Whether you take a “distribution” (aka free-cash-flow) in the form of a dividend, interest payment, capital gain, maturing ladder of a CD, etc, you are still taking the same amount of cash out of your portfolio. Don’t fall for the trap of sub optimizing your overall portfolio’s performance because your chasing some unimportant trait called “income”.
Truebill is an app that helps you save money by identifying recurring subscriptions and other bills and helping you cut costs by negotiating better rates and fees. One of their partnerships is with Acradia Power, which has the potential to save you up to 30% on your electric bill. It searches for better power rates in areas where competition is allowed, and it locks in the better prices for you.
Get paid to take surveys at home by signing up with one or more survey websites. All you do is answer questions and voilà, you get paid. Another way to earn extra income is to participate in focus groups. Companies hire focus groups as a way to test out a new product before it hits the market. Why? Because they need to make sure it will make money; they want a high return on their investment. Surveys and focus groups may not make you a millionaire overnight, but you can earn hundreds of dollars each month by giving your opinion on products and services.
Then came a few recent emails from readers already on their first or second rental properties since I started the blog, thanking me for the encouragement to get going. Others had started their own blogs or started their own businesses. It was then that I realized my favorite part of this whole blogging journey has not been the financial gains (although you won’t hear me complain about it), it’s been the interactions with other physicians who are trying to achieve the same thing I am.
Thanks for the great article…although I have to point out many of the items listed are not passive but active, such as selling bodily fluids, writing blogs or resumes, and collecting bottles and cans. To be truly passive, the income source must require no effort on your part (after initial setup). Real estate, dividends, P2P lending…these are truly passive income sources.
Be aware that before your passive income stream can start making money, you have to spend many hours creating it, including building the website itself. You must also monitor your sales to see if you must make changes, take steps to ensure that your website appears near the top of the results page of search engines, and periodically add new content to keep visitors coming back.
I have already come up with 50 ways that a management company can screw you for profit without you ever knowing(or not finding out for awhile). Did you have an inspection before you made an offer on the property? Do you have a picture of the property you bought? How do you know if that picture shows the house you actually own? or if it even hows the ‘current’ state of the house you own?