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How To Make Money In A Down Real Estate Market
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Passive income can be a great way to help you generate extra cash, whether you’re running a side hustle or just trying to earn a little extra dough each month, especially since inflation is running rampant throughout the economy. Passive income can help you earn more in good times and if you’re suddenly unemployed, if you voluntarily take time off work or if inflation takes a toll on your purchasing power.
With passive income you can access money while you pursue your primary job, or if you can’t build a passive income stream, you may want to pay back a little. Either way, a passive income gives you extra security.
And if you’re worried about not being able to save enough from your income to meet your retirement goals, building wealth with passive income is a strategy that may be of interest to you as well.
Passive income includes regular income from a source other than an employer or contractor. The Internal Revenue Service (IRS) says passive income can come from two sources: rental property or a business in which one is not actively involved, such as paying book royalties or stock dividends.
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“A lot of people think passive income is getting nothing for nothing,” says financial coach and retired hedge fund manager Todd Tresidder. “It has a ‘get-rich-quick’ appeal … but in the end, it still takes work. You just put in the work.”
In practice, you can do some or all of the work up front, but passive income usually involves some extra work along the way. You may have to upgrade your product or keep your rental property in good condition to keep the passive dollars flowing.
But if you stick to the strategy, it can be a great way to generate income and you’ll create more financial security for yourself along the way.
If you’re thinking about creating a passive income stream, check out these 20 strategies and learn what it takes to be successful with them, while also understanding the risks associated with each idea.
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One popular strategy for passive income is to create an audio or video course, then pay back when the money comes in from selling your product. Courses can be distributed and sold through sites such as Udemy, SkillShare and Coursera.
Alternatively, you might consider a “free model” – build a following with free content and then charge for more detailed information or for people who want to know more. For example, language teachers and stock-picking advice can use this model. Free content acts as a demonstration of your expertise and may attract people who want to take it to the next level.
Opportunity: A course can provide you with an excellent income, because you can easily pay after the initial period of time.
Risk: “It takes a lot of effort to create a product,” Tresidder says. “And to make good money out of it, it has to be big. There’s no room for waste.”
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Tresidder says if you want to be successful you need to build a strong platform, market your products and plan more products.
“One product isn’t a business unless you’re really lucky,” Tresidder says. “The best way to sell an existing product is to create better products.”
Writing an e-book can be a good opportunity to take advantage of the low cost of publishing and even use Amazon’s global distribution to get your book seen by millions of potential buyers. E-books can be relatively short, maybe 30-50 pages, and because they rely on your own expertise they can be relatively inexpensive.
You will need to be an expert on a specific topic, but the topic may be niche and use some special skills or abilities that offer very few but many readers need. You can quickly design the book on an online platform and then test-market different titles and price points.
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But just like designing a course, the most value comes when you add more e-books to the mix, drawing more customers into your content.
Opportunity: An e-book can not only serve to provide good information and value to readers, but also as a way to drive traffic to your other offerings, including audio or video courses, other e-books, a website or potentially a value. higher seminars.
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