After a long, draining career in finance. I am stepping away and focusing on a more life fulfilling future of traveling the world and allowing passive income to supplement my income. In this post, I will focus on the three passive income ideas and focus points going forward. I will post further updates about these three strategies and their progress. Let’s get started with our three passive income ideas and focus points.
Three Passive Income Ideas and Focus Points for 2018
Passive income is always a good idea. I like the idea of generating online income and/or other forms of income to build wealth over time. These three passive income ideas for 2018 will be a core focus for me as I try to achieve financial freedom. I love the idea of putting all my income towards my dividend growth portfolio and other investments. Thus, making my money work for me over time.
What is passive income?
It is known to be said that the average millionaire has at least 7 different forms of income. Some of those forms of income include passive income, which is a form of residual income that requires little ongoing time. Here are our three favorite passive income ideas and focus points to get started in your journey to achieve financial freedom. We’d love to be able to travel the world and enjoy the best things in life. Life should be about choices and freedom.
How to make passive income work
The only way to make passive income effectively is by focusing on a core set of side income ideas to better your financial position. There are plenty of ways to find different sources of income. However, you need to stay focused on a set of three or four passive income ideas and become an expert at them. Otherwise, you will have differences sources of mediocre income. We don’t strive for passive income by making an extra $10 per month. We strive for meaningful income to replace our day job income.
These are our three favorite passive income ideas for 2018
There are three side hustles that I’d like to focus on for 2018. Kindle eBooks is a completely new arena for me. I have no experience in self publishing or Kindle Direct Publishing. However, I think that I can make some strides because I love writing and blogging. With dividend growth investing and freelance consulting, I have experience in both from my prior work in finance. I have built a decent book of business in freelance consulting that I hope to continue to build and earn additional income from. As I earn income from freelance consulting, I will put those proceeds in my dividend growth investing account through Robinhood that I will try to provide updates. You can check out my dividend growth portfolio updates through our dividend income portfolio tag.
First Passive Income Idea and Opportunity for 2018: Kindle eBooks
Today, I published three eBooks on Kindle in three distinct categories. For those of you that don’t know, Kindle Direct Publishing is a great way to produce income into perpetuity through royalties at a minimum startup cost.
Time Consumption and Upfront Investment: This passive income opportunity requires a small amount of cost, but potentially a large amount of time.
You can use a ghostwriter to write your book for Kindle Direct Publishing, but that comes at a cost. If you do it alone, be sure to take your time and write high-quality content. This will take a significant amount of time to publish your Kindle eBook.
However, if you do it right you will reap benefits for years to come. Use these tips to market you Kindle book.
Second Passive Income Idea and Opportunity for 2018: Build a Dividend Growth Portfolio through RobinHood
Dividend growth portfolio using the stock trading app, RobinHood. RobinHood is outstanding since there are $0 commissions for trading.
Dividend growth investing is a fantastic way to build passive income and build an online income stream with limited time, ongoing monitoring. We have several resources related to building a dividend portfolio and how to find undervalued dividend growth stocks.
Under our dividend growth investing section, you can find a number of detailed posts to help your journey in building a dividend income portfolio to earn residual income.
In this month, we made a couple additions to our dividend growth portfolio:
TerraForm Power (TERP): Renewable energy company focused on dividends. Owner of wind and solar assets with stable cash flow.
General Electric (GE): General Electric has hit some road blocks recently. However, I think this is a great opportunity to start scaling into a very long-term position.
Building a dividend growth portfolio is relatively simple and easy. Dividend growth investing is one of the best ways to earn residual income AND have the potential for long-term capital appreciation. With a dividend growth stock, you usually are combining the best worlds of both dividends AND growth.
Time Consumption and Upfront Investment: This form of passive income most likely requires the most amount of investment upfront, but the least amount of time for ongoing monitoring. I would recommend that you monitor your dividend growth investments carefully, but no need to go overkill. Just add you dividend growth stocks into a portfolio builder of your choice (I like SeekingAlpha) and you should receive push news on your favorite dividend growth stocks.
Third Passive Income Idea and Opportunity for 2018: Focus on Freelance Consulting Work
Consulting can be basically anything these days. A consultant is really just a subject matter expert that provides guidance on a certain topic as a service whether that is management, education, accountancy, law, finance, etc. The list goes on.
I’m sure you are a subject matter expert in something. Someone is out there paying you to do something right now. There is nothing stopping you from performing that subject as a service to anyone in the world.
I have significant experience in finance and consulting. I will be using freelance platforms and a “digital nomad” site to help clients around the world. Being a freelance consultant is one of my favorite ways to build passive income. It takes time to build a client base, but it is fully scalable and you can earn more money online without investment. I really like the ease of use for Upwork, but there are many other options like Freelancer or Fiverr. If you join Freelancer, we both get $20 free for just signing up. Give it a try now!
The fees associated with these platforms can erode your earnings, so be sure to try to build a sustainable client base that you can use regardless of freelance platform or not.
In the 21st century, making money online has never been easier. There are no limits on how to earn residual income and you can earn residual income no matter your location. There’s plenty of ways to increase your income without working more.
Time Consumption and Upfront Investment: With this form of passive income, you will surely have the least amount of upfront investment. With this passive income idea, you can instantly make money money without any investment at all. However, there is significant time that consulting requires. I recommend billing hourly so you can earn the right amount of money that you deserve. Usually, freelance consulting takes up at least 10-15 hours per week. I have made over $7,000 of additional income through this opportunity. I am a big fan of using the proceeds from freelance consulting and dumping it into my dividend growth portfolio. Let your money work for you through compound interest!
Conclusion on Passive Income Ideas for 2018
If you have time on hand and want to consider a few nonpassive income ideas, here are 23+ online jobs without investment. Or, if you’d like to work from home, our infographic on home based online jobs without investment will surely help you.
This will be an exciting journey and I hope that you can join me in building my list of passive income streams while traveling the world. I look forward to keeping you updated on our passive income ideas for 2018 as we focus on building additional forms of income to achieve financial freedom.
Here are several other passive income ideas to help you make some extra cash.
One method that we did not include as a form of passive income is credit card churning. We love the idea of using travel hacks and churning to build great travel rewards points and benefits.
Sometimes passive income isn’t for everyone. Here’s some of the cons of passive income.
Escalate your life and join the mob of personal finance experts. What are your three passive income ideas? Have you built additional income to ensure financial independence?
Please let me know your thoughts and questions in the comments below. I’d love to hear from you!
Millionaire Mob is an early retirement blog focused on passive income, personal finance, dividend growth investing and travel hacking. With both a million rewards points and a million dollar net worth you can live a happier lifestyle.
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