Cash flow is king, and strong passive income ideas make it all possible.
If you don’t find a way to make money while you sleep, you’ll work until you die.– Warren Buffett
Warren said it, and I agree 100%. I learned this lesson years ago and it’s one of the reasons why I push so hard on real estate investing.
If you don’t figure out a way to stop trading time for money, then… You’ll always be trading time for money! And that’s never going to be the winning formula for creating true wealth.
But I know that everyone can’t just jump right into real estate. So, I put together additional passive income ideas that you can begin working on today.
You’ll start generating income while you sleep so you can stack cash and then start investing in real estate when the time is right.
Pre-REI Passive Income Ideas
1. Build a Blog
I can hear it now… “Come on, Grant! A blog?”
Well, let’s unpack that. What are you reading right now? That’s right, baby! You’re reading a blog!
Look, you’re posting on Facebook. You’re posting on IG. You’re making vids on TikTok. And you’re uploading content to YouTube… So, put all of that into a blog as well!
Blogs help your reach. They help you to get and stay relevant in your market. And they can help drive revenue.
If you have products or services, then you can link to them in your blog. Then, when you start getting some traffic, you can also monetize your space by running ads directly from your blog.
And if you caught my sneaky little move… I just directed you from a blog post to my various products and services from — that’s right — my blog.
2. Affiliate Marketing
Speaking of blogs, affiliate marketing is when you advertise someone else’s product or service and get paid to do it.
It’s a great way to make some cash if you don’t have your own product or service or if you just want to offer something else you believe in as well.
You can definitely see this in email marketing where someone you’re subscribed to offers you a product created by someone else. Sure, they may like it and believe in it, but they usually ain’t doing it for free.
You can use this method on your blog or email list if you have one and send offers for an affiliate product that you feel your audience could use.
What if you don’t have one? Then get started building an email list today.
3. eCommerce & Dropshipping
Yeah, I do eCommerce. I sell products through my online store and I utilize Shopify to do it.
This method became popular in the last few years, and for good reason. It requires little money to start and has potential for success if you’re willing to put in the work. While competition has increased since its heyday, there’s still opportunity out there.
I mean, there are high school kids making some decent money using this. If they can do it, so can you.
Research trends, make an online niche store, and sell products that are entertaining and useful to the niche your serve.
The point is — you can buy some inventory in bulk and sell for a profit if you have some decent marketing skills and an entrepreneurial spirit.
Got a skill? Knowledgeable about something? Chances are you’ve got something going for you even if you don’t recognize it as valuable.
There are online stores selling cat drawings and one selling bananas with googly eyes glued to them. Come on.
If you’re knowledgeable or skilled in a certain area like health, fitness, or even drawing cats… You can charge to help some achieve a certain result like getting in better shape.
Whatever it is, you can start your own website or make a profile on a Fiverr or Upwork and charge customers to help them get the result they want.
Now, it’s not “passive” since you’ll be accommodating your customer’s schedule. But if you can coach one, you can coach many. Coaching many can give you a 10X return on your time when compared to one-on-one.
You can repeat the process again and again once you get yourself going. Plus, you can add it to any of the other options above and create a great way to supplement your income.
Finally, whether you choose one or all of the above just make sure you commit, put in the work, and of course… 10X!