Mastering the Art of Generating Over $10k/mo in Passive Income by 2023
Creating a passive income stream is an alluring concept for many, as it can provide with a steady stream of money without much active effort. However, few are those who are able to generate more than $10k per month just by passive revenues. Here is an ultimate guide that will show you how to make over $10k/mo in passive income by 2023.
Step 1: Generating Sustainable Passive Income Streams
The first step towards generating a passive income stream is to identify where and how to do it. There are a variety of sources of passive income out there, such as stocks, real estate investments, dividends, peer-to-peer lending and even royalties from books. Each of these requires some upfront investments and efforts, but once established and managed properly, they could provide a consistent flow of passive income.
Step 2: Identifying Profitable Investment Opportunities
Once you have identified the sources from which you plan to generate your passive income, the next step is to carefully identify profitable opportunities. For instance, if you decide to invest in stocks, then you need to choose the stocks carefully, taking into account their current and potential future success as well as associated risks. Similarly, if you decide to invest in rental properties, then you should be careful to consider return on investment, local market conditions and …
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