Here are 7 passive income streams you can create today

If you only have 1 income stream, you’ll never be truly wealthy.

1. Dividend Income

Invest in dividend generating stocks to earn extra cash. Most often, dividends are a pretty stable form of income, even during a recession.

But don’t fall for stocks that offer excessive dividends.

Do your research before you invest.

2. Rental Income

Buy a property and convert it to a rental property. Find the right renters and start collecting monthly passive income.

While you earn extra cash, your property will also likely appreciate in value.

Win-Win.

3. Side Hustle Income

While you work a 9-5, build a side hustle to earn extra cash.

You could:

– Teach a skill
– Provide a service
– Create & sell products

Take a few hours every day to become a sidepreneur.

4. Interest Income

Make money from interest income from assets like:

– Bonds
– Savings accounts

You make passive interest income over the long term.

5. Royalties

Royalties are a passive income stream you can earn YEARS into the future.

You can make passive $$$ with royalties by:

– Writing eBooks
– Creating a patent
– Developing content

6. Business Income

If you want to stack the odds in your favor, then become a business owner.

In fact, 88% of millionaires are self-made entrepreneurs.

Build a business on your own.

Put in the energy and time.

Be consistent with your efforts.

7. Capital Gains

Invest in appreciating assets that will gain value over time.

Examples include:

– Real estate
– Collectibles
– Classic cars

Buy and hold for the long term to make more money.