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- I’ve been working on passive income streams for years, but I always want more.
- I asked a financial planner what else I could do.
- He pointed to dividends, REITs, digital products, and ads.
When I got laid off from my full-time job in 2016, I decided to become a solopreneur. I had an existing business in the wedding industry that I worked on scaling. I picked up freelance writing gigs and created a range of services that spun out of my personal brand.
After growing a few income sources, I noticed that I was working upwards of 65 hours a week. It felt like the only way to continue to expand and earn more money would be to introduce passive income streams.
Over the years, I’ve found a handful of ways to make money without trading my time. I’ve sold courses, rented out items around my house, and moved money into CDs with the highest rates. But in 2024, I’ve found myself eager to find a few new passive income streams.
I asked certified financial planner Jeff Rose to review my business and finances and suggest new and practical ways to earn passive income by the end of 2024. Here are his top recommendations.
1. Consider investing in more dividend-paying stocks
One of the first things Rose asked was whether or not I had started investing in stocks that pay dividends. When I audited my investment portfolios, I noticed that I had not bought very many of these stocks and was potentially missing out on recurring passive income.
“Dividend-paying stocks reward shareholders by paying out a percent of their earnings, on a quarterly basis, as a token of appreciation for investing and owning their stock,” Rose told me.
However, it does come with risks. “Getting paid dividends from a stock isn’t guaranteed,” Rose said. “The company could go bankrupt or no longer be profitable.”
The biggest benefit of this passive income stream is that if the company is doing well and paying out consistent dividends, you’re also benefiting from the stock price rising as well. “When you look at people making money in the stock market, it’s not just because the stock price is going up,” he said. “It’s also the dividend earnings on top of that. It’s like getting your cake and eating it, too.”
2. Look into putting money into more REITs
I shared with Rose that I always wanted to earn passive income through real estate but didn’t have the capital to buy a rental property. Instead, I recently started putting a little money into real estate investment trusts (REITs) to see if that could generate passive income.
Rose shared that REITS…
Read More: 4 Tips From a Financial Planner to Make Even More Passive Income