New Passive Income Ideas That You Can Implement Today in 2020

By November 10, 2020Uncategorized

As Someone Who Loves Passive Income Streams, I Want To Give You Some Passive Income Ideas To Think About; While Providing Some Cashflow Tactics To Use. 


Watch the video below:

Two Of My Passive Income Ideas That Pay Me Daily. 

If You Are Someone Who Likes Passive Income, Like I Do... Then You Need To Check These 2 Passive Income Streams  That You Can Start Using Today. 

Turo

I Currently Make About On Average $500/m Of Passive Income From My Car With Turo.

Passive Income Ideas

I Have A Little Prius, And It's Able To Make Me Passive Income  Every Mostly Every Single Day. 

I Am Able To Write off the miles for my income tax since it's considered an expense and i don't even remember the last time that i actually filled up my gas tank.

I've Made about $5,000 in 2020 ( during covid), from this tactic Alone. Which Is pretty Decent since a decent loan on a car is about $300 a month. 

My Car ( if I had a loan on it ) would provide double the loan and would actually be loosing money by not using this passive income stream. 

Some Cashflow Tactics:

  • Add Extras : Car Seats, Unlimited Mileage, Post Trip Cleaning
  • Never Fill Your Gas Tank Up To 100%
  • Try And Start Your Car Under Priced and Then Slowly Increase It To Get All-Star Status
  • Living Close To An Airport Or Train Station Helps ALOT

Rent Your House Or Room:

Airbnb Or VRBO:  Is An Option To Save Money By Renting Out Your House, Room Or Guest House. Many People Have Used This Tactic To Reduce Their Mortgage/Rent Or Completely Eliminate It. I Have Used Airbnb’s In The Past and Find Them To Be Very Easy To Use. 

Buy A Rental: We Currently Own 10 Rental Units And Let Me Tell You, It's An Amazing Investment. Our Rentals Cover More Than Our Mortgage By  About Double, And It Allows Us To Make A "Decent Living". We Actually currently in the middle of a Refinance and are able to pull out our equity in these properties. We Then Are Reinvesting this income into our dream home. 

Some Cashflow Tactics:

  • Use The 1% or 2% Rule As A Real Of Thumb
  • Never Fill Your Gas Tank Up To 100%
  • Try And Start Your Car Under Priced and Then Slowly Increase It To Get All-Star Status
  • Living Close To An Airport Or Train Station Helps ALOT


Cashflow Tactics - Money Memos


Frequently Asked Questions About Passive Income

The Goal Is To Take Your Active Income and Reinvest It Into Passive Income So That You Can Create More Income Producing Assets. The Best Way To Do That Is To Live Frugally And Then Continue To Decrease Your Expenses While Increasing Your Income So That You Have The Greatest Cashflow.  

What Are Some Other Passive Income Ideas You Know Of?

Some Passive Income Ideas That I've Heard Of People Using But I've Never Actually Done :

  • Vending Machines
  • Atm Machines
  • Rental Arbitrage 
  • Amazon Arbitrage

What Cashflow Tactics Do You Use?

I Live Very Frugally, By reducing my Expenses as Much As possible. This Allows Me To Create As  much cashflow as possible so that i can reinvest that income into more income Producing assets.

This is how I Invest in real estate, software and many other forms of income producing assets. 


If You Liked This Article You Might Want To Check Out Some Of These:

https://themoneyfriends.com/passive-income-streams-for-long-term-wealth/


Brandon Duff

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