I want to start generating additional income streams and what I've heard of most is "passive income"! I googled a lot, but I am not quite sure what option fits a beginner best... Any advice?
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1How much capital do you have to invest?– zeta-bandAug 26, 2019 at 15:38
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Related: What can I do to passively generate income?– Ben MillerAug 26, 2019 at 15:50
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for passive income country tag matters. In USA, mutual fund is best passive and second will be rental property( but not fully passive)– NeilAug 26, 2019 at 16:50
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1 Answer
It depends on your skills and your financial situation.
If you're an excellent writer then writing a book will likely be your best option. If you can't put 3 sentences together that make sense "write a book" is terrible advice.
Likewise if you don't have $100 to your name, "invest in dividend stocks" is terrible advice.
Youtube is a popular choice because you likely already have everything you need to start your channel. Writing is the same. If you really wanted to you could do both on your phone. You could also make a website, start a dropshipping business, make a course.....
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3How passive is a YouTube income? My understanding is that income from a YouTube channel dies off very quickly if you don't keep making new content, so it's more like an active business than a passive income. Aug 26, 2019 at 19:40
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Yeah, the same goes for a website, a course, other things. dropshipping always requires a little work.... The only truly passive income are things you buy (or if you start a business and get it to a point where your employees are running things without any supervision at all (which also works for a website or youtube.... you just need to get to the point where you can hire people to create your content)).– xyiousAug 26, 2019 at 19:56