Do you ever wish you could make money in your sleep? With passive income, it may be achievable. That’s because passive income doesn’t associate hours worked with payment received, so you can front-load the work and then watch the money come in with minimal maintenance.
If becoming financially independent is a financial goal for you, you may be interested to know that 65% of self-made millionaires have at least three streams of passive income. Whether you make money through business ventures and partnerships, real estate and rental properties, or dividend-paying stocks and mutual funds, passive income is crucial for maximizing income.
Credit Knocks surveyed 500 people nationwide who had paid for credit repair services and found some remarkable results.
Here are a few notable stats from the study:
- 48% of respondents who used credit repair services for 6 months or more saw an increase of 100 points or more to their credit score
- The most common credit-score gains reported were 100 to 149 points (26% of respondents) and 75 to 99 points (17.2% of respondents) compared to only 8.4% who reported a gain of 0 to 24 points.
- 87% of respondents thought their repair company’s business practices were “Professional” or “Fair”
But it wasn’t all good news for credit repair companies.
The survey also found that 12% of respondents thought the repair company’s business practices were “Shady” or “Borderline illegal.” The study also includes some not-so-great stats about credit repair companies’ billing practices.
Creating new passive incomes that be a way to help pay off some important bills, or build for a financial future.
When deciding which passive income stream is right for you, consider the main two requirements: time and money. Which do you have more to give? If the answer is time, consider blogging, affiliate marketing, or writing an e-course. If you have more money than time, you could invest in real estate or peer-to-peer lending.
Not sure where to start? This infographic from Lexington Law makes it easy. Build your source of passive income and be on the path to financial independence.
Please include attribution to lexingtonlaw.com with this graphic.
