Making money while you sleep… That’s the dream, isn’t it?
Though it’s not as simple as many people make it sound (and it definitely involves upfront work) - with the right strategies, it's 100% possible!
In this post, we'll explore how to create multiple sources of passive income and discuss best practices for choosing the right opportunities that align with your goals and lifestyle.
Let’s dive in!
Every journey begins with a destination in mind.
Whether you're aiming for long-term financial freedom or simply hoping to supplement your current income, it's important to identify your goals.
I talked about my goal setting strategy that got me my dream home here - check it out if you haven’t yet.
Setting goals is the first step because we need to have a clear vision of what we want to reach.
Passive income is not a magic formula that will give you work-free money—you put in the work now to make your life in the future easier.
So get clear on what you want your future to look like and keep that as a reminder as you go on.
Once you've outlined your goals, it's time to lay the financial groundwork.
This begins by creating a budget that includes all your expenses.
The goal is to figure out how much money you need to make to live comfortably according to your lifestyle. Make sure to consider:
The goal is to work to live, not live to work. It’s important to be mindful of money, but it’s 100% ok to include in your budget money for traveling, eating out, going for drinks with friends or whatever it is that makes YOU happy!
Now let’s get to the good stuff. Time to start exploring potential passive income opportunities.
One thing I’d like to point out before we dive in is the importance of digital skills when it comes to passive income.
As the world becomes more and more digital, making money online has become the dream of many. And the best part is that ANYONE can learn digital skills - yes, even if you’ve never considered yourself techy.
Tech is in our daily life and the more comfortable you get with it, the more opportunities will open up when it comes to making money online.
Now, let’s check out two options:
What’s one thing you can create once and sell to many?
If you’re already an expert in a certain field, you may consider creating a digital course or do something that’s more targeted to your niche.
A big caveat here is that even though this means it’s something you need to only create once, it won’t sell by itself.
You’ll still need to invest some time, and possibly money, in your marketing to make sure it reaches the right people who are ready to buy from you.
And some sort of maintenance is always necessary, especially when we talk about courses. You’ll want to make sure your content is updated as needed so it remains relevant.
Affiliate marketing involves promoting other companies products and earning a commission for every sale made through your referral link.
It's an excellent way to earn extra income, especially if you already have a big audience through a blog, email list or social media.
The key to making affiliate marketing work for you is to have a big, engaged audience who trusts you.
Once you got started with your passive income strategy, don’t forget to also start setting money aside.
Investing is a really good long-term strategy to get financial freedom.
It’s never too early or too late to start thinking about the future, and there are a lot of safe, beginner-friendly investments to get started.
Financial education is SO important but women are very often left behind.
There are some really good resources and organizations out there helping bridge that gap, such as Female Invest.
As you implement your passive income strategies, don't forget to monitor your progress. Track your passive income sources and review your budget regularly.
This will help you understand what's working and what needs adjustment. Remember, maintaining income sources will require some level of effort—passive income doesn't mean "no work".
By monitoring your progress you’ll make sure your strategy is still working and give you the ability to improve it if needed.
Over time, you'll want to diversify your income streams.
Having multiple sources of income is super important to keep your mind at ease, not stress so much about money and get financial stability.
This is something you build over time, so don’t expect to get different income streams overnight. It’s something to always keep in mind and work towards according to your personal situation and where you are in life.
Here are a few ideas you can consider to have different sources of income:
That are endless ways to make money, so it’s important to consider which one makes more sense to you and keep in mind the importance of recurring revenue.
You've worked hard, planned, and strategized, and now it's time to enjoy the fruits of your labor.
Passive income brings financial freedom.
This means more time with family, the opportunity to travel more, and the ability to focus on what truly matters to YOU.
And don’t forget to celebrate all your achievements—big or small. You've earned it!
With so many get-rich-quick schemes and scams out there, it’s normal to feel a bit suspicious when it comes to passive income.
And to be totally honest, I don’t really like this term. In my opinion, there is not really something out there that’s 100% passive, there is always some work involved.
What I do believe is putting in the work, investing in your skills and working towards a better work-life balance.
And it is possible to work less and make more. By identifying your goals, creating a budget, exploring opportunities, saving, monitoring your progress and diversifying your income, you're on the path to financial independence.
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