Yahoo Finance Grant Cardone: 4 ‘Monster’ Passive Income Ideas
Grant Cardone, private equity fund manager, real estate investor, author of “The 10X Rule” and creator of the 10X Profit Planner, believes “cash flow is king, and strong passive income ideas make it all possible.”
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Indeed, to generate a steady stream of money with little effort, passive income — money not derived from active involvement such as a salary — is the way to go.
For Cardone, the number one way to generate passive income is via real estate investments. Now, he also conceded in a blog post that not everyone has sufficient funds to get started in that area. So to get there, Cardone laid out four “monster” passive income ideas, or as he called them “pre-real estate investments passive income ideas.”
“I know that everyone can’t just jump right into real estate. So, I put together additional passive income ideas that you can begin working on today,” Cardone wrote. “You’ll start generating income while you sleep so you can stack cash and then start investing in real estate when the time is right.”
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Build a Blog
According to Cardone, you can use the content you post on social media and “put all of that into a blog as well!” This helps you broaden your reach and helps you “stay relevant in your market,” and in turn, can help drive revenue.
“If you have products or services, then you can link to them in your blog. Then, when you start getting some traffic, you can also monetize your space by running ads directly from your blog,” he wrote.
Affiliate Marketing
Another way to derive passive income, is via affiliate marketing — when you advertise someone else’s product or service and get paid to do it.
“It’s a great way to make some cash if you don’t have your own product or service or if you just want to offer something else you believe in as well,” wrote Cardone.
eCommerce & Dropshipping
Cardone himself does eCommerce, selling his products through his online store and using Shopify to do so.
“This method became popular in the last few years, and for good reason. It requires little money to start and has potential for success if you’re willing to put in the work,” he wrote. While competition has increased since its heyday, there’s still opportunity out there.”
Coaching
Cardone argued that if you have a skill in a certain area such as fitness or health, or a specific knowledge, there’s value in your knowledge even if you don’t realize it. “Whatever it is, you can start your own website or make a profile on a Fiverr or Upwork and charge customers to help them get the result they want,” he wrote.
Cardone has often reiterated that his No. 1 tip for creating wealth is to generate passive income. In a LinkedIn post, he wrote that while there are numerous paths to wealth, for most of us, the key isn’t the income from your salary, but instead the money you are able to generate passively.
“The rich live off passive income, not earned income. Once your passive income exceeds your earned income and all of your expenses come from your passive income, then you have achieved wealth,” he added.
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