Do you have one or more passive income streams setup and find yourself looking to take things to the next level? Feels good, right? I bet you’re itching to start earning even more passive income. So how can you add-on a supercharger to get another 100 horsepower out of your passive income stream? Let’s get into a few ways that can kick things up a notch.
With more traditional investments like stocks the big item that is going to help you is compound interest. Time is money as they say, and compound interest will eventually turn your mole hill into a mountain. But unless you have a large amount to start with it is going to take quite some time. So what can a person do in this situation? Well because compound interest is tightly coupled with time your best bet is to invest more money, more regularly.
Another option available to help speed the process is to consider dividend stocks. These types of stocks will pay out a dividend multiple times a year. You can then reinvest those dividends into more dividend stocks, and that cycle can build up steam over time.
Cross Pollinate your Online Content
Now this is where things get really interesting to me. If you have a passive income stream based off of online content creation you have a plethora of ways that you can generate additional passive income streams with a lot less effort than when you had set them up originally. The suspense is killing me, what is it!? It’s time to start cross-pollinating your content.
Basically we’re talking about taking your pre-existing content that you have created and repackaging it into a different offering. Let’s take a look at some examples:
Let’s say you love photography and you’ve signed up for a service that sells your photos for you and gives you a commission. How could you take this existing passive income source and turn it into another with minimal effort? Well, perhaps you specialize in a certain type of photography, say classic cars, then maybe you could make an eBook of your classic car photography.
Alternatively you could create a podcast where you talk about the different tips and techniques that you use in taking your photos. Perhaps you could create your own blog where you post some of your recent photos and include affiliate links to the photo equipment that you used to take those photos.
In another scenario entirely let’s say you already have a blog of great content. You could take that content and reorganize it and package it into an audio book or eBook.
It’s about taking what you have and finding another outlet for it that is still valuable to people, but via a different medium or outlet.
Maximize Your Time
Finally, consider creating passive income sources around what you do in your spare / personal time. Whether that’s food, music, sport and exercise, travel, crafting, building, or what have you – if you spend a lot of time doing these things it might be a fun way of getting another income stream out of your finite time. Here’s a few examples:
If you’re a health nut and dedicate a lot of time and energy to living a healthy lifestyle, then consider creating a podcast of vlog that details what you do and the benefits you get. Once you’ve branded yourself well enough you could start selling merchandise with your logo on it.
If you’re a maker and do a lot of 3d modelling and printing, consider sharing your 3D models on an existing website or your own website and setup a Patreon page where your followers can donate a dollar or two a month because they appreciate your efforts.
If you are a globe trotter, take those home videos and photos and turn them into YouTube videos and earn some advertising dollars. Lots of other folks are researching where you’ve already been!
Making the most of your time will dramatically increase your ability to generate passive income. Be cautious with this though, you don’t want to drain the fun out of things that you enjoy or use for stress relief. We all need downtime, so you don’t want to turn all waking moments into more work for yourself. If you can manage to strike the right balance this might work for you.
That’s all for this week. What ways do you double down on your passive income that I’ve missed? Leave a comment and let me know!