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5 Types of Passive Income That Can Make You Rich in 5 Years
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Are you looking to create a steady stream of passive income that can help make you rich, or at least richer than you are today? Regardless of why you’re interested in building passive income streams, having multiple sources of reliable income can open up many new opportunities and bring financial stability.
In this article, we’ll explore passive income and the five types of passive income that can make you rich within five years if managed correctly. From real estate investing to creating an online course, there are plenty of ways to generate residual wealth today.
What Is Passive Income
When you think of income, you probably think of active income. Active income is what you earn from a job or business. Passive income, on the other hand, requires minimal work to earn. Passive income usually takes effort to set up initially but then pays out repeatedly and automatically in the future.
Passive Income Ideas That Can Make You Rich
There are many different ways to earn passive income. There are passive income opportunities for people starting with an initial investment and even opportunities for those with very little money to start.
Dividend Investments
A dividend is a regular cash payment from investing in a company listed on a stock exchange. Another way to earn dividend income is to invest in dividend-yielding ETFs or mutual funds. No matter if you invest in individual companies or through a fund, dividends are usually paid out quarterly.
The more shares you own, the more dividend income you will receive. However, because most companies with dividend yields only pay a few percent for each share held, you must own many shares to make significant money. But on the bright side, investing in stocks requires little work, and you can continually invest more money over time.
After you receive the dividend, you can reinvest that money into the stock or withdraw it as income.
Rental Property
If you have extra cash, investing in rental properties can help create a large amount of passive income. You will need to have the cash upfront to cover the down payment, plus the ability to qualify for a good loan. However, you’ll then be able to lease the property to tenants and earn money through rent payments. Ensure that your monthly rental income exceeds your expenses, including the mortgage payment, maintenance, taxes, utilities, etc. Also, remember that you’ll benefit financially when the property appreciates.
Investing in real estate can be as passive as you want. If you hire a management company to take care of everything, you can sit back and collect the checks each month, but you’ll need to pay the management company’s fee. However, if you want to keep more income, you can do more of the work involved.
Royalties from Book or Course
Creating a book or course to sell requires quite a lot of effort upfront, but you can continue to earn passive income from sales and royalties for years.
If you are knowledgeable about specific topics like dog grooming, investing in the stock market, or fitness programs, you could create a course to teach others. You can control everything about the course, including the content, the sales price, and who you want to market it to.
Books require a lot more work and time. You may need to find a publisher, or you can self-publish. However, you can earn royalties from book sales for years, perhaps longer than courses.
Having an established following can make selling your book or course easier. If you have a following on social media, in a specific community, or elsewhere online, you can advertise your book or course to these people. They will likely purchase your product since you already have a relationship with them.
Affiliate Marketing
Affiliate marketing is when you share and recommend a product to others and earn a commission when someone purchases the product. Affiliate marketing can be done on social media, email, or website.
Affiliate marketing only requires a little money upfront to establish, but it does require time and work. You will need to reach enough people before making meaningful money. The more followers or website traffic you have, the more money you are likely to earn from affiliate marketing.
Peer-to-Peer Lending
Another option for passive income that can help make you rich is peer-to-peer loans. These loans are from one person to another. They are personal loans that cut out the financial institution as the middleman.
You will earn interest based on the individual loan terms when you lend money to others through peer-to-peer lending. Websites like Lendingclub or Propser can be great tools because they will help facilitate the loan and provide a risk profile for the person you’re lending money to. Peer-to-peer lending does come with some risk, but you can mitigate some of the risk by lending to highly qualified individuals.
How To Choose a Passive Income Source
Deciding which passive income sources to pursue will depend on a few factors, including the amount of money you can invest, your interests, talents, or skills, and the time you can give to get something started. This will be different for each person. While one passive income model might be great for one person, there might be better fits for some.
Once you have one passive income stream started, many people decide to create multiple streams. This will require more time and potentially a more significant financial investment, but creating multiple passive income streams can be good financially.
The Bottom Line
Passive income can significantly increase your overall income without working additional hours at your day job. You can earn good money from passive income opportunities, but it depends on your financial commitment, how much work you’re willing to put into it, and a little luck.
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Cyber Monday 2023: The best extended deals from Amazon, Walmart, Best Buy, Apple and more
As a participant in multiple affiliate marketing programs, Localish will earn a commission for certain purchases. See full disclaimer below*
There is still time for Cyber Monday savings. If you didn’t have time to pick stuff up on Cyber Monday, don’t worry as many of your favorite brands still have extended Cyber Monday sales. Here is every major brand’s extended Cyber Monday and Black Friday 2023 sales that you need to know. Check out best Cyber Monday deals under $100 and best Cyber Monday deals on Amazon.
Deals from top retailers
Amazon’s Cyber Monday event has ended, but there’s still time for holiday shopping with sales up to 71% on all things tech, household appliances and more.
This is your last chance to get the Apple Airpods 2nd Gen for under $100.
The most powerful Beats headphones yet, the Studio Pro is on sale for more than 50%.
Hisense 58-Inch ULED 4K Smart Fire TV
The crisp Hisense TV is on sale for 41% off.
Walmart’s Cyber Monday Deals is live until supplies last, with massive sales on items from Dyson, Sony, Apple and more.
PlayStation 5 Spider-Man 2 Bundle
The PS5 bundle comes with the hit Marvel’s Spider-Man 2 disc for 10% off.
The Xbox Series S bundle comes with an additional Xbox controller and a 3-month Game Pass subscription.
The fan-favorite Bissell Vac-and-Steam All-in-one is on sale for nearly $100 off.
Home Depot is offering Cyber Monday deals online and in stores now through 11/29, with up to 60% off on home appliances.
Best home products deals
Gordon Ramsay’s favorite cookware brand is offering 50% off their excellent pan and pot sets for Cyber Monday 2023.
HexClad 12-piece Cookware Set
At 40% off, you could have Gordon Ramsey’s favorite 12-piece cookware set for the lowest price ever.
Dyson deals are the best, with many of its revolutionary hair products and vacuums now on sale for up to 50%.
Dyson Supersonic Hair Dryer
Dyson’s revolutionary Supersonic Hair Dryer is on sale for the first time this year – grab this excellent product for 25% off.
West Elm is giving 70% off on many of its best luxury furniture for extended Cyber Monday sales.
Roar & Rabbit Geo Inlay Nightstand
This beautiful nightstand is going for 30% off at West Elm.
Solo Stove is the best fire pit retailer on the market, so get their warmth for up to 40% off.
Secure some holiday warmth with the table top Mesa fire pit for 22% off.
Tech and entertainment
Take advantage of Hulu’s amazing Black Friday deal for a limited time! Subscribe to the Hulu (With Ads) plan for 99 per month for one year, current regular monthly price after. Get this deal now by clicking here. Ends 11/28/23. Eligibility restrictions and terms apply.
Best jewelry, clothing and fashion deals
Crocs’ Cyber Week sale are hosting sales up to 50%.
The Classic Clog is a classic for a reason at 25% off.
UNIQLO is having its only sale of the year, with amazing Cyber Week deals for your online shopping experience.
Nordstrom has Cyber Monday deals until midnight tonight, offering up to 82% off across all categories like Nike, UGG, Calvin Klein, Tory Burch and more.
The popular athleisure wear company has a number of great extended Cyber Monday finds, especially in their “We Made Too Much” page for the holiday shopping season.
Best haircare and cosmetics deals
Find deals from Ulta, Sephora and more.
Ulta’s Cyber Monday sales are now live and ends Tuesday November 28th, with up to 50% select beauty products.
The Walt Disney Co. is the parent company of Hulu and this ABC station.
* By clicking on the featured links, visitors will leave Localish.com and be directed to third-party e-commerce sites that operate under different terms and privacy policies. Although we are sharing our personal opinions of these products with you, Localish is not endorsing these products. It has not performed product safety testing on any of these products, did not manufacture them, and is not selling, or distributing them and is not making any representations about the safety or caliber of these products. Prices and availability are subject to change from the date of publication.
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How to Make Money with Custom GPTs and ChatGPT
The new GPT store on ChatGPT is expected to be launched by OpenAI in December, there aere a number of other ways that you can make money with Custom GPTs and ChatGPT as well as the new store. In the dynamic and ever-changing digital world we inhabit, the emergence of Generative Pre-trained Transformers (GPTs), such as ChatGPT, signifies a major leap in the field of artificial intelligence. These sophisticated AI models are rapidly transitioning from being mere technological marvels to valuable assets in the business arena.
Entrepreneurs and forward-thinking innovators are now at the forefront, actively seeking out and experimenting with inventive and effective ways to harness the financial potential of these tools. This article aims to explore and elucidate a variety of practical and groundbreaking strategies. These strategies are not only innovative but also highly effective in tapping into the revenue-generating capabilities of custom GPTs and ChatGPT. We aim to provide a deeper understanding and fresh perspectives, moving beyond traditional methods and applications, thereby opening up new avenues for leveraging these advanced AI technologies in the commercial sphere.
1. Merchandise Sales Powered by GPTs
One of the most direct ways to monetize GPTs is through merchandise sales. For instance, imagine a custom GPT named ‘Sticker WHZ’ designed to create unique sticker designs based on user inputs. Such AI-powered creativity can be a game-changer in the custom merchandise sector. By integrating with platforms like Teespring, the entire process from creation to distribution can be streamlined, offering a novel avenue for e-commerce.
2. Tip Jars: A Simple Yet Effective Model
Tip jars represent a straightforward monetization method. A custom GPT, like ‘Grimoire GPT’, aimed at enhancing specific skills such as engineering, can include a feature allowing satisfied users to leave tips. Digital platforms like ‘Buy Me a Coffee’ and Patreon make it easy to set up and manage these donations, providing a steady income stream for creators and developers.
3. Consultation Calls Facilitated by GPTs
GPTs can serve as powerful lead generators for professional services. For example, a ‘GPT Idea Evaluator’ could offer initial assessments or advice, leading interested users to personalized, paid consultation calls. This approach not only monetizes the GPT service but also leverages its capabilities to enhance a consulting business. Scheduling and payment collection can be efficiently managed through tools like Calendly.
4. Affiliate Marketing: GPTs as Product Recommenders
Affiliate marketing, a well-established online revenue model, can be innovatively integrated with GPTs. These AI systems can be programmed to recommend products or services, embedding affiliate links within their responses. This method adapts well to a variety of niches, including physical goods and online courses, and can be a subtle yet effective monetization strategy.
5. Sponsorships Tailored for GPT Content
Similar to traditional digital content monetization, GPTs can feature sponsored links or product mentions in their outputs. This approach mirrors the sponsorship models seen in digital platforms like YouTube or newsletters, providing an opportunity for businesses to reach audiences through AI-generated content.
Summary
The potential of Generative Pre-trained Transformers (GPTs), particularly models like ChatGPT, in the arena of monetization, is both vast and multifaceted, presenting a rich tapestry of opportunities. These advanced AI tools are not just confined to one or two avenues of revenue generation; they open doors to a multitude of possibilities. From the more straightforward approaches like direct sales, where products or services are sold directly to the consumer, to the incorporation of virtual tip jars, where users can express their appreciation in monetary terms, the scope is wide-ranging. Additionally, the realm of affiliate marketing offers a unique opportunity where these AI tools can recommend products or services, embedding affiliate links to track and earn commissions on sales. Sponsorships, too, present a lucrative avenue, where GPTs can seamlessly integrate sponsored content or product mentions into their interactions, akin to sponsorship models in other forms of digital media.
Moreover, by deeply understanding and strategically leveraging the unique capabilities of GPTs, creators, and entrepreneurs can not only tap into existing revenue streams but also innovate and create new ones. This exploration and utilization of GPTs in commerce and digital innovation can lead to the breaking of new ground, pushing the boundaries of what is possible in digital commerce and AI technology. These AI models, thus, serve not just as tools for income but also as catalysts for unprecedented growth and innovation in the digital economy, redefining the way businesses operate and interact with their customers. The potential is limitless, and the opportunities are only bound by the creativity and ingenuity of those who harness the power of these transformative AI technologies.
Here are some more useful article on ChatGPT and custom GPTs:
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