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You can work your butt off to make money but youll never get anywhere until you start making passive income. I make money on seven different income sources but a number of them take a lot of work.
Passive income is money you earn out of a product or an investment where you dont have to do any more work once you set this up. That means consistent cash flow every month if youre working or not.
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Thats the only real way to financial freedom. Passive income is the only way that you will ever be free from worrying about money and the only way that you could ever achieve financial independence.
Im going to discuss my seven popular passive income sources, income flows I use to create money every month. Now Im not going to sugar coat this, a few of these are going to take work but may mean thousands per month you can count on.
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Im going to start with the simple passive income ideas, the ones you can begin making money on instantly and will operate through to the ones youll create the most money on as we go through the listing so be sure you stick around to grab those last few passive income plans. .
Our very first side hustle idea is with bargain sites like Swagbucks and TopCashBack. Now these are actually two different kinds of passive income thoughts since theyre different kinds of sites.
Swagbucks is a get-paid-to website so you get paid to do things such as take surveys, play video games, watch movies and try out free product samples. Doing each of these, you earn points that are ordinarily convertible to one hundred points for a dollar.
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Now this isnt something thats going to make you rich but you can earn some legit money for less than an hour of the time. Swagbucks users have redeemed over $344 million in benefits for gift cards and Amazon rewards.
Now Ive been using Swagbucks for a little while and have found the money works out to just under $2 an hour so this isnt something thats going to make you wealthy. Youd have to operate 2,500 hours to make $5,000 so thats about three and a half months, non-stop. The thing with Swagbucks however is that you can take action when youre doing something else I flip through polls and other things while Im cooking dinner or flipping channels. .
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TopCashBack is an online shopping money back website in which you get a percentage discount on anything you buy online. Everything you do is start in the TopCashBack website then click through one of those 4,000 retailers with a money back program.
All these are everything from Nike to Home Depot and you also get from 3% to 25% cash back on anything you purchase. Youre still shopping right on the merchants site so that you get all the other discounts and deals they offer, you just get an extra bonus for going via the TopCashBack web site . .
TopCashBack is somewhat better with the ordinary cash back around 6% of your purchase so in the event that you spend $1,000 online youre going for $60 back. Again, not something thats going to make you wealthy as you need to buy stuff to get the cash back but its free money on the things you were going to buy anyway. .
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Our next passive income idea is blogging. Im not a big fan of the term blogger because it sounds like youre only writing random notes on a website. In fact, owning your own piece of digital property is big money.
I started my own websites in December 2014 and broke $5,000 per month just a view website couple of years later. I averaged $5,500 through 2017 and thats not including side holiday work I did freelancing.
Blogging is still going to require work starting out. That route to $5,000 a month didnt happen overnight but just like property development, it build up an advantage that now generates constant cash flow if I work or not. I receive over 30,000 visitors a month from Google search rankings, rankings that will continue to send visitors even when I take a little time away. .