6. Create Passive Income
"You need to start living a lifestyle in which you're no longer trading time for money — you can create something valuable one time that people will continue to purchase," said Pat Flynn, creator of the Smart Passive Income blog. But generating passive income requires patience as well as work.
If you start making money from an online business, generating passive income won't happen overnight, but it will put you on the path to earning revenue from something you created, said Flynn. In addition to starting your own business, other passive income ideas to consider include investing in a lending club, earning cash back rewards on credit cards and getting paid for promoting digital products on sites like ClickBank.
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Alicia Bodine contributed to the reporting for this article.