![]() And while that might sound like a good idea, there’s no way for you to know if the people in control are making smart decisions with these properties (and your money). A REIT (pronounced “reet”) is basically a mutual fund that buys real estate instead of stocks. Steer clear of real estate investment options-such as a real estate investment trust (REIT)-that pool your money with other investors’ money to buy properties. ![]() If you go the rental property route, you need to be in control of your property. Find a real estate agent who knows your area well and knows what will attract renters. We suggest buying a property somewhere that’s convenient for you to visit so you can personally keep an eye on it. It takes time and effort to decide how you’ll rent out the property and how to manage it-unless you hire a property management company, but that would mean less income for you. You’ve got to market it and keep up with maintenance and cosmetic updates if you want it to pan out as a source of income. It’s also worth saying: A rental property can be a great source of extra income, but it isn’t the most passive choice. We filter out sleazy advisors. See up to five investing pros we trust. So, we’ve narrowed it down to nine solid options: If we listed all the ways you can build passive income, you’d be here all day. We’re talking anywhere from a few thousand dollars to hundreds of thousands of dollars-depending on which option you go with and how hard you work at it. But steady and profitable passive income options can build some serious money over the long haul. Passive income won’t make you wealthy overnight, so forget about any get-rich-quick schemes you’ve heard of. Provide an additional source of income in retirement.Protect you from a complete loss of income if you lose your job.Here’s what building a passive income can do for you: Even if you love your job, we’re willing to bet you wouldn’t mind earning some extra income without the blood, sweat, tears and time commitment of another job. Your income is your greatest wealth-building tool-a tool that typically requires you to clock in five days a week. But if you play your cards right, they could eventually earn you money while you sleep. Some passive income ideas-like building a blog or an app-take time (and sometimes money) to get up and running. You’ll need to put in the work-at least on the front end. Earning passive income is not a sit-on-your-butt-and-make-fast-money gig. Note that we didn’t say no effort at all. Passive income is a way to earn steady money with little to no daily effort. But what if there was a way to make money without having to spend hours mowing lawns or delivering pizzas on nights and weekends? That’s where passive income comes into play! What Is Passive Income? Now, you could take on another job-that’s always an option. Dreaming of early retirement? Maybe earning enough money to cover your needs and a few more of your wants? Yeah, those are some great dreams-and they’re well within reach if you can start thinking bigger than just the income that comes along with your 9-to-5.
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