June 2021 is here and if you started out this year with the goal of earning more passive income, have you taken steps towards accomplishing that goal?
For most people, they will have given up on their goals by now, especially if they are not any closer to accomplishing the goal of earning more passive income than they were at the first of this year.
Thankfully, even though you may have not been able to accomplish your goal this year of earning passive income, you can still accomplish this goal, especially if you follow these tips
Focus On Really Earning Passive Income, Not Active Income
Let’s face it, the idea of passive income is great but for most people, they are really earning active income instead of passive income.
An active income stream is anything that requires you to invest more than 4 hours of your time per month to maintain it.
Passive income is any type of income stream that will come in each month regardless if you’re working or not.
If you have several income streams now, the best thing to do is review how many hours per month you’re investing in maintaining those income streams then you may want to outsource the necessary work that’s required to maintain those income streams.
Thanks to the internet, it’s never been easier to outsource tasks, especially when you use virtual assistants who work overseas, because outsourcing gives you the ability to have your passive income streams running, even while you are still sleeping.
“Focus on being productive instead of busy.” – Tim Ferriss
Diversify Into Passive Income Streams That You Wouldn’t Normally Consider
In 2021, there are multiple ways to earn passive income streams, especially thanks to the internet because investors have the ability to create multiple income streams without ever leaving home.
Some of the passive income streams that you should consider starting from home include:
- Start an e-commerce business – Even though e-commerce has been in existence now for over 20 years, the reality is that it’s still in its infancy and there are plenty of profitable products that you fan sell in an e-commerce business.
- Affiliate Marketing – One of the great things about affiliate marketing is that it’s possible to get started for no money, promoting products that you don’t have to create and you can still earn excellent commissions.
- YouTube Channel – Put your knowledge to good use and share it on YouTube. Once you hit 1,000 subscribers, your channel will become qualified for advertising and it’s possible to earn a six-figure income stream each month just from YouTube alone.
- Write an e-book – Another way to monetize your knowledge is to put what you know into an e-book and sell that book online. Successful entrepreneurs are able to make thousands simply by selling their e-books, and you can too.
- Coaching – Following the train of thought on monetizing your knowledge, another excellent way to earn passive income from what you know is coaching. Most entrepreneurs also have coaching clients that they earn multiple six figures from annually, and you can to, just make sure that you’re offering your clients actionable strategies that they can use to benefit their lives or businesses.
- Create An App – I’ve touched on the topic of earning passive income from apps in other blog posts for one reason, apps are literally an untapped goldmine. You can literally get started promoting a white label app or have one created from scratch for a very affordable price.
- Blogging – Besides creating an e-book, coaching or starting a YouTube channel, another way to earn passive income in 2021 is by starting a blog. Blogs are easy to start and monetize so you should also make starting a blog one of the long-term projects that you want to start for earning passive income.
How Many Passive Income Streams Should You Focus On Creating?
In today’s world, with an economy that’s not following sound economic principles, it’s best to focus on creating as many streams of passive income that you can because of the simple fact that one income stream can be here today and gone tomorrow.
Diversification is the key to success with creating passive income because when economic fluctuations come, you can have peace of mind in knowing that your investment portfolio can weather the storm.
Big business has been diversifying its income streams for centuries. They expand their business operations into different sectors to generate new streams of income. Almost any company can diversify. A flower shop can develop a separate wedding flower business, for example, or offer mail order. The most potent diversification is into a completely new business sector. But that takes a lot of effort and expense.
An excellent study of a company that has grown and diversified is the Virgin Group. Initially started by Sir Richard Branson as a record label, Virgin has since expanded into aviation, holidays, mobile telephony, and much more.
An example of a good way for an electrician to find other streams of income is to work with property management companies. His core business may currently be private homeowners, but management companies often need additional tradespeople. Another route could be to start offering courses to people on basic electrics and how to stay safe with electricity.
Aside from diversification, there are other ways to generate income known as the seven streams of income;
- Earned Income
- Profit Income
- Interest Income
- Dividend Income
- Rental Income
- Capital Gains Income
- Royalty Income
Many of these are not available to everyone. You need to have money already to benefit from some of these income streams.
Contact Trier Capital
At Trier Capital, Our simple step-by-step process allows you to accelerate your wealth creation so you can live a magnificent life on your own terms, whether that means traveling the world, spending more time with family and friends, or making an impact.
To learn more about the services that we can offer you, contact us today by calling (630) 229-2383 or click here.