If you’re looking for a way to break free from your 9 to 5 job, it’s best you create a recurring income stream. This way, you can earn a decent amount of money from the comfort of your own home. And with inflation constantly on the rise and recession looming, finding a way to generate recurring income can help you deal with the tough economic crisis.
For most people though, the idea of generating a recurring income stream might seem difficult at first. It doesn’t always have to be the case because there are many legit ways to do so, and this article lists five of them below.
- Rent Out
Rental income is one of the most effective ways of earning recurring passive income. However, rental property investments require more work than most people think. You might lose money and your investment if you don’t take the time to read more and understand how you can make it a profitable business.
To make a recurring income stream from rental investments, you’ll need to determine these three things:
- How much do you want as a return from your investment?
- What are the financial risks associated with investing in rental property?
- What are the total expenses and cost of the property?
The economic downturn will pose challenges, one of which is your tenants can no longer afford to pay rent while you still have to clear your mortgage. Due to income decline, you might fail to rent your property for as much as you did. Therefore, before venturing into a rental investment, you’ll need to weigh all risks and devise a plan to protect you when things go astray.
- Flip Retail Merchandise
Consider taking advantage of ecommerce platforms such as Amazon and eBay and sell merchandise at discounted prices elsewhere. The profit you’ll make will be determined by the difference in your selling and purchasing prices, and you might have clients who’ll keep track of your products.
These online platforms offer great opportunities to take advantage of commodity price differences between the price you can find and what your clients can. This tends to be very effective, especially if you work with a contractor who’ll give you merchandise at a discounted price that few individuals can access. You might as well find valuable products that most overlook.
However, it does come with its risks. Sales will happen at any time, and to make it a recurring income stream, you’ll need to work hard to find reliable sources for your products. Additionally, you’ll need sufficient knowledge which you can get from Online Landlord Biz. Moreover, you need to invest in all sorts of products until they’re sold out, meaning you must enough cash to start this venture.
- Sell Online Courses
It has become relatively easy for educators to sell their courses online. You can sell pre-recorded courses online with relatively few limitations, from illustrations to marketing and even entrepreneurship. Teaching online courses requires an upfront investment of your time. Specifically, you need to take your time in designing an online course before you record it and make it downloadable for students.
Since online courses are pre-recorded, you can lengthen, shorten, and even edit them to fit an array of experience levels and class sizes, allowing you to expand your passive income. You can create a downloadable course that allows students to go through it quickly. Whichever way you want, online courses are an amazing way of generating recurring passive income.
- Invest In Cryptocurrencies
Over the past few years, cryptocurrencies and saving accounts have grown in popularity, and for good reason. Cryptocurrencies offer incredibly high return rates on your money. Although they might not be real saving accounts, crypto savings are lending and investment accounts allowing you to make substantial crypto yields easily.
You can make over 25% return on your money from cryptocurrencies depending on the company you’re working with. Opportunities to earn recurring income with cryptocurrencies are plenty. You can stake your crypto, buy NFTs, or lend your crypto. However, it involves risks, and one of them is lack of legal protections like those offered by debit and credit cards.
- Write An E-book
Writing an e-book is a great opportunity you should consider taking advantage of, as it cuts down the cost of publishing and gives you a chance for millions of people to see your book. Usually, e-books are relatively short and consist of about 30 to 35 pages; more importantly, they are often relatively affordable to create.
To create an e-book, you need to be an expert on a specific topic—it can also be a niche, which requires know-hows on certain abilities or skills that few individuals can offer and many readers need. You can create an e-book on online platforms like Calibre or Kindle Create and even Microsoft Word or Google Docs. Following, you should test price points and the market with different titles. To make good money, you’ need to put a lot of effort into it and maybe even create a series of e-books to attract more clients to your work.
You need to create a passive income stream if you don’t want to keep working as a corporate slave. This guide shares some useful ideas on how you can achieve this goal, some of them requiring money upfront, others time and skills. Regardless which one you choose or if you choose all of them, you’ll be able to lower your financial stress and achieve more flexibility and freedom when it comes to money.