business
GET ACTIVE TO EARN PASSIVE
Is there anything better than making money while you sleep? Wouldn’t you love to wake up with an influx of cash creeping into your bank account? Passive income can be a great supplementary source of funds for many people, and it can prove to be an especially valuable lifeline during a recession or during other tough times, such as the government lockdown imposed in response to the coronavirus pandemic.
P
assive income can keep some money flowing when you lose a job or otherwise experience some financial hardship. If you’re worried about being able to save enough of your earnings to meet your retirement goals, building wealth through passive income is a strategy that might appeal to you, too. People think passive income means no work needs to be done, but in most cases, there is lots of work involved, especially at the beginning. If you’re thinking about creating a passive income stream, here are some ideas: 1. SELL AN ONLINE COURSE Create an audio or video course, then sell it online through sites such as Udemy, SkillShare and Coursera. Information products can deliver an excellent income stream, because you make money easily after the initial outlay of time. However, it takes a massive amount of effort to create the product and you need to be really good at what you are doing to 16
be able to differentiate yourself online. 2. PROPERTY RENTAL Perhaps the most common form of passive income is to buy a property and rent it out, thereby earning regular rental income. Most people think that you need to have a lot of money to be able to buy an investment property. This is true only if you are only looking at conventional bank financing, but many investors do dozens of deals a year using alternative financing techniques such as owner’s terms, lease optioning, money partners and hard money lenders. Many people are also just looking at their current location when considering buying an investment property. Nowadays, with all the sophisticated online tools available for everyone, buying a property remotely from the comfort of your home, at a destination where properties are comparatively undervalued, is much simpler and affordable. For taking your first steps in real-estate investment in
Nowadays, buying a property remotely from the comfort of your home is much simpler and affordable. a guided environment, multiple online venues are available. One such resource is Project X, (www.projo.live) a project-based real estate investment training course that offers real-world industry experts, hands-on training and a community dedicated to helping you complete your first real-estate project. Project X was developed with one of the world’s leading property investment gurusRobert Shemin. ‘Learning by doing’ step-by-step instruction, coupled with mentors and collaborations among like-minded learners takes real estate from beginners to Pro investors. Project X’s live online events, meetups, real estate and GIBRALTAR MAGAZINE SEPTEMBER 2020
