There are several options to generate passive income. Some of these have more requirements than others but there are good options for everyone.

1. Stocks

Trading stocks and other assets is a potentially lucrative option for people in the military. Due to the ever-growing number of online trading platforms, it’s never been easier to join the stock market.

Day-Trading

Day-trading involves buying stocks when the price is low and selling them when the price is high. When considering trading as a source of passive income, you should carefully consider the risks involved. Though trading can be lucrative, some knowledge of the market is useful. It may be worth collaborating with an expert to find out where to start.

Demo accounts: Online trading demo accounts allow you to practice trading without putting money on the line. Once you’ve learned a few tricks of the trade, you’ll feel more confident taking the plunge.

High-Dividend-Yielding Stocks

This type of stock typically pays shareholders on a regular basis. Many people prefer to invest in high-yielding stocks rather than keep their savings in a bank where interest rates may be low. If you don’t want your money sleeping in the bank while you’re on active duty, stocks may be a good option.

Though stocks don’t guarantee a profit, they offer two ways to earn money while you serve:

1. Stock price appreciation
2. Regular dividend payments

As stock prices can also fall, be sure to get expert advice before diving in.

2. Real Estate Investing

Investing in a rental property is a go-to way of earning a stable and reliable source of passive income. Real estate investing is especially appealing as it generates income in two ways:

1. Property generally appreciates over time, so you are likely to make a profit when you eventually sell.
2. Real estate generates regular income that you can use to pay off the mortgage. After the mortgage is paid off, you can keep the rent as passive income.

Short-Term Holiday Rentals

Renting your property out as a short-term vacation rental can be an excellent path toward financial freedom. It’s important to know when and where to invest to get the best deal and the best possible return on investment.

Detailed information such as that provided by vacation rental data company AirDNA can help you pinpoint where tourist hotspots are located and where you can get the best “bang for your buck.” Data insights can also help you decide how much to charge and the kinds of amenities your guests will expect.

Military Real Estate Loans

Eligible serving military members and veterans can potentially get a VA loan to help them purchase a property. It’s worth investigating your VA home loan eligibility to see if you qualify for a loan, as they come with several advantages:

• No need for a downpayment
• Low interest rates
• Limit on closing costs
• No need for private mortgage insurance

Please note that VA home loans are for primary residences. However, you can rent out rooms in the home that you’re not using or even entire units if you buy a duplex, triplex, or quadplex and use one of the units as your primary residence. This provides opportunities for earning passive income from short-term rentals, long-term rentals, or both.

3. Cryptocurrency

Buying and selling cryptocurrency is another possible path for those willing to learn about the process. Due to the increasing number of cryptocurrencies on the market, there are lots of opportunities for investors looking to buy low and sell high.

Despite the hype, some do make money from crypto. But just like stocks, buying and selling crypto comes with its risks and requires careful and considered moves. Lower-risk cryptocurrencies that could be good options for beginners are ApeCoin, Polygon, Ethereum, and RobotEra ($TARO).

4. Amazon FBA

Amazon FBA, aka Fulfillment by Amazon, can be a fairly low-maintenance way to generate passive income. Amazon FBA is essentially a way of outsourcing order fulfillment to Amazon, which stores the items, packs, and delivers them.

Typically, you’ll need to make an initial investment of around $500 or more, but many people start seeing returns in the third or fourth month. Selling on Amazon is fairly straightforward and there are many guides online on how to set up an account to make a slow but steady cash flow.

5. Affiliate Marketing

Affiliate marketing involves marketing someone else’s products and services in exchange for a commission on each sale. According to Shopify, brand affiliates can earn between 5% and 50% commission on products purchased through an affiliate link. Though creating content takes some time and effort, all subsequent sales earn you passive income.

Becoming successful as an affiliate marketer is competitive and requires consistent engagement with your audience. Learning how to utilize videos and reels as well as marketing strategies like giveaways, discounts, and competitions can help to generate traffic, expand your audience, and potentially increase your passive income.

Boost Your Income Today

Whether you want to create a modest but reliable source of extra income or are looking to build generational wealth, there are several ways to boost your military income. Asking fellow military personnel or other veterans in the community how they provide passive income for their families could be a great place to start.

For those who don’t want to delve into the world of stocks or crypto, investing in short-term rentals is a great way to generate a reliable and safe source of income. With detailed and up-to-date data, you can optimize income from real estate for both short and long-term gains.

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As a certified veteran-owned business, you’ll not only benefit from increased government support, but you’ll also build trust and confidence in your brand by demonstrating that you’re not just another entrepreneur—you’re an entrepreneur who sacrificed for your country. But how do you get a veteran-owned business certification in the first place? 

Step 1: See if You Qualify

In order for your business to qualify for certification, it has to meet certain criteria. 

• At least 51% of the business must be owned by at least one veteran. 
• The veteran owner(s) must maintain control over all day-to-day operations, including policy, management, and decision-making. The veteran owner cannot simply be a figurehead. 
• The veteran owner(s) must demonstrate the managerial and industry experience necessary to run the business. 
• The veteran owner(s) must be the highest-paid employee(s) at the organization—unless there’s a logical reason as to why the company would benefit from the owner(s) receiving lower compensation. 
• The veteran owner(s) must have served on active duty with the Marine Corps, Army, Navy, Air Force, or Coast Guard. 
• The veteran owner(s) must have been discharged or released for reasons other than dishonorable discharge. 

If you’re a small business owner who meets the above qualifications and who has sustained a disability during your time of service, you may also qualify for a service-disabled veteran-owned business certification. 

Step 2: Seek Out Financial Guidance

It doesn’t cost much to apply for certification—some programs, in fact, are free. However, financial guidance is still an important part of the process. You need an expert to help determine your eligibility and prepare your documents. The program will need to see that you’re not only a veteran but that your business is in a strong position to succeed. 

If you don’t have a controller or CFO, you can use fractional financial services offered by a company like Focused Energy. They can help you compile the necessary data demonstrating the financial viability of your business, thereby getting you one step closer to approval. 

Step 3: Gather the Required Documents

Because there are different paths to certification, the required documents may vary. However, there are a few specific documents that are almost always required, so make sure to have these ready: 

• Your discharge papers (DD Form 214). Active-duty service members are not eligible for a veteran-owned business certification, so you’ll need to provide documentation demonstrating that you were discharged in good standing. 
• Your business license. Your license will demonstrate that you are authorized to conduct business in your state or municipality. Depending on the type of business and the location where it’s registered, you might also have to provide additional documents such as a seller’s permit (or resale license), sales tax license, or industry-specific license (such as a federal transportation or broadcasting license). 
• Tax returns. You’ll generally need to provide all business tax returns from the past one to two years to demonstrate the financial stability of your business. You may also be asked to provide financial statements, such as income statements or balance sheets, in order to demonstrate your financial viability. 
• Articles of incorporation. You may need to provide copies of your articles of incorporation/organization, outlining the legal structure of your business. In some cases, you’ll also be asked to provide additional documentation demonstrating that you own at least 51% of the business. 

Step 4: Choose a Certification Program

There are several organizations that offer veteran-owned business certification. Each organization has its own advantages and drawbacks. 

• If you want to compete for national government contracts, you’ll need to apply for a Veteran Owned Small Business (VOSB) certification, or Service Disabled Veteran Owned Small Business (SDVOSB) certification. This is generally completed through the Vets First Verification Program—a division of Veterans Affairs (VA). The application process is free. You can also apply for your SDVOSB through the Small Business Administration (SBA).  
• If you just want your business included on national registers of veteran-owned businesses, you can register as a Certified Veteran’s Business Enterprise (VBE) with the National Veteran Owned Business Association. While you won’t get all of the perks of being VOSB-certified, this is still a great way to attract business from other private organizations. 

There are also a number of third-party organizations that can process veteran-owned business certifications. For example, if you’re looking to find private-sector contracts, you can apply as a veteran-owned business through advocacy organizations like the National Veteran Business Development Council (NVBDC) and the National Veteran-Owned Business Association (NaVOBA). 

Step 5: Fill Out the Application

Fill out the application for your chosen certification program. You’ll need to provide information about your business, military service, and eligibility. You’ll also be asked to provide supporting documentation to prove your eligibility. You can submit the application and documents online. 

Once you’ve submitted, you’ll need to wait while the certifying program reviews your application and eligibility. If your application is approved, you’ll receive a verification letter or certificate confirming your status as a certified veteran-owned business.

Step 6: Keep Your Certification Up to Date 

Depending on the type of certification and the organization that issued it, you’ll have to renew after a set interval of time. For example, if you originally received your certification through the VA, you’ll need to reapply after three years. If you fail to renew on time, your business will likely be removed from government listings. Then you’ll have to reapply from scratch. 

Just make sure to read the documentation carefully for whichever program you choose, and follow all of the requirements to the letter. Then you will maintain all of the benefits of your chosen program for as long as your business is in operation. 

Apply for Your Certification

You might not see a need to formally apply for a veteran-owned business certification, but once you go through the process, you’ll unlock a wealth of benefits you never realized were available. 

Veterans—including service-disabled veterans—employ over 5 million Americans, and you deserve a helping hand as an active contributor to the economy. You’ve already served, so why not take advantage of the perks that are available? It’s just one simple way for the government and the private sector to say, “Thank you for your service.”

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