I’m looking to build multiple streams of passive income. What are the top ways to generate passive income, and what investments or businesses should I consider?
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I’m always looking for rental properties. You can definitely consider those if you have some capital.
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Look into the Acorns app.
You can connect it to your debit card and every time you spend something like $3.74 it will round up to $4. And invest that money for you.
It also has other features you can setup to make it like a set and forget savings.
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If you specialize in something are in the top 5% write a book on that skill, and create a course. That will bring you 2 streams of income. If the book does well pay someone to read and record the book for audio distribution.
Use the book and course to create a sales funnel for your services or business.
Offer done for you services, in your specialty, then also offer coaching or consulting to teach others.
Your specialty needs to solve a problem people find valuable. The more challenging the problem and more important the solution the more you can charge for every step of your sales funnel.
This would create 3 streams of residual income, and 2-3 sources of primary income. Check out Chris’s recent video on SAAS solutions for a 4th stream of income if your speciality can be made into a tool.
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