According to experts, diversification is one of the best steps you can take to achieve financial freedom. And that often means creating sources of passive income.
We spoke with Ben Broch, CEO and founder of Copilot application letterand Mark McShane, owner and director of Skills training groupand discussed some of the methods that have worked to make them rich.
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Real estate crowdfunding
Broch said he has used multiple passive income streams to grow his income far beyond his day job.
“Real estate investing through crowdfunding platforms has been a game changer,” he said. “These platforms allow me to invest in commercial and residential real estate without the need for direct property management. By pooling funds with other investors, I can earn a share of the rental income and potential property appreciation.”
Broch said real estate crowdfunding offers a hassle-free way to diversify his investment portfolio.
“The ability to invest in high-quality real estate with relatively little capital makes it accessible and lucrative. Platforms like Fundrise and RealtyMogul offer transparent performance reports, allowing me to track my investments and returns.”
Automated e-commerce store
“With the help of dropshipping, I sell products without keeping inventory,” says Broch. “The entire process, from placing orders to fulfillment, is managed automatically, allowing me to focus on marketing and growth strategies.”
“An automated e-commerce business minimizes operational burden and enables scalability,” he said. “Using tools like Shopify and Oberlo allows me to efficiently manage product listings, process orders, and handle customer service. The key is selecting popular products and optimizing the store for conversions, which drives consistent revenue.”
Savings accounts and high-yield CDs
“While not as flashy as other passive income streams, high-yield savings accounts and certificates of deposit (CDs) provide safe and stable income,” Broch said. “I allocate a portion of my savings to these accounts to take advantage of competitive interest rates that beat traditional savings accounts.”
“High-yield savings accounts and CDs offer a risk-free way to grow my savings. Online banks like Ally and Marcus from Goldman Sachs offer attractive rates and flexible terms.”
Broch said this approach keeps his money working for him, earning interest and remaining accessible for future investments.
“Building multiple passive income streams is about diversifying your efforts and taking advantage of different opportunities,” Broch added. “Real estate crowdfunding, automated e-commerce, and high-yield savings accounts are just a few examples of how you can create significant passive income that supplements your primary income.”
Create app and monetize
McShane develops mobile apps that generate significant passive income streams.
“Developers can come up with an app that is useful or entertaining in some way,” he says, “and then monetize it through advertising, in-app purchases or even subscription-based models.
“App development offers one avenue to earn passive income. Once I develop and launch an app, I can continuously make money with very little maintenance. Through platforms like the Apple App Store and Google Play Store, the apps, along with their associated stable revenue streams, are opened up to a large audience.”
Affiliate marketing websites
“Running affiliate marketing websites involves creating content that promotes products or services,” said McShane. “By including affiliate links in the content, you will earn a commission for every sale made through your referral.”
He said this will effectively monetize technology-based blogs or review sites where the owner targets audiences likely to show interest in technology-based products and services.
“There are plenty of opportunities to earn passive income with affiliate marketing through platforms like Amazon Associates, ShareASale and CJ Affiliate,” said McShane.
Sell digital products
Digital products include many creations that generate massive passive income, such as e-books, online courses, software and design templates.
“Other than the development phase, these products essentially require little or no maintenance and can often be resold,” McShane said. “It leverages your expertise to create scalable revenue streams through the sale of digital products. More precisely, platforms like Udemy, Teachable and Gumroad help market and sell digital products to the global audience.”
This item was supplied by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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