What types of passive income can you generate with a solid financial plan?
Do you have a side hustle that is earning you extra cash on the side? If you do, you are not alone. According to Zapier, “one in three Americans have a side hustle.” That equates to approximately 34%, and there are another 61.1 million Americans who have planned to start a side hustle in 2021. Are you looking to start a side hustle and generate additional income? If so, you can use your financial plan to help you generate some passive income to pad your savings account. Here are some of the best ways to generate passive income:
- Invest your money —One of the easiest and most common ways to grow your income is to invest. This is typically a long-term strategy that will, over time, generate steady returns — even with the ups and downs that come with the stock market. Talk to a CERTIFIED FINANCIAL PLANNER™ to help you make the best investing decisions to generate passive income.
- Buy bonds and/or CDs —If you are looking for a safe and low-maintenance way to generate some passive income, consider buying bonds and/or CDs. The caveat to the security you will find with these two sources of income is that the return is fairly low.
- Embrace your talents —Are you a talented writer, designer, photographer, DIYer or crafter? Put your talents to work to earn some passive income. If you are a writer, author an e-book. If you are a graphic designer, create some printables to sell online. If you are a photographer, you can put your camera skills to use selling stock photography. Or if you are an avid DIYer or craft enthusiast, create a course for others who may want to learn a new skill. You will have to put the work in on the front end, but then you can sit back and watch your income grow.
Talk to a ProVise CFP® professional about how you can use your financial plan to help you generate passive income
At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.
Are you ready to talk to a professional about generating passive income? Contact ProVise today to schedule a complimentary consultation.