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Let’s face it: if you’re a single parent, it can be tough solely providing for your children on one income stream. Whether you lost your partner in a divorce, death, or amicably, it’s time to organize your household. A Philadelphia divorce attorney gives a guideline on methods to get into the passive income group:
1. Rent Out Property
If you have an apartment or house that you rarely use, you can offer it as a rental property. You also can rent out your home if you are away on vacation or out of town for an extended period. Of course, this also has its risks, but if you’re lucky to have good and responsible tenants, all you have to do is clean up after they’re gone and wait for the rest. If you’re considering this for the long-term, take extra precautions and take an insurance cover.
2. Invest In a High Yield Savings Account
If you already have a good deal of money in an emergency fund savings account, you can move it to a high-yield savings account. Such accounts are unique, as they have a higher interest rate than the usual savings accounts, bonds, or stocks. Of course, the more money you deposit, the more you earn.
Identify a legitimate and registered banking institution operating for a long time and has a good reputation. Don’t fall for the online high-yield online pyramid schemes, which mostly look legit. Their deals are always too good to be true. Therefore, always be on the lookout so you don’t lose your hard-earned money in the end.
3. Get Into Real Estate
Over time, the real estate business has interested many who wish to take the long-term investment path. Some of the most famous methods include flipping houses or partnering with a property management company. Luckily, you can also invest in real estate through your bank if it gives you the financial muscle to do it and aligns with your goals. With real estate investing, you’re assured of a constant residual income for the long term as long as you get yourself into the right deal with the right people.
4. Teach An Online Course
Are you good at something? You could be gifted in culinary skills, marketing, photography, etc. Why not share your knowledge with the world? You can use already established platforms like udemy.com to sell your courses or pick a professional web designer to build a reliable website where you can freely post your courses and follow up on everything without site restrictions.
In the beginning, making the courses and building an online brand may take time, but later on, you may not need to do a lot of marketing for people to buy your courses. All you have to do is answer your customers’ questions if they have any. If your material is good, the recipients will take it and leave positive reviews that make your brand grow.
5. Use Google AdSense
If you set up a website for your business, then Google AdSense is another exceptional platform that you can take advantage of. The first step is to partner with Google AdSense, and then, they will place relevant ads on your site. Whenever an interested party clicks on the ads, you’ll get your share from the ad’s revenue; simple! See, you won’t have to place the ads yourself; Google will do all the work. The ball is in your court to keep making whatever content you want for your site, and as your platform expands, your revenue and reputation will grow proportionally.
There are several passive income streams as long as you do your research and identify what works perfectly for you. Some of them may take time to show substantial results, but it may be your way out to financial strains with a good knowledge base and persistence.
About the Author
Roni Davis is a writer, blogger, and legal assistant operating out of the greater Philadelphia area. She works with many legal and financial clients, including the Schwartz Law Firm, a dedicated group of family law attorneys in Philadelphia.