It’s possible to have passive income in 2020. There are many types of passive income opportunities out there that can help you provide consistent income for you and the people you love. Below, we’ve highlighted our top 5 passive income opportunities making money right now.
1. Passive Income With Dividend-Paying Stocks
A dividend-paying stock comes from well-established companies that distribute earnings back to investors on a regular basis. Most times these dividend payments are paid out on a quarterly basis.
The best way to get started is by identifying a stock with a dividend-paying option based on your goals. You can also identify smaller options if you’d like to take the least amount of risk possible. Look for stocks with a long track record of payouts. As well as a high dividend yield (the higher the better) and high total return.
This can be a good passive income because you’ll be investing in a well-established company. It’s important because these companies pride themselves on paying out these dividends to investors. You will have to invest in one of the companies, but your return on investment can be returned several times over.
2. Real Estate Crowdfunding
A Real Estate Investment Trust (REIT) is an interesting idea and opportunity. You can partner with other investors to buy real estate. Once you partner, you become a shareholder in the real estate property. You now have equity in this property. The amount of equity depends on the size of your investment.
It’s a great way to build passive income because you don’t have to endure many of the nightmares you’ve probably heard about with real estate. Making it a great passive income strategy. There are opportunities in commercial and residential real estate where this strategy is successful.
Diversify and Fundrise are two great platforms to look into. They offer some of the best return on investments (ROI). Fundrise minimum investment is just $500 for the starter plan. Fundrise returns have been nothing short of stellar since 2014. They also have great performance reviews with fundrise rating 4.8 stars out of 5 in Google reviews.
3. Ebooks For Passive Income
Ebooks are a great way to create a passive income. There are several different types of ebooks. You can sell ebooks on Kindle, other websites, or on your own website.It can be close to a ‘set it and forget it’ type of income. You do the work once to create and list the ebook, and if you do a good job, it will continue to pay you.
The book should be something that’s important to a target audience. This would be something like “taxes”. There will always be a need for understanding taxes better, so your book could always be important.
These ebooks become assets for you. The more assets or digital products you create, the greater your ability to increase your passive income.
By far the best eBook creator to work with is designrr. Designrr takes your content directly from your Website, Microsoft Word, Apple Pages, Google Docs or any Editor and converts it into a stylish, beautifully designed eBook ready for you to use to publish. You can create a stunning eBook in minutes.
You will save $300- $1000 on outsourcing costs. Save hours of writing and hundreds on design templates. Access a Copyright free image library with millions of free images. You can add an image anywhere in your eBook or use as a cover image. You can edit text, background colors, fonts, styles and images. Easily create a professional eBook in minutes on designrr.
Real Estate Investing
Real estate investing can be different from real estate crowdfunding.
We’ve already looked at Real Estate Crowdfunding, which falls under the umbrella of real estate investing. There are many different types of ways to invest in real estate.
You can flip houses, wholesale, be a landlord, or get into commercial real estate. Your best option would be to identify what type of real estate investing would work best for you. Decide what fits into your investment plans and financial capability.
You can join a real estate investing group in your local area. These groups can give you a good education on the different types of real estate investing available. You might be able to find a partner or network. Which can help you to create a passive income strategy.
5. Certificate of Deposit (CD)
According to investopedia, “A certificate of deposit (CD) is a product offered by banks and credit unions that provides an interest rate premium in exchange for the customer agreeing to leave a lump-sum deposit untouched for a predetermined period of time.”
It’s a good passive income strategy because you leave a certain amount of investment as a “deposit” for a specific period of time untouched. It continues to add to it based on the percentage of interest received. It’s truly a set it and forget it strategy. When the predetermined period of time is done, you can pull the money out with the percentage of growth as well.
The best way to get started is to find a reputable bank that offers CDs as part of their business model. Learn a little more about CDs and how they work for the bank you’ve decided to use. Then you are ready to make an informed decision.
These are 5 of the best passive income opportunities to explore right now. Now is the time to choose one and take action. The world is realizing the “New Normal” with the current pandemic and this includes finances.