There are two types of time freedom careers or passive types of income.
Passive income is where you get paid over and over again for work that you did once. I consider passive income as "Time Freedom" But You really have only two passive income models. The other is Time Flexibility Freedom as explained in my video.
By choosing the right sources of passive income, you can invest your time the way that you want to. Passive income is a way of buying back more time.
Invest in Crowdfunded Real Estate. Time Freedom
Real estate can be a great way to make money while you sleep. However, because it costs so much to purchase a home, using a crowdfunding platform to invest in real estate can be a more affordable option.
If you want an easy, low-cost way to invest in income-producing commercial real estate, consider using a company like Fundrise. You only need $500 to get started and you can invest in more than 48 real estate products through real estate investment trusts.
A real estate investment trust (REIT) is a company that owns, operates or finances income-producing real estate.
If you want more options, there is another company called Realty Mogul, which has a minimum $1,000 investment. Even though their minimum is higher than Fundrise’s, their annual fees tend to be much less since they are between 0.30% and 0.50%, depending on the deal.
Fundrise investments carry upfront fees of up to 2%, plus ongoing annual fees of 1%.
One of the most accessible ways to invest in real estate is through Rich Uncles where you can start investing with as little as $5.
Although they promote an option to start with $500, once you register for free you can browse their offerings. They actually have a Student Housing REIT which has a minimum investment of $5.
Their goal is to make real estate investing available to everyone and that is exactly what they are doing.
You can also consider checking out Realty Shares which is one of the largest crowdfunding companies around today.
While most deals require at least $5,000, they occasionally offer properties with a $1,000 minimum. The cool thing about Realty Shares is that you get to hand pick the property you invest in.
Want to invest in a specific hotel or a certain apartment complex? They allow you to do just that.
Keep in mind that there are risks to investing.
I'm a real estate broker the above is what I consider "Time Freedom" not "Time Flexibility Freedom" If you owned a 4 plex, or other type of rental property, there is always a chain and ball to your leg. Get the wrong property manager and your screwed. There was a time in my life that I felt owning rental property was the key to financial wealth, and it can be, but the only time you should even consider buying a rental is for future equity growth and tax write offs. Otherwise, you're in for an eye opening experience. If you want to know what I mean by this, connect with me on the topic.
Dividend income is money paid to shareholders of stocks in the form of cash in your bank account. Dividend-paying stocks are especially enticing for those wanting to make a living with passive income, as they will get payouts each quarter or so. Even Warren Buffet historically is a fan of dividend-paying stocks.
If you are going to go this route, make sure that you educate yourself and pick solid stocks so that you can depend on for dividend income for years to come.
If you don’t have an investment account, check out Ally Invest because trades are as low as $3.95.
This low fee is awesome because most brokers charge around $10 per stock trade.
Peer-to-peer lending is when you loan other people money who don’t qualify for traditional financing. With investment returns in the 3-8% range, investing money with a company like Lending Club can get you much higher income results than a typical savings or money market account.
If you are looking for a lower risk option, check out Worthy. They offer $10 bonds and pay a 5% return. One unique thing about them is that your money is liquid, so you can take it out at anytime.
This means if for some reason you need your money back, you are able to access it quickly and easily.
The less money you’re paying in interest to creditors, the more money you have in your pocket each month. Talk about a simple form of passive income. Getting out of debt quickly can increase your income even more because you’re no longer paying interest to creditors each month.
One way to speed up your debt payoff is to lower your interest rate. If you have high-interest debt that you want to get a lower interest rate on, check out Credible, which offers loan rates as low as 4.99% for refinancing your credit card debt.
Are you looking for a low-risk way to make passive income? Then look at opening a high-yield savings account with an online bank like CIT Bank that pays 19 times more than traditional banks. CIT is currently are paying 1.55%which is unreal.
While this won’t make you filthy rich, it will be a safer way to make consistent income and not lose your money since CIT FDIC insured.
Once the initial work of creating the book is done, selling books can be a great way to produce some serious residual income.
I wrote a book called You Can Retire Early. You could get a 10% or higher royalty for every book that gets sold.
Once your book is available on a site like Amazon, you could receive a check each month for doing absolutely nothing. Note that spending some time developing an effective marketing plan is vital. Obviously, the more time you spend marketing your books, the more money you’ll make.
Do you have an extra room that you rarely use? Why not rent it out to someone looking for a short-term rental on Airbnb. Millions of people use Airbnb to find a place to stay instead of staying at a hotel, sometimes even for months at a time. A room in your home is less of a hassle then renting out your whole house. You'll become a maid. Either way, this one would be "Time Flexibility Freedom" not "Time Freedom"
You can hire a maid service to clean and prep the room after a guess leaves. My sister has a home for short term rental through Airbnb. She has become a maid. In order to make it work well, you just can't depend alot on other people to make a renter's stay the very best. So I consider it to be, Time Flexibility Freedom, not Time Freedom.
If you have a website already then this is a no-brainer. Some people are making over $50,000 per month like Michelle who teaches others how to make money online with her course Making Sense of Affiliate Marketing.
If you don’t have a website, you can start one for less than $3/month. That’s the price for getting a website host – a company that stores your website on servers so it can be viewed on the Internet. Click here to get special pricing of $2.95/month with Bluehost.
Affiliate marketing can be a great way to make passive income. This is because when people click on the affiliate links on your site, you receive a commission at no additional cost to them. All they have to do is purchase a product or service.
Here is one that I use a hostingphone system with call forwarding, voicemail, and many other easy to use business-class features.
The virtual phone system has made my life so much simpler. There are times I have had well over 100+ calls per day during certain times of the year. Click here for details.
Another way to make passive income is to create a lead generation website. Lead generation websites exist to give referrals to local businesses.
So, let’s say you created a lead generation website that focuses on real estate. You’d use the site to educate people about home ownership. Or, you’d educate them about real estate investing.
Within the site you’d have links where people could contact you to learn more. When someone contacts you, you refer them to a real estate professional in their area.
The real estate professional would pay you for the lead. It’s a warm lead and not a cold lead, so professionals would be more willing to pay.
You could also make money by having advertisers on your site. Note that you would have to understand SEO (Search Engine Optimization) rules in order to make the site successful. Getting your site at the top of search engine pages would be vital to success.
You have to shop anyway, so why not get cash back on things you’d normally buy in the first place? One way to do this is by getting a cash-back credit card. Many of these cards have sign-up bonuses of $100 or more.
Then, every time you use the card, you’ll earn cash back that you can receive as a statement credit or as a check. I’d recommend looking for a card that pays at least 1.5% on every purchase you make.
Many cards offer bonus cash-back on certain categories of spending, such as gas or groceries. The key to using cash-back cards is to commit to buying only what you would normally purchase. Don’t buy things just because they’re on sale. The extra spending could quickly negate any cash-back money you earn. You have to be very disciplined, be sure to pay off your card each time you get your statement, otherwise you'll be swimming in debt.
With the explosion of eCommerce, drop shipping has become very popular. Here’s how it works: you create an online store that offers products from certain manufacturers.
A person visits your site and orders a product, and then your system sends the order to the specific manufacturer. The manufacturer then completes the order by shipping it directly to the customer.
One of the cool things about this type of business is that you do NOT need to order inventory. The customer pays for the product; you collect the profits, and the manufacturer stores and ships the products to the customer. It’s as simple as that.
If you’re interested in starting a drop shipping business, consider using a platform like Shopify to build your online store.
Tip: Learn more about Shopify with their free online training!
Create an Online Course Time Freedom
Online courses can be a great source of passive income. Here’s how they work: you create a value-packed online course that helps solve a problem or fills a need.
The course can include videos, e-books, and emails with pertinent information. Customers sign up to purchase the course, and your system automatically emails them everything they need to access the materials.
You get money for the price of the course that you created. A platform such as Teachable can do all the heavy lifting for you when creating your course.
Everyday regular people like you and me are making money on YouTube. Each time someone watches one of your videos, ads can appear, and you can make money from those ads. The key to becoming successful with YouTube is building a large enough subscriber and viewer base.
It can take a lot of time up front, but once your videos are live there is potential for you to make passive income from each video indefinitely.
Granted you probably will not make a living off of just a few videos. Be prepared to make over 100 videos if you really want this to take off.
Have you ever wondered how you could make money taking pictures? Do you have an eye when it comes to taking good photographs?
If so, check out a site like Shutterstock. You send your photos to Shutterstock and if they are approved, each time one of Shutterstock’s clients downloads one of your photos you’ll get a paid a royalty.
If you are a bit techie and can come up with some unique ideas for mobile apps, or improve upon an existing app that will help people make their lives better, you may land yourself a great source of passive income.
Every app on your phone is making money for somebody, somewhere. For instance, Joel Comm made over $1Million from his iFart app.
We won’t even talk about the ridiculous money that Angry Birds brought in.
While these are the exceptions, there are plenty of people making thousands of dollars per month with their mobile apps.
How would you like to make money just for driving your car and not have to pick up any passengers? By allowing companies to place advertisements on your car windows, you can earn a few hundred dollars each month simply by driving your car around town.
Check out Wrapify to see how you might be able to make passive income by wrapping your car with an advertisement.
Another way you can make passive income is by designing t-shirts and other products – even with no prior design skills. Sites such as Redbubble allow you to upload your witty design ideas and then create t-shirts, coffee mugs, laptop covers, etc.
Shoppers then visit the site and check out your products. When they purchase one of your designs, Redbubble will pay you a portion of the profits. They handle all of the production and shipping of products.
Thousands of people every day are looking to rent any variety of items. Facebook in your local area can be a great place to advertise your items for rent. Here are some ideas of products that you could rent out:
Real Estate Agent or Broker Time Flexibility Freedom
Agents and brokers are always unemployeed after each closing. I have amazing flexibility, but you are trading time for dollars.
Plumbers and all trade careers Time Flexibility Freedom
Trading time for dollars.
The Best Income producing Asset Time Freedom
Triditional business offers so little, it's considered, time flexibility freedom, not total time freedom. This incomproducing asset by far is the best business model out there. It's devoid of the pitfalls of traditional business: Payroll, employee benefit costs, advertising, overhead, bookkeeping and accounts receivable and all the headaches involved in any traditional business. Two things will occur when introduced to this business model. Either that person will walk away shaking their head in total disbelief or that person will lose sleep for a week from the excitement of the potential earnings and "Total Time Freedom.
This business model is a funding vehicle with similarities of a real estate brokerage without the overhead, employees, insurance, and stress and it's not subject to market conditions. The funding vehicle has a resemblance in every respect to a real estate brokerage with the income similarities of having several notes secured by real estate. See figure below.
I would like to share with you this asset funding
machine by completing the form below.
As you can see there are a ton of ways that you can make passive income. Your goal is to create monthly cash flow while you sleep. Cash is king, assets change with the markets. Hopefully, this list has helped you narrow down which source of income is best for you. So if you’re tired of the traditional way of making money, implement a few of the passive income strategies above so you can start working less and making more money while you sleep today.
Which would you rather have. Time Flexibility Freedom or Time Freedom.
Time Freedom Is Monthly Income By Getting Paid Several Times For Doing 2-3 minute duplicatable events everyday, talking less to more people.