Sounds too good to be true, right? The reality is, nothing great comes easy.
First you have to remind yourself that money doesn’t just fall on your lap without doing any work. This isn’t a get rich quick scheme and I can’t 100% guarantee that these sources will work for you, but I will share with you what has worked for me in the present and in the past. With that being said, not every strategy in this article will be a fit for every person.
When my daughter was diagnosed with brain cancer for the 2nd time in 2018, I had to go on FMLA from my regular job and collect Paid Family Leave. If you’ve been on Paid Family leave in the state of California, we all know that CA barely pays you 75% of your regular salary. The pay cut took a huge hit to my finances which put me in a hole month after month. This was when I decided that I needed to figure out a way to build multiple streams of passive income so I wouldn’t have to worry about being broke in the future. The idea here is to build.
Think about animator and filmmaker, Walt Disney. He experienced many setbacks before he created Mickey Mouse but he never gave up. Even after he created Mickey Mouse in the late 1920s, he still experienced some challenges along the way yet he continued to think of new ideas that may or may not work in his favor. In 1937 Disney developed the full animation feature, “Snow White and the Seven Dwarfs” which became a huge success in the box office. The truth is, everybody will experience a few setbacks in their lives — from investors, small business owners, even street hustlers. But if you stay consistent, disciplined, and dedicated to your craft, you will succeed.
So how do you make money while you sleep? I can’t give out all of my secrets, DUH! But I have to admit, it took me a whole year to figure out the right strategic fit for me and I’m still a work in progress. But I can tell you 3 ways that has helped me get on the right path to financial freedom. I’m still walking that path, but hopefully you can join me and we can learn from each other.
- Invest in Blue Chip dividend stocks. These stocks are usually strong performance stocks that do well during good and bad times. Think of companies like Coca-Cola (KO), Disney (DIS), and Apple Inc (AAPL). In 2018, at the highest, Apple Inc paid up to $3 per share to its shareholders and according to Yahoo Finance, they are currently paying their shareholders up to $0.77 per share in dividends. If you do the math, lets say that you own 50 shares in Apple stocks $0.77 x 50, you’ve made $38.50 in dividends. Based on my research, I’ve learned that some companies pay dividends every 3-4 months. So what do you do with the money? Well, my friend, the ball is in your court. Some people take the dividends and reinvest. Reinvesting is something I highly recommend. Anyway, I’ll post more about dividends later.
- E-commerce and Dropshipping: This is HUGE right now. Imagine starting your own online store and selling products that you’re most passionate about or trending. The coolest thing about it, there are companies out there that will ship out the product for you. I have to admit, this will take some work, but it definitely doesn’t hurt spending an hour or two a day focusing on your online store. Shopify is a great way to start.
- Affiliate marketing. There are companies that will pay you to promote their product. And if that product sells, they will pay you a small percentage from that sale. Sort of like a commission. Amazon has a great affiliate program.
Like I said, one way may be a good fit for you or none at all. These are just a few ways that has helped me generate passive income. It sounds like an easy thing to do just by reading this, but in all honesty, it takes some work. But I do guarantee that once you get into the habit of things and continue to educate yourself more, you will feel more comfortable and it will get easy.
Here’s a bonus, if you like shopping on Amazon, this app will give you free gift cards. I’ve been using this app for 3 years and what I usually do is, redeem my points, stack up on free Amazon gift cards, then use it whenever I want to buy something big on Amazon. A few dollars off does make a difference. I swear it’s not a scam, it’s completely legit, otherwise I wouldn’t recommend it on my website.
It’s called Panel App and you can download it on your phone here: (Note: it is compatible for both Androids and iPhones)