It's the dream: money you can count on to keep rolling in, even while you sleep.
Passive income isn't entirely passive, of course. You'll put in work up-front to get the profits rolling, so don't relax in your recliner just yet. But with so many potential sources of passive income available to you, picking one or several will mean that the day you can finally kick back will draw steadily closer.
Rental Properties
Real estate is a tried-and-true wealth builder for a simple reason: people will always need somewhere to live. Research the market in a growing community until you know a good deal when you see it. You can maximize rent by fixing up a deteriorating property or upgrading a mediocre one. The key is to hire a property manager to do all the day-to-day landlord duties for you—and you'll need a good one. Smart investors put their profits in another property and repeat the process until they have a diverse portfolio.
A YouTube Channel
You can start a blog if you're more comfortable hiding behind a computer, but consumers are more likely to prefer video content. Post a series of “how-to" videos to answer questions about whatever you're an expert in.
You can put up any content you want, but if you don't want to commit to regularly updating it, focus on “evergreen" topics that will draw clicks for eternity. Ads will create your income, especially if your channel grows in popularity. Better yet, sign up for affiliate marketing. If you recommend a product and provide a link to buy it, you'll get a small percentage of those transactions.
Auto Advertising
If you don't mind vinyl-wrapping your car with an ad for a company, you can get cash just driving around and running your errands. Make sure you contact a reputable company that doesn't ask for any money from you; if they're the real deal, they'll evaluate your car, your driving habits, your area, and more. Bonus: the brighter the ad, the easier it'll be to find your vehicle in the parking lot.
Digital Products
What's something that people will pay for but doesn't require shipping on your part? Finding that item is what can supplement your income indefinitely. Write an e-book, charge for your cross-stitching patterns, design prints that people can digitally download, invent an app, record a “masterclass," or whatever else you want. Every time someone new discovers it, the cash register rings. With a little more effort, this is a potential source of passive income for you that can continue to grow. Once you build up a customer base, they might want more products. The good part is that it's up to you whether you wish to give it to them.
Home garden and porch
As anyone who has ever sold a house will tell you, you must prioritize curb appeal. Before a potential buyer even considers looking inside your house, they notice the outside first. Does it attract the right kind of attention? Does it take away from the feel you're going for? If you plan to sell sometime soon, you must think about these things. Here are some landscaping options to increase your home's curb appeal, so you can get the best price on your home.
Extensive Plants and Greenery
A barren front yard won't get you the price you want on your home. So, invest in at least a little bit of greenery to keep the surrounding area from looking too dead. Shrubs and bushes tie the house to the lawn that precedes it, and flower beds bring a pop of color to an otherwise drab structure. You can also strategically plant some trees to improve the overall feel of your home's exterior.
Lawn Care
As we mentioned, your lawn is one of the most prominent features of your home's exterior. A patchy, dried-up lawn will quickly drive your home's price way down. Some of the best landscaping options for your home's curb appeal involve improving your lawn for the next inhabitant. Overall fertilization, ground aeration, underbrush removal, proper mowing—all of these lawn care tasks contribute to a greener and more lively area that invites people to see your house, rather than stay away from it.
Paved Pathways
There's nothing like a broken and disheveled pathway to make someone think twice about buying a property. Just as you want the entryway in your house to be welcoming, so too should the pathway leading up to the house be inviting. The pathway from the street to your front door provides plenty of real estate to get creative with. You don't have to settle for a boring concrete pathway. Consider something more eye catching, like a cobblestone path or intermittent brick patterns, as a way to better welcome potential buyers.
Usable Outdoor Furniture
Landscaping doesn't just involve the ground you walk on; also included are the items you use as extras to the overall look. Outdoor furniture is one such extra that you don't necessarily need but can look quite attractive if done correctly. Staging is important with outdoor furniture. Old, broken-down pieces will only look like more work to the potential buyer. A few comfortable chairs, a bench, or a table with an umbrella really go a long way to improving your outdoor aesthetics.
A good tip for deciding on curb appeal items is to decide what you personally would want to see as a part of a welcoming home's exterior. You don't need to go overboard, but a little bit of forethought could net you quite a lot of extra cash in the sale.
As the years go by, you'll likely need to make some large purchases here and there. Plan for these major life purchases by identifying them and saving early.
While it's possible to be frugal with many aspects of your lifestyle, there are certain events and possessions that will require you to spend a substantial amount of money. Thus, a wise course of action is to begin saving well ahead of time while thinking about your goals for the future. This way, you'll be able to maintain a stable financial state even when faced with those large expenses. The following are a few major life purchases that you should plan for.
A Wedding
Marriage is a joyous occasion that many people look forward to. However, a wedding can be quite expensive, often costing thousands of dollars. Your family and your future spouse's family will often contribute to covering this, but you should still prepare to spend a good deal of your own money on the ceremony. If you're in a serious relationship and are considering marriage, you should plan where the funds for the wedding will come from and take the necessary actions to accumulate them. It's also crucial to discuss financial matters with your partner, since your property will merge once you get married.
A New Car
Automobiles remain one of the top modes of transportation. As a result, you may want to purchase a new car at some point in your life. Although you may be fine with an old or used vehicle at present, you may one day be motivated by a desire to acquire something nice for yourself or by the practical needs that arise as you raise children. Whatever the case, obtaining a new car is a major life purchase that you should plan for.
In addition to setting aside funds to eventually put towards a vehicle, you should also aim to build you credit score. This is because your credit score will determine your available car loan options. The higher your credit score, the more you may be able to lower your interest rates on your car.
A House
Owning your own residential property is a worthy objective that you may hope to make a reality one day. Ideally, you should save about 20 percent of the total cost of a house before you buy it. This will allow you to make a larger down payment and thereafter face less interest on your mortgage.
As with acquiring a car, the mortgage options that you'll have can change based on how strong your credit score is. You'll want to increase your score as much as possible in the years leading up to buying a house so that you can get more favorable interest rates. In addition to contemplating down payments and mortgages, you must also remember that you'll need to deal with property taxes, insurance, maintenance and repair fees, and sometimes homeowners' association charges.
It's also necessary to hire a real estate agent to help you with the buying process. There are different types of real estate professionals. You should know how to distinguish between buyer's agents and seller's agents so that you can obtain favorable prices on homes as well.
Our homes are everything. It's more than just a building, holding the key to all of our fondest memories, family gatherings, and where we finally get to unwind after a long day. And with all that comes a ton of moving parts so when things go wrong with your house, it needs to be addressed ASAP. Being a homeowner comes with a big responsibility to make sure everything in your home is and continues to run smoothly.
For example, if your hot water heater goes out, you have to take care of getting it fixed. As a homeowner, you don't have the convenience of being a renter, where if something breaks all you have to do is call the super or landlord. (Boy, do I miss those days!)
On the other hand, a lot of benefits come with buying your own home – it's a great investment, owning property is good for building equity, and for some can be a nice place to put down roots to raise a family. But as your home ages and experiences normal wear and tear or unexpected damages, being a homeowner can become a real headache. Since now many of us are home more than ever, our home systems and appliances are working overtime. And that could mean more breakdowns.
Homeowners are opting to have home warranty plans in place, to have someone to call when something on their plan breaks. Having a home warranty plan from HomeServe can help protect your finances when you're in need of emergency home repair services covered on the plan. (Because let's be honest, nobody wants to dish out hundreds every time they need to call a repairman or thousands of dollars if replacement of a pipe or appliance is required.)
Want to learn more about how a plan from HomeServe works? Here's what you need to know:
What is a home warranty plan?
A home warranty or home repair plan gives you peace of mind. While basic homeowner's insurance plans typically cover accidental damage to your home caused by events like fires or natural disasters, a home warranty plan helps cover the repairs or replacement costs associated with the normal wear and tear of home systems or appliances in your house.
When your plumbing lines, AC, heat, or appliances fail to work or need to be replaced, it could cost you a lot of money. When you're prepared with a home warranty plan from HomeServe, you will have access to a 24/7 repair hotline that allows you to make an appointment to have a licensed technician come over and handle your covered repair.
What does it cover?
Depending on the type of plan you have, it might cover plumbing, electrical, or heating and cooling systems. That includes things like a boiler breakdown in the middle of winter and locating and replacing a leaky pipe.
Why do I need it?
With a home warranty plan from HomeServe, you will have peace of mind. Since no one plans for the headache and hassle of home repairs, having a plan in place to deal with an emergency repair is a smart move. You'll know that you're ready for unexpected covered repair costs – costs that can easily make a dent in your wallet.
How much does it cost?
The cost of a home warranty plan varies, but you can visit us at homeserve.com to review affordable quotes for the plans that are available in your area. Plans start as low as $7.99 a month.
Nowadays we are using our home systems and appliances possibly more than ever. And while surprise repairs are a normal part of homeownership, you can't always foresee them happening. That's why being prepared with a home warranty plan from HomeServe will help you to not be caught off guard. Sign up for a home warranty plan today.
