How to Build a Passive Income Stream for Financial Growth.

Inactive income sources can really increase your savings and help you reach financial independence faster. They will take a little prep work, but they’re pretty low maintenance.

Know your available resources and abilities before picking passive income opportunities. It will allow you to find solutions that align with your situation and strengths at the present time.

Create a Job Board

If you are not making the most of your income through your day job alone, an outside job or passive income source can be used to compensate. These are a few tips to get you started:

You’ll make money as a middleman on each job advertisement and application filled through your website.

Produce posts your readers would be interested in and collaborate with companies to promote their products and make money off of your readers through links and affiliate marketing.

Vend digital products such as music, software or design templates with no inventory. Demand rises, and you will have more to earn.

Become an Inventor

Index funds and passive ETFs are the perfect vehicles to diversify your portfolio while potentially earning long-term stable income. Investing can be an intimidating process to start, but will also make you wealthy.

Software or app development and distribution can be a very good passive income source as well. Creating something that’s in demand will help you reach an incredibly large number of users and eventually generate a huge income.

Cash-at-the-desk is another awesome place to make passive income. Vending machines placed in high traffic zones can bring in a lot of money in a relatively short period of time, but you’ll need to reserve the space, buy or rent machines, and arrange stock replenishment services before you start seeing much income.

Write an eBook

You’re a writer yourself? An eBook is a perfect source of passive income and a good starting point to expand into other forms of digital writing.

Just like an apple tree, you don’t have to do much to make money with an eBook – but it does require significant investment up-front.

So creating and publishing an eBook can be the way to get out of the 9-5 world and pursue your passions and do it for yourself. And it also creates passive income streams to support your financial security – you could even write an eBook that would get you to your passive income target!

Sell Software or Apps

And if you do have a niche in which you excel, selling software or apps can be a very profitable passive income stream. Demand for apps is high and recurring income streams like in-app purchases, subscriptions or advertising are potential revenue streams.

Photography or videography also is a great passive income option if you sell stock photos and videos. Using the music in a movie or a commercial can bring you more residual income as well.

There is also property investment where passive income can be earned — though you have to pay a upfront, the long term yields could be substantial. Crowdfunding platforms such as Mainvest, likewise, permit investors to establish passive income streams without much of an active involvement of screening and vetting.

Rent Your Car

Businesses of renting cars offer their owners an easy-to-maintain source of income in short amount of time. Rent a car businesses are very profitable and low-risk investment for businessmen that know the laws and regulations of the state.

Engaged Influencers can generate passive income by posting affiliate links on their platforms for products based on their audience, a style influencer can get paid to post clothing links on their blog or social media page.

Investors can earn passive income by owning dividend stocks that make periodic dividends to investors – the IRS calls this portfolio income. This passive income can be a long term wealth generator.