Are you searching for information on forms of passive income? If so, you’ve come to the right place!
Passive income is important because of the simple fact that when you have more passive income streams, you’re going to have the ability to live life on your terms because you are no longer just trading time for money.
Even though some people may tell you that creating passive income may be difficult, the reality is that it’s never been easier and in 2020 there is a wide variety of things that you can do to start earning passive income immediately.
#1 – Forms Of Passive Income – Invest In A Business
The first thing that you should consider doing in 2020 to create passive income is to invest in a business. Specifically, you want to invest in a business as a silent partner because, any business that you spend more than a couple of hours per month working on no longer continues to be a passive income stream, that income can be classified as ‘active income’.
Which business should you invest in? That decision is up to you. Remember that there are a wide variety of opportunities out there so be sure to always do your due diligence before you invest in a business because you want to make sure that you are going to get an excellent return on your investment.
#2 – Write An eBook
Another one of the many great forms of passive income in 2020 that you should consider is to write an e-book.
If you can’t think of what you would want to write about, remember that the internet is quite literally built on the information. It doesn’t matter if your idea for an eBook is as simple as the world’s greatest banana bread recipe, or the tips that you used to pay off your debts and rebuild your credit, your knowledge could literally help somebody else so why not profit from it?
Let’s say that you don’t have time to write an e-book, one of the easiest things that you can do is dictate your eBook using a service like Google Docs. Once you dictate your eBook, you could then send the rough draft to an editor and have them put the rough draft into an e-book format. This will save you the time, and hassle, of having to write and edit the entire eBook yourself.
Depending upon the success of your eBook, you may want to consider creating a course based on the niche or topic of your eBook that you could sell on a website like Udemy.
Courses can also be time-consuming to create but, if you stick with the idea of dictating your course and working with an editor to help you with put the course together, it’s quite possible that you can have your course created in as little as one day.
#3 – Affiliate Marketing
As I mentioned in previous articles, another great way to build passive income is by getting started with affiliate marketing.
If you’re new to the concept of affiliate marketing, it’s a method for making money online and it’s as simple as sending traffic to an offer and getting paid when that traffic converts into leads, clicks, calls, or sales.
Keep in mind that even though affiliate marketing may seem like one of the easiest forms of passive income, the key to success with affiliate marketing all relates to choosing the right offer so it’s best to take your time researching affiliate offers and find the best converting offer that you want to send traffic to.
During the process of getting started with affiliate marketing, it’s also important to find a mentor or someone who has already achieved the success that you want with affiliate marketing so that you can learn from their efforts and flatten the learning curve as quickly as possible.
#4 – Real Estate Investing
In 2020, there are a wide variety of ways for you to get started with earning passive income through real estate investing. Some of the most time-tested ways to earn passive income from Real Estate include investing in single-family rental homes, raw land, mobile home parks, storage units, and of course multi-family investing.
If you’re the type of person who wants to invest in real estate but, you have little to no desire to manage those properties yourself, the good news is that you can easily get started investing in real estate by investing in a Real Estate Investment Trust (REIT).
With a real estate investment trust, you have the opportunity to have real estate in your Investment Portfolio but it’s all going to be hassle-free because, with a REIT, you don’t have to manage the properties that you own yourself.
All you have to concern yourself with is collecting your dividends. Some real estate investment trusts pay out dividends every month, making them one of the best forms of passive income, while others pay-out every quarter. Just remember to do your due diligence and thoroughly take the time to research the REIT before you invest in it because this is going to save you a lot of time and money.
#5 – Multifamily Investing
Last of all, but most important, my preferred method for earning passive income in 2020 is multi-family investing.
I prefer investing in multifamily properties over other investment vehicles because of the simple fact that with a multi-family property like an apartment building, the more doors that the building has, the more income you can expect to earn.
Yes, it’s true that not every multifamily property is created equal. I’ve seen some great multi-family properties that were located in bad areas and I’ve also seen some bad multifamily properties that we’re looking for good areas.
There are a wide variety of factors that come into play when choosing the right multifamily property like choosing the right area and taking time to thoroughly investigate the property before you decide to invest in it.
Once you choose a multi-family property that’s in an excellent location, the next thing that you want to do is hire a property management company to manage that property for you because, a property manager is going to save you the time, money, and hassle of having to manage that property yourself so that you can continue living your life enjoying passive income from that property.
Contact Trier Capital
Owning multifamily properties is one of the best forms of passive income because it’s a great way to build wealth while enjoying passive income at the same time but, there can be headaches if you decide to do everything yourself.
What’s the solution to the problem? Instead of choosing to invest in multifamily properties on your own, you should partner with my company and let us do the hard work for you.
Our simple step-by-step process allows you to accelerate your wealth creation so you can live a magnificent life on your terms, whether that means traveling the world, spending more time with family and friends, or making an impact.
To learn more about the benefits that come from partnering with my company contact us today by calling (630) 229-2383 or click here to connect with us online.