Author Topic: What is the best way to increase passive income?  (Read 1493 times)

TommyBeam

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What is the best way to increase passive income?
« on: July 22, 2019, 12:10:21 PM »
I have been trying to increase the amount of passive income but I’m not sure what’s the best method out there. I have been thinking about different investments such as index funds, robo-advisors or a high-interest savings account. I have seen good robo-advisor options such as Acorn or Wealthfront and I’m still deciding. I also came across Ally or Beam giving the best interest rates out there.

But since there is always a risk to investments, I am planning to use either Beam or Ally as a high-interest account. Looking for any advices! Thank you!

FinancialNordic.com

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Re: What is the best way to increase passive income?
« Reply #1 on: July 25, 2019, 12:29:14 AM »
There are many ways for creating passive income. If you want to get it monthly right now, I would advice P2P-lending or dividend investing. P2P-lending is becoming really popular in Europe, and you can do it too in USA or anywhere in the world. Most European platforms are providing investors 10-13% average returns annually. So, no wonder they are so popular. The most popular platform/website in Europe is Mintos.

I would also consider real estate investing, either on your own or through some REIT funds.  8)
Blogging about financial freedom and online entrepreneurship at Financialnordic.com

Sam

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Re: What is the best way to increase passive income?
« Reply #2 on: July 25, 2019, 09:39:27 AM »
Also, think methodically.

Every $1,000 you invest can generate $2-$8 a year. Think in chunks and keep on going. It starts getting addicting!

Eventually, your portfolio will grow large enough to create nice snowball returns.

See this post:

https://www.financialsamurai.com/ranking-the-best-passive-income-investments/

Regards,

Sam

FinancialNordic.com

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Re: What is the best way to increase passive income?
« Reply #3 on: July 27, 2019, 11:12:04 AM »
Also, think methodically.

Every $1,000 you invest can generate $2-$8 a year. Think in chunks and keep on going. It starts getting addicting!

Eventually, your portfolio will grow large enough to create nice snowball returns.

See this post:

https://www.financialsamurai.com/ranking-the-best-passive-income-investments/
I think you mean that every 100 USD you invest can generate 2-8 USD a year. That’s 2-8% interest annually, which is pretty average.
Blogging about financial freedom and online entrepreneurship at Financialnordic.com

chrismoneystir

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Re: What is the best way to increase passive income?
« Reply #4 on: July 31, 2019, 03:23:25 PM »
I've been thinking of this too.

If you own a business, I think it makes sense to think about ways you can increase your income without much more work. That is what we are trying to do with my wife's salon. We are going to expand this year and hopefully generate an extra $1,000/mo in profit by doing that.

I've also been thinking about expanding into real estate. But outside of REIT's, it seems pretty risky to me. But I also want to supercharge our net worth, and it seems like real estate might be a way to supercharge our growth. So I'm starting to read as much real estate material as I can to see if that is what we want to do.

Outside of that, it is really just about gauging your risk tolerance and trying to increase your income + savings rate. We are increasing our retirement savings as well. I figure the more needles you can move at the same time, the more you increase your chances in getting that snowball moving at a faster pace.