Are you searching for information on how to get passive income? If so, like most investors, you know that passive income is a priority because, with more passive income streams, you’re finally going to be able to have the opportunity to live life on your terms.
Sadly, there are a lot of gurus, and investors online who claim that they have the secrets for creating passive income streams but in reality, they are only peddling things that are going to waste your time.
Thankfully, there are a wide variety of reliable passive income streams available that you can get started with earning passive income right away. This is why in this article; I’m going to break down 7 of the most popular and productive passive income streams that you can get started with immediately.
How To Get Passive Income in 2020
#1 – Dividend Stocks
Although they are not as ‘sexy’ as investing in a Shopify store, or a rental property, investing in dividend stocks is one of the oldest ways to earn passive income.
Yes, dividend stocks do require some initial research to find good stocks that you should invest in but, once you start finding the right dividend stocks, you can receive some nice dividend checks on a quarterly or annual basis that will create excellent residual income for you.
#2 – Crowdfunding
Another excellent way to get started with creating passive income is crowdfunding. People have been pulling their money to invest in real estate for centuries and the internet has only made this method of investing ten times easier and effective because it enables investors from all over the world to invest in rental properties without having to leave home.
#3 – Real Estate Investment Trusts (REIT’S)
If your goal is to create passive income through real estate, but you don’t want to have the hassle of dealing with property management, you may want to consider investing in a Real Estate Investment Trust.
REIT’s are gaining in popularity because, like dividend stocks, a real estate investment trust pays out a dividend to investors on a quarterly or annual basis so it’s possible to build a nice portfolio of passive income with this method of real estate investing.
#4 – Invest In An Existing Business
One of the best ways for How To Get Passive Income is by investing in an existing business that may currently be for sale.
Right now, may be the best time to do this because, since the pandemic, there are a large number of businesses around the world that are in the process of shutting down because they’re running out of money.
Before investing in an existing business, it’s best to do your due diligence and thoroughly research the industry that the business is in, as well as their location and current financials, to determine if it’s going to be a smart investment for you to make or not.
#5 – Invest In Land
Investing in land is another great way to develop a passive income stream because land lots don’t take a lot of effort to maintain and if you purchase a lot in an up and coming area, it’s quite possible that you can double or triple the return on your investment.
Besides investing in land lots, you should also consider investing in farmland as well because, everyone needs to eat, and with the increased popularity of organic fruits and vegetables, farmers need more land than ever before to grow organic crops.
#6 – Create An eBook Or Digital Course
If you have been using the internet since the 1990’s like me, you know that it’s built upon information, especially digital learning.
In 2020, digital learning has become more popular than ever before people have been stuck at home, and with increased time at home, the average person wants to learn something instead of just watching Netflix or gaming.
Digital products are proven ways for How To Get Passive Income because you could create an eBook or course and sell it again and again for years to come.
One of the most popular self-published eBooks over the last 20 years has been Mike Dillard’s ‘Magnetic Sponsoring’. He wrote This book in the mid-2000’s when he was a struggling Network marketer, since then he’s made millions of dollars in business as he’s built a reputation as one of the top business leaders in the United States.
The great thing about creating digital content like an eBook, or course, is that you don’t have to be a teacher or Guru to create something that’s going to offer value to somebody else.
Your key to success with creating digital content is to first focus on offering value to your reader because, the more value that you can offer, you’re going to see that your eBook or course will continue generating passive income for you for years to come.
#7 – Create An App
Thanks to smartphones, we’ve had mobile apps in our lives now since the early 2000s. These days it’s possible to find apps that serve almost any purpose.
Every mobile app is not going to sell so before you get started with creating an app on your own, investing in an app, or hiring a developer to create one for you, you should thoroughly research the market that you plan on creating an app for to determine if there’s a need for an ap in that space.
Once you create an app and start making sales, as with any type of digital content, you should focus on updating that app on an annual basis because you never want to let a passive income stream go stale.
Invest In Real Estate
Earlier in this article, I offered you two methods for generating passive income from Real Estate, those included investing in land lots and farmland. I want to circle back to investing in real estate as a method for generating passive income because, if you’ve been following this blog for a while, you know that real estate investing is my specialty.
Even though many investors will tell you that they prefer to invest in single-family homes to generate passive income, it’s been my experience that multifamily investing is the most ideal way to generate passive income from Real Estate.
Why multifamily investing? The answer to this question all relates to demand. Right now we’re seeing a huge demand for rental properties across the United States, especially multifamily properties, because, more people want to live closer to the city center and multifamily properties offer them the convenience to be closer to the city center and accomplish their personal goals
As with the other methods for How To Get Passive Income that I’ve mentioned in this article, investing in multifamily properties takes a little work upfront because you have to do your due diligence to thoroughly research a property before you invest in it then you also have to thoroughly research the area where the property is located to determine if it’s the right place to buy a multi-family property or not.
Contact Trier Capital
At Trier Capital, we are a private equity firm that makes it easy for you to passively invest in lucrative apartment building syndications.
To learn more about the benefits of partnering with my company, contact me today by calling (630) 229-2383 or click here.