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A lifestyle filled with abundance is what most people dream of. Abundance for me might look different than abundance for you. Whatever the case may be – an abundant lifestyle typically goes hand-in-hand with a healthy amount of passive income to help fuel that lifestyle. More passive income equals more abundance. That is the equation. The formula is simple… create as much passive income as possible to increase your lifestyle of abundance.
What are the best ways to generate more passive income?
There are countless ways to generate passive income, both online and in “the real world.” I’ll spit a few ideas at you below and hopefully, one or two of them will strike a chord with you. Use one or more of these ideas, or adapt your own strategy based on something you pick up in these ideas.
Keep working so you don’t deplete your nest egg too early
If your abundant years don’t come until retirement – you’ll want to be sure that you’re able to live abundantly throughout your entire retirement. This means not blowing through your retirement savings too quickly. You could continue working your full-time job for longer (if you love it) or you can take on some enjoyable part-time work to supplement your retirement income. Working to generate more income isn’t exactly ‘passive income’ – but, it is helping add to (or take less out of) your passive income for retirement portfolio which might be your best shot at riches in this lifetime.
Acquire more rental real estate
If real estate investing is your passive income game – then the formula is extremely simple for you. Get more real estate! If you’re not already a real estate investor but you think you might be interested, here is some really basic information to get you started.
Before you invest in a rental property, you have to first decide on what type of property you want: single-family, duplexes (also called “twins”), apartments, and/or commercial real estate. This decision will largely depend on your budget and what type of investor you want to be – whether you’re looking to build equity over time or generate cash flow quickly.
If you are looking for quick cash flow, then renting out apartments or owning some commercial real estate may be the best option for you. If you are looking for a long-term investment such as building equity over time, then buying duplexes or single-family homes may be the best option for you.
Rent out your garage or other spare space
Do you have some extra space you can rent out, like a garage or even just a plot of dirt? You can use a platform like neighbor.com to help you find a tenant to rent your space and also help take care of all the legal documentation that goes along with it. It could hardly be any easier to rent out your garage or any other spare space that you have!
Start a money-making blog (or podcast or YouTube channel)
If you have a knack for writing – perhaps a blog could be the passive income choice for you. Making money with a blog isn’t as easy as some people make it sound. I’ll be the first to tell you that it’s hard to get traffic to your website or blog. But, once you figure it out – blogging can be one of the most rewarding pastimes both financially and relationally. After you take the first step to start your own blog – it will be constant and continuous learning from there on out. Fortunately, there is a multitude of resources available online (both free and paid) to help you along the way.
If writing isn’t your thing, maybe you like to talk or create videos…? You could start your own podcast or YouTube channel as an alternative to a blog. However, in many cases – podcasters and YouTubers usually also have a website as sort of a hub for their audience to learn more about them and another place to access their content.
Creating an audience and monetizing your content may not seem like passive income at first. It takes a LOT of work and time to build up a respectable audience. But, if done correctly – your existing content will keep attracting traffic to your platform which could result in unlimited passive income for you – whether you continue to work on it or not!
What are the best books to learn more about passive income and abundance?
It’s never a bad idea to educate yourself by reading books about money mindset and passive income and abundance. I’ve read many such books and I definitely have a few favorites that I highly, highly recommend when it comes to the abundance mindset. Here they are, listed in order by my favorite and most highly recommended…
Rich Dad Poor Dad (by Robert Kiyosaki)
I’ve already read this book several times and I’m certain I will read it several more before my life is over. This book is THAT good! I consider Rich Dad Poor Dad a must-read for anybody who cares even just a little bit about making their financial situation better. The overarching concept covered in Rich Dad Poor Dad is all about the difference between working hard for money and making money work hard for you. The latter is better and totally ties in to what this passive income thing is all about.
Note: Robert Kiyosaki has published many various books related to building wealth and abundance. I highly recommend all of his material. After you read Rich Dad Poor Dad, you should definitely look up more books and material by Robert Kiyosaki.
Tribe of Millionaires (by multiple authors)
This is another book that I’ve read more than once. The content within this book will keep you entranced because of how it is written in a story format. The book reads more like a novel, but at the same time teaches you invaluable lessons pertaining to life and wealth and abundance. I promise – you will not be disappointed after you finish reading this story and you will definitely want to read it more than once, like I have.
The Millionaire Fastlane (by MJ DeMarco)
The Millionaire Fastlane is sort of an introductory book to the world of business and entrepreneurship. It introduces the reader to the concept that they can be wealthy through passive income, not just through luck or inheritance.
The author, MJ DeMarco, teaches what he has learned in his years of unique experience with marketing and sales. He provides strategies, methods, and techniques to help readers successfully start their own businesses in order to achieve financial freedom and real riches.
The 3 Main Types of Passive Income
Matthew Allen is a full-time trucker, part-time blogger, and imaginary entrepreneur. He is the only known trucker who is blogging about creating passive income online. He is also the co-founder and co-creator of the most popular WordPress plugin for Amazon affiliates – AmaLinks Pro.