To those looking to build alternative income streams on a budget, there is normally one particular task that comes to my mind – writing. Most people starting out looking to save money decide to take advantage of free passive income opportunities that are often found online. This is how I started out well over a year ago in an effort to bring in more cash while limiting my expenses.
The common theme around the majority of these “free” opportunities is writing. Whether you become an eHow author, start affiliate marketing campaigns on EzineArticles, or create content on HubPages – there are no costs to you. What is required of you is your time that is spent researching, writing, editing, and publishing online content.
Did you know that there are actually a ton of other passive income opportunities available that don’t require any writing, editing, or publishing of online content? Check out a few of the non-writing income streams that I have dabbled in over the past several months.
3 Non-Writing Passive Income Streams
- Peer to Peer Lending – While I haven’t had a great track record, peer to peer lending is a viable passive income opportunity. You will need some cash (usually $50 minimum) in order to get started. There are opportunities to earn well over 7% on your investment, but beware of the risks involved before you get started.
- Dividend Paying Stocks – Investing in dividend paying stocks can create portfolio income as another option. This type of income in many cases has several “passive” traits. As I continue to earn more cash from my other passive income streams, I hope to build a solid dividend stock portfolio.
- Certificate of Deposit – Investing in a high yield certificate of deposit is one of the safest and easiest passive income streams around. You will need to set aside some cash (normally $1,000 to start) to grow this opportunity. There are very few risks associated with investing in certificate of deposits, other than tying your money up for a set period of time. The return on investment is not as good as peer to peer lending, but the risks are much lower which is a nice trade off.
Evolving Your Passive Income
If you are like me and are actively creating FREE passive income streams, then it can be hard to think ahead. It is very easy to get wrapped up in your day to day activities of constantly churning out online content. At some point however, it is important to begin reinvesting your passive income earnings back into new opportunities.
The 3 examples I mentioned earlier are just a few of these opportunities to reinvest your cash. It is important to not only diversify your online passive income streams, but to also evolve into investing in other opportunities. Do yourself a favor and plan ahead so that you can continue to accelerate your passive income earnings through non-writing opportunities!
What other forms of non-writing passive income are you currently working on?
Related posts:
- Passive Income Does Require Effort
- 18 Passive Income Opportunities to use your Tax Refund on
- Cash Flow Management – Investing Passive Income
- How to Create a Peer Lending Passive Income Stream
- Free Passive Income Start Up Opportunities
Related posts brought to you by Yet Another Related Posts Plugin.
{ 2 comments… read them below or add one }
I have $75 invested at Lending Tree- A $50 account bonus and $25 of my own money. I’m making around 13%, knock on wood. I also started a bonus savings account that pays 5% a month and a 5% bonus at the end of the first year. You’re limited to putting $100 in a month, but that’s still about $90 in interest and bonuses over the year, which overall is a 7.5% return for a savings account. It’s a Wachovia Way2Save account. I don’t know if that counts for what you’re discussing, but it’s making more money than any other savings account I could have.
My only other investments are in retirement accounts and educational savings accounts for my son.
@Cat – Absolutely! It is hard to compete with a 7.5% return from your savings account.