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21 March 2024

7 Passive income streams to build your fortune

Tony Robbins explains that passive income isn’t about effortless earnings but about establishing a secondary, reliable income stream that compliments your primary earnings. Passive income streams still require upfront work and sometimes ongoing maintenance, in many cases providing you the opportunity to move beyond trading your time for money.

This approach definitely requires initial efforts on your part but promises long term rewards and financial peace. Here are some passive income ideas to help you build your fortune

Money Market Account

For those seeking low risk investment options, money market funds offer higher accrued benefits than traditional savings account, with the added benefit of liquidity. With low interest yield on traditional savings account, this can be an excellent way to grow your savings passively.

Invest in index funds or ETFs

These investments provide exposure to a wide range of market sectors with a single investment, making an alternative hands-off way to participate in the stock market. Their reliability and simplicity make them an attractive option for passive investors.

Take Advantage of Dividend stocks

Investing in companies that pay regular dividends can provide a continuous income stream. This approach will require upfront research based on fundamentals and picking stocks with a strong history of dividend payments with long term financial gains.

Invest in Real Investment Trusts (REITs)

REITs provide opportunity to participate in real estate investment without the need for significant capital or direct property management. When you purchase real estate portfolios, you can reap benefits of property ownership, including regular dividend payments with minimal efforts.

Explore Real Estate Rentals

With the right property and management strategy, landlords can enjoy a steady stream of rental income with minimal daily involvement. While owning property may require some initial legwork, the income stream can be substantial

Become a Consultant

Monetize your expertise as a consultant creating digital products such as online courses or guide based on your professional expertise. This can lead to passive income stream once created. These products can be sold repeatedly without additional work.

Pursue creative ventures

Artist, musicians and writers can turn their talent into passive income streams by licensing their work, selling digital copies or even self-publishing – leveraging their creative imagination and skills to build lasting income streams

Take Away

Any one or more of these passive income sources when chosen can lead to a life style of abundance and financial freedom

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