Top 5 passive income ideas with $0, Tommy that sounds like Scam you need money to make money. Well, that’s not true.
What ARE Income Streams:
Income streams are the ways you make money, and most people only have 1. Which is I work, and I earn money for my time. But the average Millionaire has 7 income streams, very different.
What are the best types of Income streams:
Active: This Income stream requires work.
Passive: Rental Properties, affiliate marketing, basically income that you don’t have to work every day.
Interest Income: This money just grows on its own.
Top 5 Passive income Ideas with $0
The first I want to clarify is this: You can’t make lemonade without lemons. Now this means no money income.
1. First Stream: Active Income Your Job
– The average millionaire works a 9-5 job, so it’s okay if you do too.
Importance: The most important Stream of income, because it’s finite and there are only so many hours you can work until you through a bagel at your boss.
What to do: Keep a minimum of 10%-20% of this money (there was a point where I was saving 90% of all my income in college I don’t recommend it, you’ll become miserable, find a balance )
2. Second Stream: Active Income Leverage your free time and skills
– Yup 8 hours a day is not enough, so we have to find a way to leverage your time/skills
Importance: Crucial, if you’re working your dream job already then great, but if your not its time to work on making money with doing something you like.
What to do: I did eBay, and if you have any good skills, you should do Up works and Fiverr or consulting. Even uber, lyft whatever it.
3. Third Income Stream: Passive Investment Account
– The reason it’s still passive is because you still need to take a look at it and readjust it every now and then.
Importance: Extremely important because this is going to be your long term investment account. This account will pay you dividends and an average of 7-12% a year.
What to Do: Take the money from your main Active income source (job) and put it in this account and let it grow and don’t take it out.
I do: I put $500 bucks into my investment account every month with acorns. And i get on average 2.35% on dividend each year 7-12% growth annually.
4. Fourth Income Stream: Passive Savings Long Term Asset purchase
– Take the money from your second income stream and put into this, can either be to buy real estate, invest into a physical business and so on.
Importance: Biggest step, because you are finally going to buy assets to invest into that will produce you money/cash flow
What to do: Grab the income from your second Job, the consulting or upwork or whatever you choose. Put it into a high yield savings account
I do: I have two active incomes that come in from around 22 different sources. I use my primary business to fun my investment and all the youtube money to put it in a savings account and use it to fund my future real estate purchases.
Tip: make sure this asset gives you a positive return on your investment don’t lose money
5. Five Income Stream: Equity building up on your properties, savings account interest, even peer to peer lending
– This is the stage where you have a lot of money, and now you need investments to park it in to produce interest income that don’t a lot of time to manage
Importance: This usually has a lower return than passive and active, so try to focus on the other ones first before locking in your oney here
What to do: Once you have properties, by your tenants paying rent, you build equity. While savings for more assets, you get savings interest, and if you have extra cash, you can participate in peer to peer with collateral to make extra money.
What I do: I’m not here yet, ive spent the last 4 years building up my active and passive income. In the next 12-18 months ill be working on this.
Bonus Tip: In the video
1. Your Job Active Income
2. 2nd Job side hustle Active Income
3. Investing: Dividend and market growth
4. Asset Building
5. Interest Building
* PRO TIP*
INFORMATION IS EVERYTHING
More Ideas: https://www.bankrate.com/investing/passive-income-ideas/
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