(DailyThrive.com) – To people who have never dabbled in passive income, it can seem like a bit of a dream come true. Do a little bit of work, then sit back and watch the cash roll in. Is that really possible?
As out of this world as it might sound, it’s the way a lot of business owners build their brand and create financial freedom for themselves. It should not be considered a main source of income because it can fluctuate, but you can still benefit from it.
Nate O’Brien explains:
How to Cash In Big With Passive Income
- Amazon Associates. This affiliate program has been around for a long time, but it’s never too late to get started. If you have a social media platform with a huge following, and you can get them to click on an item from your Amazon store and purchase it, you will get a cut. In addition, if you frequently do quality reviews, Amazon may send you quality items to rate and keep.
- Dividend payments. Purchasing small stock is a great way to generate passive income… as long as it pays out. Investing here and there when you can afford to will allow you to rake in the dough while you sleep. Even a small percentage payout of just 3-5% can yield a nice monthly residual.
- High-interest savings account. Put some extra cash in a high interest-bearing savings account. This will provide a steady kickback over the years. It may not seem like much, but over time, it contributes to a nice nest egg.
- Promote retail products. If you have a YouTube or Instagram, you can make passive income when promoting certain products. If you have a large following, advertisers will contact you about promotion perks. You’ll earn a portion of what sells.
- Free stock promotions. New investment companies pop up all the time. Sometimes stagnant brands reinvent themselves. They may ask you to open up an account with them for free and then promote their stocks or name on your channel or TikTok. It’s a win for them and you. With an influx of new customers and a great way for you to earn long-term income from profitable dividends.
When money starts flowing into your bank account while you’re on vacation, you can say you’re truly winning at the small business game. Until then, residual income should not replace immediate income, and you should never put all your eggs in one basket. The more diversity, the better your chance for financial freedom.
~Here’s to Your Success!
Copyright 2020, DailyThrive.com
