Life can be difficult and sometimes throws curveballs that result in health complications. Maybe you’re coming off of an unfortunate situation requiring a vertigo test. Perhaps you had a relentless case of dizziness or nausea, thought it was something to do with an inner ear infection, and ultimately realized you were going to be plagued by vertigo. Health issues can arise out of nowhere and jeopardize your income. It pays to look into various avenues for passive income sources now instead of waiting for that diagnoses of benign paroxysmal positional vertigo.
The good news is that the world is full of passive investment and income plans you can set up now to protect yourself in the future instead of relying on blind trust that you won’t run into a health crisis. Here are some specific, non-hedge fund, passive income sources you could benefit from.
You might already be pleased with your primary residence, but that doesn’t mean that you can’t expand your horizons and look into becoming an investor a rental property. Before you make that kind of commitment it’s crucial to determine how much of a potential return you’re looking for on your investment, the property’s total costs and expenses, liability, and the financial risks that could be associated with the property. Maybe the current year isn’t the best time for you to make this kind of move as an investor, but who knows what the next year could bring? It’s always good to plan ahead.
One place to start if you’re thinking of investing of any kind is a financial specialist trained in complicated business matters. An accredited investor, for example, might not only be able to help with good advice but serve as a resource for helping you to think up more passive income opportunity ideas.
While doing your research, be sure those you seek advice from have credentials in their specialty fields. You would not, for example, want to call a real estate broker to consider financial options and investment advice. Therefore, before you make those calls, be sure of your specific purpose for inquiry. That is, are you looking for an investment advisor, a broker, or a knowledgeable employee? Do those you are seeking advice from hold professional certifications? Do you understand the basics such as the very definition of an accredited investor? It’s important to determine these things ahead of time even if it means downloading a questionnaire online to better target your goals.
Word to the wise: a true professional will not give out investment decision advice, suggestions or much more without asking you questions, too. They will want to know things like your gross annual income, take a look at your last tax return, investor status, merits, debt, and know your overall income level history too. preparing ahead of time will help build a relationship of trust and mutual respect.
You may be able to drum up a solid income by using your car as a mobile advertisement. The best way to figure out if this is something that you could pull off is to reach out to a specialized ad agency, which will then assess your driving habits (where you drive, how many miles). If it doesn’t end up being the right fit for you, maybe you know a person’s spouse who drives all the time, and is proactively looking for a new source of passive income. It might even work for your own spouse as well.
Many advertising agencies are willing to pay you to slap a magnet or sticker on your car and let their logo do the work for you. Even trips to medical appointments or the neurologist could quickly become money makers.
Assess your social media presence. Do you have a large following on any of the major platforms? One way to quickly convert what might have once been a hobby on Twitter, Facebook, YouTube or Instagram could become quite lucrative if you looked into affiliate marketing. This form of income does not require any real capital but quickly will help your income levels if you are willing to put the effort into it.
The way that affiliate marketing works is that companies looking to build brand awareness will pay you a portion of sales for every item you help them sell. Popular places with affiliate programs include Amazon and other big retail online stores. A simple keyword search for affiliate marketing will quickly get you on your way to a decent passive income. You don’t need to be a finance expert or even understand how a balance sheet works if you take the time to ask questions and do your research. There’s a potential financial opportunity out there now just waiting for you.