Want to get your passive income started? Check out these great tips to get started.
Tip 1: Start online.
Look at money making opportunities.
There are so many things to choose from.
You could produce an eBook and sell it.
Set up a webpage and put some AdSense on it.
Capture email addresses and sell to the recipients.
These are a few good ways to generate relatively passive income.
It will take a lot of work to set up, but once completed is relatively passive.
Tip 2: Buy an Investment House.
This is easy to do if you have a deposit and a steady job.
You can easily buy an investment property with an interest only loan and it really doesn't cost that much a week.
Then rent your house out for market rates and wait for property prices to increase.
Tip 3: Write a Book.
Writing a book can be a rewarding experience if you love writing and love the topic you are talking about.
The hardest thing will be getting it published.
It will need to be a very unique book otherwise it may not be a hit and the publisher may not want to sell it.
Tip 4: Can You Sing or Play an instrument? If you can you could record some music.
This doesn't have to be a number one hit.
There are many types of music required for other reasons.
What about commercials or background music for a number of applications.
There are heaps of opportunities for creating music and selling the rights to it.
You will need to find the right publishing company.
Tip 5: Save Money and Deposit It in a Term Deposit.
Lots of banks have term deposits.
You can lock your money away for a minimum term of 3 months and receive guaranteed interest .
If you have significant savings in an account like this it can produce some great returns.
There are plenty of ways to produce passive income.
These are just a few.