I’ve been on this journey towards financial freedom through passive income for a few years now and have developed a few different passive income revenue streams. While I’d like to get a few more up and running in the next few years (diversification in this area is golden!), the ones I’m currently doing are plugging along and expanding, without a significant amount of effort on my part. I’ll outline them here and in the coming months, will post more details about each one.
1. Iherb. I love Iherb because as an expat in South Korea, it’s extremely hard to get the vegetarian/foreign kind of health food that I want to eat. However, Iherb ships from the USA, often for free and the prices of the goods are extremely cheap. While I didn’t get into Iherb because of the passive income potential, I’ve shared my referral code around various Facebook groups and on my own profile and I now generally make around $10-15/month, which gets credited to my own orders, or I can cash out if I reach a certain level.
2. Squidoo. I started out with Squidoo about 3 years ago and initially put a lot of time and effort into developing “lenses” on various niches and interests of mine. There are lots more posts coming on this one, because there really is a lot of potential here. Over the course of the time there, I’ve earned just over $4000 US and each month make around $100 with minimal or no effort (thank you passive income!) and around $200 if I spend some time updating lenses or making a new one here and there.
Update: Squidoo has now become Hubpages. Sign up for HubPages Here
3. Amazon. I have another Blog about my day job-”My Life! Teaching in a Korean University.“ I’ve been doing it for about 6 years now and have earned around $500 US on the commissions I make from selling Amazon products that pertain to the topic, such a textbooks or teacher training books. Lately this has really picked up and I earned over $50 last month, my highest ever. I didn’t use Amazon for the 4 years or so, so the potential is definitely there to go back into my most popular pages and include some links and ads.
4. Dividend Stock Investing. I started investing in 2009, right after the big crash. I did extensive research for a couple years before that, before I ever invested a dollar into the markets. I got lucky with the timing and I’ve had significant capital appreciation, but my main goal is actually to invest in solid, blue-chip kinds of companies that have a history of steadily increasing their dividends. At this point, I re-invest the dividends, but in the future, I hope to be able to withdraw them and live off them. Each month, I average about $300 US, but I hope to increase this significantly.
5. Which brings me to my day job. Teaching at a South Korean University. It’s quite lucrative and easy on the working hours, which leaves me plenty of time to devote to building passive income streams. It’s ideal really. These days, I’m doing significant amounts of overtime in order to build up cash reserves. The stock market is showing serious signs of being over-bought, so I’m just waiting in the wings with my cash made from my day job, so that when a crash happens, and everything is on sale, I can get some quality stocks for cheap and reap the rewards for years to come