While you’re setting up your new income stream, keep in mind that there truly is no such thing as free money. You’ll feel even more satisfied with the reward knowing what it took to get there. While there’s no one magic trick to getting passive income to work for you, with so many different methods, there’s surely one option that will fit your situation and skill set. Set up your passive income stream today to start making money, free up time and set yourself up on the path to financial independence.
Companies may also be able to use a viral video that they did not create for marketing purposes. A notable example is the viral video "The Extreme Diet Coke & Mentos Experiments" created by Fritz Grobe and Stephen Voltz of EepyBird. After the initial success of the video, Mentos was quick to offer its support. They shipped EepyBird thousands of mints for their experiments. Coke was slower to get involved.
1) If your property is not under rent control, you have the ability to raise rent to market prices with proper warning. In SF, I have to give tenants a one month warning for up to a 10% increase and a two month warning for up to 60%. Rent control limits to an inflation index, usually around 2% a year, which is why initial pricing and tenant turnover is important for better profitability.
You might not think of paying down debt as an income-generating activity, but it kind of is. Think of it this way: If you owe $10,000 and are paying 20% interest on it, that's $2,000 in interest payments annually. Ouch. Pay off that $10,000, though, and you'll be keeping that $2,000 in your pocket. It's very much like earning a guaranteed 20% return on the debt that you retire, and 20% annual returns are way more than you can expect from the stock market or elsewhere. Note that some credit cards may be charging you 25% or even 30% interest, so paying such debt off as soon as possible is a no-brainer financial goal.
Although it would be nice to earn little bit of extra income without putting in any effort, you’re going to have to put in some effort at the beginning. First, you must be clear about why you want to earn passive income. Is it that you want to support your existing lavish shopping? Is it that you feel uncertain about the future and want to have alternative sources of income? Are you finding it hard to earn enough regular income to support your family and yourself, therefore you need extra passive income?