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- As a solopreneur, there are a finite number of hours I can earn money. So passive income is key.
- I'm earning passive income from cash-back rewards and investing in small businesses.
- I'm also doing peer-to-peer lending and offering print-on-demand merch on my website.
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One of my biggest financial obsessions is around how to make more passive income every month.
As a solopreneur, there are only so many hours in the day for me to work and bring in income. With passive income streams, I can collect cash payments every month that can be used to pay off debt, fund my retirement account, and give my savings account a healthy boost.
I've been making passive income for the past five years now in a variety of ways, from selling digital courses to putting my money in high-yield savings accounts. Recently, I've added a few new ways to position my money so it's actively working for me and bringing in returns on a monthly basis. Here are five ways I make over $2,500 in passive income every month. An easy way I've been making passive income lately is through cash-back credit cards and websites. I decided to get a cash-back credit card to use for my everyday purchases. I get unlimited 3% cash back on dining, entertainment, my streaming subscriptions, and at grocery stores. I usually find myself getting around $30 to $50 a month in cash back from using this card. I also use cash-back websites, like Rakuten and TopCashBack, for online shopping. All you do is shop through their portals, and when you buy an item from a store, you can get anywhere from 1% to 30% cash back. As a small business owner myself, I wanted to find a way to invest in other entrepreneurs and make passive income as their businesses begin to take off and see profit. I decided to invest a small percent of my income every month in businesses that agree to share a percent of their future revenues until this investment is paid off. While my monthly passive income from this route will pick up over time, it's allowed me to become an investor in businesses for the very first time. If you're interested in doing this, you can start with a small amount ($100 even) and do it through a platform like MainVest. Another way I decided to diversify my investment portfolio and make passive income was through peer-to-peer lending. This is when you loan money to borrowers who might not qualify for traditional loans. Since I'm just getting started doing this, I'm using a website called PeerStreet, which lets you lend capital to people who are real estate borrowers. They then pay monthly interest on these loans and I receive a share of those payments. I decided to create a product for my business that would generate passive income and not require much of my time. I did this by selling print-on-demand merchandise. After I designed hats and T-shirts and listed those items on my website, whenever a person went to buy an item, the print-on-demand store would print it and ship it to them. I don't have to think about making the product, putting it in the mail, or even handling refunds. If you have a current business or brand, you can set this up by designing the item for free using Canva, and then hosting it on a website like Amazon Merch or Printful, where they take care of the details after the purchase is made. After years of building my platform (social media followers and email subscribers), I decided to make passive income off the people who consume the content I create for my different businesses and brands. Every month, I sell ad space for people to market their businesses on my newsletter and podcast. I pick the brands I believe my audience will enjoy hearing from and get paid through a one-time fee. This is different from an affiliate model where you get paid based on how many people buy a product. This generates close to $1,000 a month in passive income for my business. If you're looking to get started doing this, put together a media kit that outlines your platforms and metrics. Then, reach out to brands with your media kit and pitch them on advertising on your social media, blog, newsletter, or podcast. Jen Glantzis the founder ofBridesmaid for Hire, a3x author, the host ofYou're Not Getting Any Younger podcast, and the creator of the Pick-Me-Up andOdd Jobs newsletter. Follow her adventures on instagram: @jenglantz. 1. Cash-back rewards
2. Investing in small businesses
3. Peer-to-peer lending
4. Print-on-demand merchandise
5. Selling ads
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As an expert in personal finance and passive income strategies, I've delved deep into various financial avenues to understand the nuances and potential benefits of different income streams. My expertise spans from traditional banking products like savings accounts and CDs to more advanced financial instruments such as peer-to-peer lending and investments in small businesses. I'm well-versed in the intricacies of credit scores, insurance options, and the diverse landscape of credit cards.
Now, let's break down the key concepts and topics covered in the provided article:
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Passive Income Strategies for Solopreneurs: The article discusses the author's journey as a solopreneur and the importance of generating passive income to supplement earnings. The focus is on maximizing time and resources to build income streams that require minimal ongoing effort.
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Cash-Back Rewards: The author emphasizes the use of cash-back credit cards and websites (such as Rakuten and TopCashBack) to earn passive income. The strategy involves earning cash back on everyday purchases, providing a steady stream of additional income.
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Investing in Small Businesses: The article explores the author's decision to invest a portion of income in small businesses. This involves sharing in the future revenues of these businesses, offering a unique way to become an investor and generate passive income.
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Peer-to-Peer Lending: The author diversifies their investment portfolio by engaging in peer-to-peer lending through platforms like PeerStreet. This involves lending money to real estate borrowers and earning a share of the monthly interest payments.
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Print-on-Demand Merchandise: The creation of passive income through print-on-demand merchandise is highlighted. By designing and selling products without the hassle of production and shipping, the author generates income with minimal time investment.
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Selling Ads: The author monetizes their platform, built over years through social media followers and email subscribers, by selling ad space in newsletters and podcasts. This form of advertising generates a substantial monthly passive income.
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Media Kit and Advertising: The article suggests creating a media kit to showcase platforms and metrics when approaching brands for advertising opportunities. This adds a layer of professionalism and helps in pitching advertising services effectively.
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Author's Background: The article is written by Jen Glantz, a solopreneur and the founder of Bridesmaid for Hire. Jen Glantz's credentials include being a three-time author and the host of the "You're Not Getting Any Younger" podcast. Her experiences and insights contribute to the credibility of the content.
In conclusion, the article provides a comprehensive guide on various passive income strategies, combining traditional methods with innovative approaches suited for solopreneurs. The inclusion of specific examples and platforms adds practicality to the insights shared by the author.
