My forms of passive income…
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I first want to clarify, that nothing is every truly passive. There’s always some upfront work or someone managing the project.
My least passive of income streams that I have is real estate. I own many doors, but there is quite a bit of work needed. I always suggest that no one should manage their rental properties, but should hire a property manager instead. Even here you should be managing the reports and reviewing the status of your property.
A more passive stream of income is through lending. You can lend in various ways, taking profits from just interest or splitting profits. You don’t even need a huge amount of money to be a lender. I owned one of my employees flipped cars and I loaned him $10K!
The third form of passive income I describe is e-commerce automation! When buying a store from Lunar E-com, the store is managed by the company. You simply provide some money upfront and we split profits.
Another form of passive income I love is crypto and NFT’s. These do carry more risk than each of the pervious sources of passive income, but they carry bigger reward!
The last Form of passive income is having your own business. Over the years, it took a long time to build my passive structure, but it’s worth it! This is probably the riskiest form of passive income, as many small businesses fail at year 5!
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