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If you’ve been looking for ways of generating passive income, this special report will provide you with many different options. Some of the opportunities will require start-up capital while other options will only require your time and effort.
Whether you want to be able to free yourself from the daily grind and still generate a full-time income, or you just want more time to spend with friends and family or perhaps traveling the world, passive income is the key!
Passive Income is any income that requires little or no ongoing work to maintain. Ideally, your passive income businesses will require absolutely no work to maintain, but occasionally you can increase your income by expanding on your passive income channels, or by combining more than one.
You can always outsource these tasks and eliminate them from your own schedule as well.
In this special report, we’ll discuss the top tips and strategies for creating streams of passive income so you can enjoy true financial freedom.
Sell Your Knowledge
One popular passive income stream that doesn’t require a lot of start-up capital is selling your knowledge in the form of a book (digital or physical), or through an online course or training program.
Some of the best types of digital content are “how-to” books that teach people specific skills that improve their lives somehow.
In addition, it’s very easy to self-publish a book with the Amazon KDP platform. No longer do you have to try to land a publishing contract! You can simply create a free Amazon Publishers account and upload your manuscript.
Visit https://kdp.amazon.com to get started.
Tips: Be sure you price your book at $3.99 or higher so Amazon will give you a 70% return. You’ll need a professionally designed cover, as well.
Check out https://www.Upwork.com for affordable cover designers. You can also outsource editing, proofreading or outsource the entire book!
Creating a course will take a bit more time. You’ll want to invest in a professional microphone and you’ll need a room where you won’t be interrupted by outside noise while you’re recording your lessons.
There are many different microphones on Amazon that will help you create clear, pitch-perfect audio files, but our favorite is the Blue Yeti. It runs for around $100 and is one of the best microphones you’ll find at this price point.
Tip: You should also consider grabbing a pop filter that will help block out background noise when you’re recording.
Screen Recording Software:
When it comes to screen recorders, I highly recommend ScreenFlow if you’re a Mac user. You’ll be able to create high-quality videos in a matter of minutes using this one tool.
If you’re on a PC, check out Camtasia available here: https://camtasia-studio.en.softonic.com/
In addition, you can either create a “talking head” video course or use a slideshow with a voiceover. We’ve seen both types of courses work well.
You’ll need a good platform to host your course and process payments. There are many to choose from, but the most popular ones are:
When choosing the topic for your online course, consider:
What are you most passionate about?
What do you enjoy doing when you have free time?
What skills have you learned over the past year?
Remember, everyone is an expert at something!
There’s no risk with this stream of passive income. It will take time, but once your content is created you’ll be able to generate passive income from new customers’ day after day without having to update the course material very often.
Rental properties are a proven method for generating passive income, but it comes with some definite risks. John H. Graves, a Los Angeles Fiduciary, recommends that you determine three things before getting started:
How much return do you want from your investment?
What total costs and expenses will you incur from this investment?
What financial risks are you running with this investment?
In addition, this is one of the passive income streams that does require periodic injections of cash for upkeep of the property. You need to be realistic with your expected returns, as well.