4 Tips From a Financial Planner to Make Even More Passive Income

In this text, the author shares their personal journey of transitioning from a full-time job to a solopreneur, focusing on scaling their existing business in the wedding industry and creating multiple income streams. As their workload increased, they decided to explore passive income options to create more time for themselves.

They consulted certified financial planner Jeff Rose for advice on new passive income streams by the end of 2024. Rose recommended several strategies, including:

1. Investing in dividend-paying stocks: Rose suggested investing in stocks that pay dividends to earn recurring passive income. However, this method carries risks, as the company’s success is not guaranteed, and the dividend payments may cease if the company goes bankrupt or becomes unprofitable.

2. Putting money into REITs: REITs are a way to invest in real estate without purchasing or managing properties. While REITs can provide a higher return compared to dividend-paying stocks, they come with more volatility due to fluctuations in the real estate market.

3. Selling digital products: Rose suggested expanding the author’s offerings by creating and selling digital products like ebooks, PDFs, or digital workbooks. The upside is minimal upkeep after creation, but marketing and finding an audience are necessary to generate income.

4. Tapping into existing assets: The author should audit their skills and assets to find potential passive income opportunities. For example, they could rent out items, write an ebook, or create digital products to sell on social media.

One missed opportunity for passive income the author discovered was running Google ads on their business website, which brought in $390 in passive income last month. However, this income can vary monthly based on website traffic.

In conclusion, the author shares their personal experience and the financial planner’s recommendations for finding new passive income streams to supplement their business income and create more time for personal interests. The author suggests considering a financial advisor to help in the process.

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