Top 5 Passive income types – Wealth – Success Tips #20

The Top 5 Passive income types

I had my friend Luke asked the question “What’s your thoughts/advice around making a passive income?” the other day on my post about encouraging your kids so even though this isn’t’ exactly a success tip, I’ll try to answer his question here.

Passive income type #1: Interest on savings

Putting money asside has always been something taught by your grandmother and your father as “the right thing to do” and, for the most part, has worked out well for them over the last 40 years with an average of 5-7% interest rate on savings from 1960 to 1990. With today’s rates of less than 2%, it’s not as lucrative, but still is a valid passing income type if you have 40-50 years ahead of you.

Passive income type #2: Royalties

If you can write a book or a song or you can become an actor or musician, royalties have a potential for great passive income. It requires a heck of a lot of work to get your produce out there and get it on the top sellers list. It also takes some education and money to get started.

Passive income type #3: Rental income

I have some good friends that own and rent real-estate and they love it. If you’re like me, you’ve heard all sorts of horror stories about fixing toilets a 3am or a disaster after a tenant leaves, but if you do it right, you can be very successful with rental income. It takes a lot of hard work, perseverance, education and some money, probably $20-50k to start but good income is attainable in 5-10 years.

Passive income type #4: Brick-n-mortar business

A very popular passive income is from owning your own business such as a store, restaurant or franchise. You’ll probably need some past experience in the industry you’ll specialize in or with a franchise, they’ll teach you all you need to know and you’ll need a lot of money for the building itself, for the supplies, the payroll and franchise fees – somewhere between $50-500K so this is not an option for everyone but it is very lucrative.

Passive income type #5: Internet and Network marketing

Something that has been around since the 80s is network marketing or multi-level marketing (MLM) which has attracted very bad press due to the fact that it’s primarily engaged by un-educated (in the skills) people trying to “get rich quick”, The truth is that relationship marketing is just like any other business which requires new skills to be learned and this industry is changing rapidly, becoming something to be proud of with mentors such as Eric Worre, Dani Johnson and Cesar L. Rodriguez who are teaching new business owners the right skills for the industry.

Add to that the new trend of internet marketing and branding and you can generate comfortable passive income from home. Who wouldn’t want that?

What do I do?

top 5 passive income types
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I am an Internet Network Marketer. Friends often ask me how this internet marketing and branding can generate an income and because I vowed
to never pitch my product on my public blog or videos, I can’t tell you this here but feel free to reach out and ask me the question if you are interested.

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