To maintain your wealth, it is suggested that you have multiple forms of income coming in. One of the easiest is, of course, passive income. There is a wealth of different options out there that fall within this category.
Passive income is any type of income that has work up front but then, once that is done, can generate income with little to no effort.
There is a wide range of options, including writing eBooks or even investing in real estate. Any of these can be great passive income streams to help extend that $10 million you have in your bank account to last much longer than you had initially anticipated.
Though, as we said, there is work to be done upfront. Once you have finished that initial work, it will be easy to maintain that income stream after it is done.
So if you are considering adding a few passive income streams to your portfolio, then keep reading! We are going to be giving tons of great information that should be able to help you.
What Is the Highest-Paying Passive Income?
If you’re looking to create passive income streams, especially regarding such a large amount, you want to find the highest-yielding ones possible.
However, there is a variety of passive income streams, from creating courses and things you’re experienced in to writing e-books about anything.
Perhaps this was a passive income strain that would yield more cash in the long run. Here are some of the highest-paying passive income streams you can invest your money and time in:
- Investing in rental properties
- Dividend stocks
- High Yield CDs/Savings Accounts
What Is the Easiest Passive Income?
As we said above, many different passive income opportunities exist. But just like some are gonna yield more money quickly, some are easier to handle.
So we thought we’d take a look at those two as they may take longer to yield higher returns, but they have less cost of entry and time. Here are some of the easiest forms of passive income you can include in your portfolio:
- Retirement accounts
- Affiliate marketing/ selling
- Rent household goods/spaces
- Sell digital products
- Create online content
What Are the Popular Passive Income Options?
As more and more people are looking to open up their passive income streams to make money on the side or in a fashion that allows them to live a less work-oriented lifestyle, certain forms of passive income have become quite popular.
Some of the most popular are:
- Blog/podcast/YouTube content
- Affiliate marketing/selling
- Real estate investment
How Many Types of Passive Income Should You Have?
When you’re looking at including passive income streams in your financial portfolio, you need to make sure you don’t overload yourself.
The answer to how many types of passive income streams you should have is really dependent on the time you have available and the bandwidth you have to give to maintain them.
It also depends on how much money you’re looking to make. Ideally, you want at least one form of passive income. But many people have up to seven different forms of passive income to support the lifestyle they want to live.
So the trick is finding the right amount for you and staying in those lanes in order to not burn yourself out or over-promise your time and attention.
Common Mistakes to Avoid
When you are looking to figure out how many passive income streams you can manage and which passive income streams you want to utilize, there are always some things you must keep in mind.
It is a new venture, and so there are many mistakes that many people make that could potentially hinder you from getting the best results possible.
So to help you navigate around those, we thought we’d give you a couple of the most common mistakes that we think you should avoid in your passive income journey:
- Set unrealistic goals
- Not enough research into your chosen passive income stream
- Not realizing that there will be maintenance to keep the income stream relevant
- Lack of patience
Final Thoughts on Passive Income From $10 Million Dollars
Including a passive income plan in your financial portfolio is a good idea for building your wealth. There is a wide range of options available to you.
Everything from investing in real estate to writing an eBook can all be forms of passive income that help you maintain your ideal lifestyle.
We hope that taking a look at these has given you some ideas and that you’re well on your way to building your portfolio by including passive income streams.