How To Amp Up Your Passive Income Earning Potential

Finance

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.

Related: 6 Side Hustles You Can Employ While You're Unemployed

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?

Alright, so here's the tea. Let me share with you 5 ways that you can collect those coins without having to do the most.

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!

What are some ways that you want to start creating additional income streams and working towards financial freedom?

Featured image by Getty Images

Sign up today and be the first to get notified on new updates, exclusive events, retreats and giveaways!

More Posts

In 1972, Lonnie Lynn was born on the south side of Chicago to a teacher and a youth counselor. At the time, his parents had no idea that their son would one day grow up to rock stages around the world, become an award-winning actor, and eventually, write a book that would change the narrative of how black men look at love, therapy, and childhood sexual abuse.

Keep reading... Show less

When I was 19, I lost my father, the only caretaker I'd known my entire life.

Growing up in Brooklyn, NY in the '80s, it was common for black children to be raised by drug-addicted parents. My mother abandoned my sister and I while succumbing to her addiction to crack cocaine. But my father, he stayed. And that man loved me fiercely for the years we had, while battling his own addiction to heroin. Despite his own pain, he took care of me. Losing him is still the worst pain I've ever felt in my life.

Keep reading... Show less

I have a confession before I start this piece. I hate the outdoors. I need to lead with that fact because as I type, I am laying in a yurt outside with stars above me in upstate New York.

Keep reading... Show less

Summer travel is upon us, and that means we'll be looking for new items to add to our wardrobe. I know there are many fast fashion brands that keep us looking so fresh and so clean on a budget, but I started to think about purchasing investment pieces from black designers.

Keep reading... Show less

Brian J. White has been a consistent face in so many of our favorite series and films. I still remember his character's crazy but sexy relationship with Olivia Pope on Scandal. And who can forget him repping the Theta's in the college classic Stomp the Yard

Keep reading... Show less

Skincare isn't just a part of my daily routine, issa sport. Last year, I got hit with some pretty severe cystic acne that dramatically altered my day-to-day life.

Keep reading... Show less
Exclusive Interviews
Latest Posts