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Passive income trends 2017

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Passive income has been a concept that has evolved and stuck with us. It has sent its roots deep into our business that it is unavoidable. We have learnt to employ passive income strategies for some time now. Just like everything under the sun, it is liable to change with time. The year 2017 has not been a heavy-handed year and with it comes good tidings.

In the world of passive income, ingenuity and diversifying play a big role in keeping things going. We have been observing and from what we can observe, there are notable changes. While the changes can be seen they can be ignored easily.

These changes, however, are responsible for the revolution that passive income is undergoing. But first, let us remind ourselves why passive income has survived the age of time and why it is so important. This way you can understand the trends as they continue diversifying.

  • It provides you with more avenues to make income in this day and age. The thrills of an 8-5 job usually dissipate after a while. Especially for millennials who are always looking for jobs that maintain a balance between work and life. Passive income gives you a way to create money without having to conform to the 8-5 work routine.
  • With passive income, you have a better understanding of products and how to make them profitable. Passive income streams vary, therefore, with every income stream that you undertake you have to learn. Every stream has its own playbook that you have to abide by.
  • Passive income also gives you the freedom to live and make as much money as you want without limitations. After setting up successful income streams that are able to run without too much supervision, you have time on your hands. You can check in to make sure that the passive income streams are excelling from anywhere in the world. You can live and work from anywhere.
  • In the case that you still want to work a regular job, you can use this income you receive from these streams to set up nest eggs. The money you get you can transfer to a retirement account or settle up your mortgage. The choice is yours as to how you will utilize the money that comes from these passive income streams.

As stated before passive income is a very diverse field. The trends that we have observed have a lot to do with the income streams themselves. Let us look at the general passive income trends in 2017 and beyond.

  1. Automation

Automation as always makes our work unbelievably easy. Automation is quintessential, especially when dealing with online platforms. Automation facilitates easy transactions between your clients and your bank. You do not have to keep writing invoices. 

There is software that enables buyers of any online product to receive the product and send payment. You can choose to fully automate your passive income streams or just the payment mechanisms. It all depends on how you set up your business. If not set up in the right manner, automation can be a full-time job. Where is the fun in looking after an automated system? Beats the point.

  1. Social media take-over

No one understands social media better than the ones that are currently in the throws of it. The millennials are gurus at social media related activities. In this sense, more millennials have wizened up to the ways of passive income. Every day more and more social media related passive income streams come up. Nowadays you can be an Instagram consultant. Yes, there is something like that.

The secret to this is through followings. Millennials are going out of their way to gunner as many fans as they can. This way they are paid per posting. There are people who get large chunks of money just to tweet about a product. How long does it take to type out a tweet? A few minutes and you have made your money.

The numbers are getting crazier and so is the money that people are making. If you want to undertake this form of passive income, the only job you have is keeping your followers enamored with you.

  1. Keep lending

The existence of peer-to- peer lending has revolutionized how people do business all over the world. This is because there is money moving around all the time. For those with cash that they are not using, they lend this money to others for a certain percentage of interest. You can lend to anyone in the world depending on the platform you select. You can keep this money in circulation till you are in need of it.

  1. The economy sharing wave

Collective consumerism is a concept that is picking up speed with immeasurable force. There are companies popping up daily just to meet this new economy sharing market. Now you can rent everything including your kitchen tools. You allow others to use your equipment and space, they in return, pay you.

Platforms like Uber and AirBnb have set the pace and many others are coming up. Join the economy sharing band and earn a little extra passive income for the nest years to come. This wave is not going anywhere.

  1. Subscription boxes

Subscription boxes have become extremely popular. You can set up a subscription box service taking advantage of the local products available. Since subscription boxes generally operate on recurring billing mechanisms you can make this a good passive income stream. The range of products can vary in prices its okay.

You just have to set up a well-oiled machine for timely delivery every month. You can automate this service very easily and operate it without any mishaps. That is why software and applications are a blessing.

These are just some of the trends that are being realized in the world of passive income. We will only continue to see these passive income streams expand. If you haven’t joined the passive income bandwagon, we suggest you start chasing it. You won’t regret.

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