require extensive upfront work though!

The beauty of passive income is that since it's not time bound, you can literally make money while you're sleep. Or while you're chillin' and sittin' pretty on a yacht somewhere. Who doesn't like FREEDOM? All right, so here's the tea. Let me share with you 5 ways that you can collect those coins without having to do the most.

5 Passive Income Ideas To Increase Your Cash Flow

1. Affiliate Marketing

Affiliate marketing allows you to earn a commission coin from someone else's products or services. You can literally get paid from your lifestyle. The clothes that you wear? See if there's an affiliate program for the brands you love. The services that you use and swear by? Share it with someone else and get paid. So instead of you using up all of your time, energy, and dollars to create a product, leverage ones that already exist instead.

2. Create Digital Products

Like I mentioned, some passive income requires upfront work but it is totally worth it. These days, you can literally create anything based on your skills and passions and package it up and sell it. For example, I have a debt slay workbook currently on the backend of my website and I continuously get sales coming in without even marketing it. Literally while I sleep! Additionally, if you like to take pictures in your free time, you can put your pictures on stock photography sites and collect royalties when someone downloads your picture. Whatever your thing is, you could be bringing in some extra cash.

3. Real Estate Investing

This right here is a tried and true way of building some decent passive income up. Yeah, it may require some blood, sweat, and tears but those returns can be crazy good. This method does require some upfront capital but there are a ton of programs out there that can help you get started with securing your first rental property. An awesome resource to get started on the road to freedom through ownership is The Key Resource.

Not quite ready to dive into it full throttle? If you have any spare rooms at your home, consider renting them out on Airbnb and other sites! Or you can even rent your home each time you're away (visiting parents, friends, vacations, etc.). There will be a nice chunk of change waiting for you when you return!

Not limited to Airbnb, you can rent out a parking space too, depending on your location you can make an extra $50-200. You can also rent out your car on sites like Turo. Instead of it sitting in your driveway, you could be making some extra cash with little effort on your part!

4. Dropshipping Store

You can create a retail store where you don't hold any inventory or have to ship anything out yourself. You can have your orders fulfilled through a third party dropshipper. It allows you to create income without dishing out many startup costs. You can sell clothes, household goods, accessories, and so much more.

5. Peer-to-peer lending (P2P)

The popularity of P2P lending has continued to grow over the years. Sites like the Lending Club connects borrowers with investors through an online marketplace. You as a lender receive interest and get your money back when the loan is repaid. Investors have access to consumer credit, which can give then the opportunity to earn competitive returns. This can be risky business, so for a smaller/safer return, use peer to peer lending sites such as Fat Lama to rent/lend out items you own instead!

BONUS: Get that debt paid off, boo.

Once you start freeing up those coins that you were putting towards paying off Sallie, Navient and the rest of them, you can funnel more into investing and other wealth generating activities. You'll be able to work towards financial independence at a much quicker rate due to having less monthly expenses.

There's no excuses not to be utilizing your God-given talents or intelligence to flip that money into more money and get it poppin!

Featured image by Shutterstock

Originally published on October 24, 2018

 

RELATED

 
ALSO ON XONECOLE
Generation To Generation: Courtney Adeleye On Black Hair, Healing, And Choice

This article is in partnership with Target.

For many Black women, getting a relaxer was a rite of passage, an inheritance passed down from the generation before us, and perhaps even before her. It marked the transition from Black girlhood to adolescence. Tight coils, twisted plaits, and the clickety-clack of barrettes were traded for chemical perms and the familiar sting of scalp burns.

KEEP READINGShow less
A 5-Year Healing Journey Taught Me How To Choose Myself

They say you can’t heal in the same place that made you sick. And I couldn’t.

The year was 2019, and I knew I had to go. My spirit was calling me to be alone and to go alone. It was required in that season. A few months prior, I had quit my job. And it was late 2017 when I had met trauma.

KEEP READINGShow less
What Loving Yourself Actually Looks Like

Whitney said it, right? She told us that if we simply learned to love ourselves, what would ultimately happen is, we would achieve the "Greatest Love of All." But y'all, the more time I spend on this planet, the more I come to see that one of the reasons why it's so hard to hit the mark, when it comes to all things love-related, is because you first have to define love in order to know how to do it…right and well.

Personally, I am a Bible follower, so The Love Chapter is certainly a great reference point. Let's go with the Message Version of it today:

KEEP READINGShow less