Passive Income Streams For Long Term Wealth In 2020

By September 23, 2020October 1st, 2020Creating Wealth

As Someone Who Loves Passive Income Streams, I Am Going To Give You My Top Income Streams So That If I Can Just Help One Person Create Passive Income, Then It Was Worth It.

Let’s First Start With Side Hustles That Require Some Effort On Your Part But Can Turn Into Passive Income.

Watch the video below:

(Click here to watch on YouTube)

 

Passive Income Stream:  Investing Your Spare Change With Acorns

Acorns Is A Great Little Way To Invest Your Spare Change Into The Stock Market. Acorns Will Actually Give You $5 Dollars Just For Signing Up For $1, That Is A 500% Return! Not Bad For Doing NOTHING! Not Only That But You Can Refer People And Make A Sweet Referral Fee Too!

Passive Income Streams

Open Your Account In Less Than 5 Minutes!

Real Estate As A Passive Income Stream

We Currently Own 10 Rental Units, Which Is A Nice Little Passive Income Stream. What I Love About Real Estate Investing Is There Are Multiple Passive Income Streams Within Just One Rental Property. I Prefer To Invest For Cashflow Rather Than Premier Real Estate Due To The Fact That You Just Have A Better Return On Your Investment. Let’s Go Over The Multiple Streams Of Passive Income That Real Estate Provides.

Real Estate Investing

Rental Income:

We Currently Own 10 Rental Income Units And Having My Property Manager Send Me Money Via Direct Deposit Is Pretty Amazing. When We Bought Our Real Estate Investments, We Were Living In California, But Couldn’t Afford To Buy Real Estate There. We Decide To Look At Investing Out Of State And Started Investing In Nevada.

Appreciation

Appreciation For Us is Icing On The Cake But When You Can Leverage The Appreication In Your Real Estate ( Equity), You Can Do Some Wonderful Things. For Example All Our Properties Have Doubled In Value Over The Years Which Has Allowed Us To Double Our Networth In A Short Time. Appreciation Of A Property Raises In Value Due To Inflation And Supply And Demand.

Tax Benefits

There Are So many Tax Benefits To Real Estate Investing, I Am Not A Tax Professional So Consult With Your CPA. But To Give You Some Examples We Are Able To Write Off The Interest On Our Loans To Reduce Our Taxes. Since All Of Our Properties Are Out Of State, We Could Technically Take A Vacation To Las Vegas ( Where Are Properties Are Located) And Write Off The Lodging, Meals, Etc For “Checking Up” On Our Real Estate Investments As A Business Expense.

Creative Financing

We Were Able To Buy Our 4th Rental Property And Our Dream House Due To Creative Financing. Our Houses Appreciated So Much Over The Years, We Were Able To Take Out The Equity And Use It To Purchase One Rental Property With No Money Out Of Pocket.

Other Passive Income Stream Ideas

Start a Blog:

The Goal Of Starting A Blog Is To Provide Massive Value To You Audience And Allows You To Build Domain Authority Over Time. If You Are Able To Create Engaging Content That People Actually Want To Read And Find Value In, They Will Continue To Come Back For More Contact. Building Trust, Credibility, And Authority Within That Niche.  The Thing Is If You Are Starting A Blog About Competitive Knitting For The Elderly… Well Maybe You Should Probably Rethink Your Niche.. There Just Won’t Be Enough Search Volume For Competitive knitting.

Competitive Knitting

But Brandon, Competitive Knitting Is My Jam!

Yes, I Know, You Want To Monetize Your Favorite Hobby But There Actually Needs To Be People Or (traffic) That  Wants To Come To Your Site. If There Aren’t People Interested In That Topic, Then It’s Going To Be A Long Road Before You Can Start Monetizing Your Blog. So First Find A Topic You Know A Great Deal About And That People Are Actually Interested In. Let’s Talk About How You Can Actually Make Money With Your Blog, Next.

How To Monetize A Blog:  From Day 1 You Should Be Monetizing A Blog, Any Blog That You Own So That You Can Start Building Passive Income. The Best Way To Do That Is By Using Affiliate Marketing,  Creating A Course, Or Have A Members Area Section  To Monetise It.

Rent Your House Or Room:

Airbnb:  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

 

Rent Your Car:

I Use This Income Stream A lot! I Make About An Extra $400 A Month Just From My Little Prius! Imagine Having A Whole Fleet Of Cars To Rent Out. That Is Like Mini Pieces Of Real Estate.

Frequently Asked Questions About Passive Income.

Here are some common questions Asked To Me About Passive Income.

 

What Is Passive Income?

Passive Income Is When You Are Paid For Not Actively Taking Part In A Business. Such AS: Real Estate Dividends Royalties Silent Partners In A Business The IRS Also Labels Dividends And Other Investments As Portfilio Income So It’s Important To Take To Your Tax Professional-On Which Income Is Which For Your Business.

How Make Passive Income

This Was Misspelled On Purpose… Because It’s A Common Question.

If You Are Looking To Create Sustainable Long Term Boring Passive Income I Have A  Few Programs On How  To Make Passive Income From Your Car And Real Estate Investing. Check Out Our Programs. We Go Over In Detail How To Make Money From Your Car And How To Invest in Real Estate.

How Much Passive Income Can You Earn?

Passive Income Is Not A Short Term Strategy And Typically Anything That is Short Term You Will Be Paying Capital Gains On. How Much Passive Income Is Such A Loaded Question, Because There Is No Correct Answer, And For Those “Gurus” Out There Talking About Making $20,000 Over Night, Run FAR AWAY FROM. They Are Giving You A Load Of Bullshit. I Focus On Long Term Wealth Building And You Should Too.

Brandon Duff

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