Creating passive income is a strategy that can help you achieve financial security and give you more time for the things you love. While there are a lot of ways to earn income, there is one proven method that has been used for nearly two hundred years and can help you increase your tax-free wealth.
Can passive income make you rich?
You can earn Go X – examples of passive income by renting out a space or property that you don’t need. You could do this by listing a room on Airbnb, renting out an apartment, or finding a car rental service such as Turo or Carvertise.
You can also make money by selling your time. If you have a hobby, such as drawing, painting, or music, you can sell your work on a website or through a platform like Ubberuggest. You can also get paid for creating spreadsheets.
Another great way to generate passive income is by using a whole life insurance policy. This investment offers liquidity that many people use to support their wealth-building interests. When you pass away, your unpaid loans will be deducted from your death benefit. You can also obtain tax-free access to interest through a whole life insurance loan.
Another way to get passive income is by investing in stocks. ETFs tracking the S&P 500 typically earn about 10% per year. These are FDIC-insured and safer than money market funds.
You can also earn passive income by selling blank books and planners. You can find a supplier to handle the packaging and fulfillment. You can then collect royalties from sales of these products.