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Diversifying, according to experts, is one of the best moves you might make towards reaching financial freedom.
And that often means creating sources of passive income.
Investing in real estate through crowdfunding platforms has been a game-changer, he said.
These platforms allow me to invest incommercial and residential propertieswithout the need for direct property management.
Broch said real estate crowdfunding offers a hassle-free way to diversify his investment portfolio.
The ability to invest in high-quality properties with relatively low capital makes it accessible and lucrative.
Platforms like Fundrise and RealtyMogul provide transparent performance reports, helping me track my investments and returns.
Automated E-Commerce Store
Running anautomated e-commerce storehas become a reliable source of passive income, Broch said.
Utilizing dropshipping, I sell products without holding inventory.
An automated e-commerce business minimizes the operational burden and allows for scalability, he said.
The key is selecting trending products and optimizing the store for conversions, which drives consistent revenue.
High-yield savings accounts and CDs provide a risk-free way to grow my savings.
Online banks like Ally and Marcus by Goldman Sachs offer attractive rates and flexible terms.
Buildingmultiple passive income streamsis about diversifying your efforts and leveraging various opportunities, Broch added.
App development offers one opportunity for earning passive income, he explained.
After developing an app and launching it, I can continuously earn money with very little maintenance.
By incorporating affiliate links within the content, you earn a commission for every sale made through your referral.
It harnesses your expertise to create scalable streams of income through the sale of digital products.
More precisely, platforms likeUdemy, Teachable and Gumroadhelp in marketing and selling digital products to the global audience.
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