Passive Income is No Myth!
5 Ways I Am Building Wealth While I Sleep and You Can Too!
Over the years, I have read many articles that claim that true passive income is a myth, and that people who peddle such ideas have no idea what they are talking about. Indeed, some seem to believe that it is as elusive as things like Bigfoot. However, I’m here to tell you nothing could be further from the truth.
I have personally built several reliable passive income streams and am continually on the hunt for more. For me, using assets to passively grow wealth and buy back time is the key to financial freedom. That being said, just because the income is passive, that does not mean there are not things you need to do in advance to get them to a set and forget place. In most cases it requires money upfront or an investment of time to get the ball rolling.
These are the current ways I profit each month without any extra work on my part.
Crypto Mining
It should come as no surprise, crypto is the lynchpin of many of my income streams. This one is fairly simple and straightforward. I currently own four ASIC mining units that yield me a daily allocation of Kaspa tokens.
With my mining business, there is an upfront cost to purchase the miners, and because the mining company I work with hosts my equipment, I have a small fee at the month’s end for electricity use. However, everything is completely passive after the initial purchase.
Each day, I receive my mined tokens deposited into my Kaspa wallet, and then have two options: sell at current value or speculate that token prices will rise and hold for a larger payday down the line.
At the moment, I get over 2k KAS tokens a day and the price for each KAS right now is approximately .18 cents each, so you can do the math of what my current returns are and how lucrative this has been.
I will add that even though this is very profitable at the moment, as more miners enter the network and newer mining rigs come available, my returns will diminish over time. However, I have secured a ROI on my purchase after 8 months, so now everything will remain pure profit in the years ahead.
Crypto Staking
Staking crypto has long been a favorite way of mine to earn free tokens which can be converted to cash. With staking, you temporarily lock up your tokens on the blockchain and in return receive, sometimes lucrative, rewards for your efforts.
There are lots of great staking options right now, but my favorite is with Bittensor where I earn approximately 18% APY on my staked TAO tokens. The reason this one appeals to me is that there is no long-term lockup period, meaning that if I want to un-stake my tokens, I can do that instantaneously. Additionally, AI is a hot sector of technology and Bittensor is proving to be a leader in this space, so the value of the tokens I am earning should continue to significantly multiply from current prices.
It should be noted that some projects require periods ranging from a few days or even weeks to unlock tokens, meaning that if there is a sudden change in token price, you can not always quickly get access to your holdings. For this reason, staking does offer a level of risk, but generally I focus on strong, reputable tokens that pay good APY % and are ones that would be longer-term holds, in any event.
DePIN Crypto Apps
Yet another passive crypto play! I wrote about this topic recently and have been pleasantly surprised that this newer income stream continues to deliver. These are free applications you can install on your phone or computer and earn rewards just for being part of the network. So far, these are my two favorite:
Silencio
A community-powered network that measures noise pollution. To start earning:
Install the Silencio app from the App Store or Google Play.
Use my username “anthonyl37” as your invitation code when signing up.
Enter the application and you will find options “Venue Check-In” and “Open Measurements” which allow you to immediately start collecting rewards.
Grass
Earn tokens by allowing the Grass Network to utilize unused Internet bandwidth on your computer. To start earning:
Download the Grass Chrome Extension
Use my referral code to collect a sign-up bonus of extra points: “0Fq188ROUduoU-E”
Refer other users to earn extra points daily.
These apps can easily add a few hundred dollars (or more) each month to your bank account with almost zero effort on your part. It is also a growing focus area of crypto so expect to see more types of these money-makers in the months ahead.
Kindle Direct Publishing
Probably my most challenging passive income stream to build, but also the most rewarding in terms of seeing the work you create offer long-term value.
Over the past few years, I have published 13 books on Amazon, all of which have hit #1 in their respective categories. So far, I have focused on non-fiction titles in the following genres: Self-Help, Children’s Sports, Cookbooks, and Survival Prepping. However, at some point, I will take the leap into fiction. You can view my entire current library here.
I’ll admit, KDP takes a bit of a learning curve to master, but once the ball is rolling this one can be a great option. It has taken some trial and effort to better understand what sort of books sell better and in turn that allows me to fine-tune the process with each successive title I create. I won’t lie though, it can feel daunting in the early days.
Obviously, you have to write the book first, then do all the little things such as formatting, editing, create a compelling cover, and more before publishing. Then once published, there is more work to be done with marketing, getting reviews, etc. All of this effort can be considerable.
However, once you have a good working rhythm and start to build up a library of books, the Amazon algorithm kicks in and you receive a compounding effect for your published works.
Right now, I haven’t written a new book in two months. I just run a few low-cost Amazon Ads to ensure some exposure and as a result I make several thousand dollars in sales royalties from my current titles. The one downside I find with KDP is that you do not receive payment for several months after the initial sale.
Short Term Property Rental
Real estate is one of the largest drivers of wealth building and this has been true in my experience. At the moment, I make considerable money on a rental property that focuses on short term stays in one of the world’s most desirable locations. Without question, this required a large upfront amount of cash to purchase, but I secured the property pre-COVID and it has more than doubled in dollar value in that period.
However, as is the focus of the article, this income stream is completely passive. I have an agency that manages my property. They do all the marketing, scheduling, maintenance, etc and then send me a payment at the end of each month. When I want to use the property, I simply lock those dates on the calendar. Otherwise, it's a very hands-off income stream.
I will note on the downside that when you open your home to renters, things get broken and go missing all the time. Quite simply, people don’t care for your property the same way that you would. It is disappointing, but understandable at the same time. However, getting paid a sizable fee each month helps to ease most disappointment.
Myth Busting
As demonstrated, passive income is clearly not a myth and something that is within reach for most people. Each of these streams pays me monthly with little to no time or effort on my part, and the same opportunities exist for you.
Another thing to consider is that these are also not the only passive income opportunities out there. There are literally hundreds of ways to earn. However, for me, these five options today reward me with the equivalent of a full-time income without anywhere close to full-time hours. That means I’m free to spend time with family and friends, and focus more time on my businesses that do require my attention and are not passive income streams (yet). As usual though, I will continue to find new ways to profit that don’t steal my time, because I know they are out there!
What Are Your Thoughts on Passive Income?
What passive income streams have you had success with?
Have questions about how I can help you get started?
Please share your thoughts and comment so we can all continue to learn and grow!
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