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You can work your butt off to earn 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 require a lot of work.
Passive income is money you make out of a solution or an investment where you dont have to do any more work after you put this up. That means consistent cash flow every month if youre working or not.
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Thats the only true way to financial freedom. Passive income is the only way that you will be free from worrying about money and the only way you will ever reach financial independence.
Im going to discuss my seven popular passive income resources, income flows I use to make money every month. Now Im not going to sugar coat this, a few of these are going to take work but will mean thousands a month you can count on.
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Im going to begin with the easy passive income ideas, the ones which you can start making money on instantly and will work through into the ones youll make the maximum money on as we go through the listing so make sure to stick around to catch those last few passive income strategies. .
Our first side hustle idea is with deal sites like Swagbucks and TopCashBack. Now these are actually two different types of passive income ideas since theyre different types of websites.
Swagbucks is a get-paid-to site so you get paid to do things such as take surveys, play video games, watch movies read here and test out free product samples. Doing each of these, you earn points that are usually 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 your 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 that the money works out to just under $2 an hour so this isnt something thats going to make you rich. Youd need 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 do it when youre doing something else I flip through polls and other things while Im cooking dinner or even flipping channels. .
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TopCashBack is an online shopping cash back website where you get a percentage discount on anything you buy online. Everything you do is start at the TopCashBack website then click through one of the 4,000 retailers using a money back program.
These are everything from Nike to Home Depot and you also get from 3% to 25% cash back on anything you buy. Youre still shopping right on the retailers website so you receive the rest of the discounts and deals they offer, you simply get an extra bonus for going via the TopCashBack site first. .
TopCashBack is a little better with the ordinary cash back around 6% of your purchase so if you spend $1,000 online youre going for $60 back. Again, not something thats going to make you rich as you have to buy things to find the money back but its free money on the things you were going to buy anyway. .
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Our next passive income notion is blogging. Im not a huge fan of the term blogger because it sounds just like youre just writing random notes on a site. In reality, owning your own piece of electronic real estate is big money.
I began my own sites in December 2014 and broke $5,000 per month just a couple of decades after. I averaged $5,500 through 2017 and thats not including side hustle work I did freelancing.
Blogging is going to require work starting out. That route to $5,000 per month didnt happen overnight but just like property development, it build up an advantage that now creates constant cash flow whether I work or not. I get over 30,000 visitors a month from Google search rankings, rankings that'll continue to send traffic even when I take a little time off. .