We have all been there haven’t we?
Dreaming of making passive income I mean. But is it just a pipe dream, or is it really possible to make an income from doing nothing?
In reality, unless you have inherited, sold an extremely valuable asset, or saved up a large amount of money, and then invested the best part of it in a rock solid investment plan that will regularly pay out dividends, then passive income doesn’t actually exist in the real sense of the word, that is making money for doing nothing. But it is entirely possible that you can put in the effort to create an income stream that will enable you to earn a recurring income that needs very little maintenance or no maintenance at all.
Investing in real estate and renting it out is probably one of the most popular and well known ways to make money that could be described as passive income, but initially, it takes time and effort to find properties that are suitable and affordable to buy and rent out. You will also need a sizeable sum to put down as a deposit to acquire your property as well. But once you have your first property you can outsource most of the actual work, such as finding and vetting tenants, collecting rent, etc. This can be done through a reputable property management service.
Building a successful property portfolio will naturally increase your passive income potential. Some of the wealthiest people in the World have used this method to become millionaires.
If property investment doesn’t appeal to you however, with a bit of initial effort, there are other ways to achieve a passive income, and these can be found in our article ‘ How to achieve a passive income by working at it ‘