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5 Passive Income Opportunities

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incomeWhen it comes to increasing our income, freelancers face a challenge. We’re used to trading our time for money — even if we charge a per project rate, rather than work for an hourly rate, we don’t get paid until we’ve put in a certain amount of time. But there are ways to make money without that direct connection between the number of hours we work and the amount we get paid. That sort of approach to making money is known as passive income — although passive income is a bit of a misnomer. It does take work to bring in money that way, although there is definitely potential to increase the ration of money to your time.

1. Sell Stock Work

There are marketplaces for just about every kind of creative work that a buyer can customize for their own uses. Stock photography, content and web designs are all sources of income, but you can focus even more specifically on one target niche. Maybe you can create a WordPress theme in minimal time — putting together several such themes and posting them to a marketplace like ThemeForest can bring in a small but steady side income. An alternative is selling those themes through your own website: DIYThemes, for instance, has successfully sold thousands of copies of the Thesis theme.

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10 Items You Absolutely Need For Financial Security

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securitayOnce you have left the land of COLA raises, paid sick days, and employer-matched 401Ks, not only do you need to be the writer/programmer/web designer for your business, you also need to be your own CFO.

Here are some absolutely necessary components for your business (and life) financial portfolio:

1. You need insurance. In addition to car and home insurance, you must also now fund life, health, and disability insurance. Without these critical coverages, not only could you be swamped with debt brought on by an unforeseen medical situation, but your business could lose its most important asset—you!

2. You need to pay your taxes. Religiously. As soon as income hits your mailbox or PayPal account, it is imperative that you take 30% off the top and tuck it securely away in a separate (interest-bearing) savings account. This money will then be ready to pay your monthly, quarterly, or annual IRS bill, in full and on time.

3. You need an emergency fund. Everyone should have an emergency fund of six month’s worth of living expenses put aside in a savings or money market account — even those with six figure incomes. Freelancers need this fund even more than others since income can often be erratic and you don’t want to worry about being able to pay the electricity bill which keeps your computer fired up and work coming in.

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