passive income

July 18 2017

On the Side: Making Extra Money – Part 3

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Sell Everything

Dave Ramsey talks about getting out of debt by selling everything that isn’t nailed down.
Debt might not be your rationale about making more money, but there are certainly ways you could turn the junk sitting around your house into extra cash.

1. Facebook – Sell in local garage sale groups / Facebook Marketplace
2. Online Selling Apps – there are a number of apps for selling. Letgo, VarageSale, and more.

Craigslist or other local classified sites
Ebay / Amazon – This takes a little more skill, but you can make money selling your junk on these sites.

This doesn’t include an old fashioned garage sale. Just put it out on a table and toss a price sticker on it. If it is sitting around unused, why not liquidate it, and put that cash back into what you need?

July 11 2017

On the Side: Making Extra Money – Part 2

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Monetize your hobby

Growing up, my father had a hobby that paid. He was a professional birthday clown. He still is, though he has slowed down these days.

Dad was passionate about clowning, and learned the skill well. He practiced making balloons and telling jokes and simple magic tricks. I would come home from school to a house full of animal balloons, while he worked on new designs.

For dad, clowning was fun. But it also gave extra cash for the family. He would often pick us up after a job and take us out for dinner (still dressed in his clown suit.)

Your hobby most likely isn’t clowning, but I have to ask, are you able to monetize it?

Many hobbies, golf, shooting, four wheeling, etc, may cost quite a bit for men to participate. That doesn’t mean they are worthless hobbies! If you enjoy it and it adds value to your life, that’s fine! But I do want you to consider how you can create a hobby that can make money.

Do you like to make things? Wood Furniture, Leatherworking, Paracord Bracelets

Do you like to create? Painting, Graphic Design, Music,

Do you like to work outside? Landscaping, Gardening, Carpentry

Any number of hobbies could be turned into a way to make a little money. If you like golf, and are good at it – you could teach a course, or coach a student club! If you like hiking orhunting, you could take the inexperienced out to explore.

Take a minute in the comments to tell me what your hobby is, and we can discuss how you can monetize it!

July 4 2017

On the Side: Making Extra Money – Part 1

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Passive Income is Best

In the old days, one average salary could feed, shelter, clothe, and entertain a family. Today though, inflation, corruption, and financial mismanagement have put us in a position where we often find ourselves in pursuit of more “hustle” to make ends meet. Many families have two or three jobs just to cover basic expenses.

I’m no financial guru, and while my own income streams are still growing, I have studied and researched much about how to create a side hustle to make residual passive income.

What is passive income?

Passive income comes from royalties, rents, dividends, or residuals. You work up front or invest, and over time, your investment pays you back.

Investopedia says:

Earnings an individual derives from a rental property, limited partnership or other enterprise in which he or she is not materially involved. As with non-passive income, passive income is usually taxable; however it is often treated differently by the Internal Revenue Service (IRS).

What would that passive income look like for you?

1. Rental properties – If you have some cash to invest in rental properties, and enough to keep up the properties, you can make enough to pay for your investment, and then make a profit.

2. Royalties – If you write a book, record music, and sell it, either through self-publishing, or a publisher or record label – you can collect income each month from that source.

3. Investments – investing cash in a mutual fund, or even riskier stocks can bring you dividends each month.

Online business – this could be many things. Often, people create products to sell – they could be real tangible items, virtual courses, subscription services, or more.

Passive income is not free and easy money – it does take work, time, and investment to build these sources – but they can pay off later with minimal maintenance, if done well.

Ultimately, my goal is to generate a full time income from passive income. I’d like to be able to “retire” from working to build someone else’s dream, and work 100 percent building my own. I’m not there yet, but we’re headed there!
I highly recommend following Pat Flynn at Smart Passive income for some ideas on how to make it happen for you!