7 Ways To Make Money Work For You | Passive income

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I’m going to give you 7 passive income ideas you can start doing today. And as you guys know the average millionaire has 7 streams of income, but people forget to mention, that the average millionaire also has a 9 to 5 job.

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1. 401k: self-directed or join the plan your company offers
– You basically can invest your pre-tax dollars
– And have it grow tax-free
– And then only pay taxes when you retire and start taking money out

Here is what you do:
– If you have an employer ask them do they have a company 401k plan and do they offer to match
– If they offer to match you want to maximize the amount of money you invest ( to get the full company match)

By doing this and setting up automatic investments:
– You get to build a big retirement account
– So when you retire you can be sure
– You won’t be sleeping at your kid’s house.

Tip: I know this doesn’t sound sexy but it’s going to help, also I recommend Vanguard if you want to roll over your 401k or start a new one.

2. Roth ira
– Now this investment you make with after-tax dollars
– Meaning you can deposit up to $6000 per year
– And have the money grow tax-free, and take out the contributions without any penalties
One thing I do want to mentions:
– You can use vanguard or acorns which are the top 2 I recommend currently
– But the idea remember your 401k and your Roth ira, are just accounts
– You have a deposit and then select the investments you want to invest in.

For this I recommend:
– Index funds, target-date funds, and if you don’t know what I’m talking about
– It’s okay I have a full video breaking everything down.

3. Brokerage account ( if you are maxing these out)
– Now this is a normal investment account
– And it’s not really for retirement
– So there are not benefit, but also no restrictions

I recommend:
– You have a brokerage account to invest money
– Once you max out the company match, and also your Roth iRa contributions
– Then you can have some fun here

The cool thing is called :
– Fire movement
– Is basically retiring early in 10 -20 years instead of 45 years
– Meaning you’re going to invest all your extra income to accomplish this goal
– Easy calculation: multiply your annual expenses by 25 = and that’s the amount of money you need to retire early
– And you’ll be taking out 4% of that each year to live off.

4. Dividend Income ( 1-3 are all basically going to produce capital gains)
– This is the money your investments pay you to be an investor
– Individual stocks give high dividend but usually, the risk is higher also

5. Rental Income
– Funny thing you can actually borrow money for your 401k penalty free to buy your first home, but I don’t recommend it (you’re stealing from yourself, and if you let that money grow, it doubles in time)
– So I recommend you save up for your down payment
– I’m buying my first property most likely next year, and I saved up 20%

However:
– Your rental income is very cool
– But its not really all the way passive unless you have a management company
– And that will eat into your profits also.

Tip: use rent or own calculator online if you wanna know if buying a house is right for you

6. High yield savings
– I’m not a big fan of putting a million dollars into a savings and getting back 1-2%
– But I’m a big fan of emergencies account and if you have one
– It’ll make you some extra money but not a lot

Varo Bank, Sofi Bank, Wealthfront

7. Start a business
– By business I mean a side hustle you can do while you have your job
– A great book on this is a book by Chris Guillebeau

Some ideas:
– Youtube channel
– Sell courses
– Amazon affiliates

My Portfolio: https://www.youtube.com/watch?v=JierADnPjoc

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

Comments

TommyBryson says:

Here is another video on MY ENTIRE STOCK PORTFOLIO
Link: https://www.youtube.com/watch?v=JierADnPjoc
Second Channel: https://www.youtube.com/channel/UC5CkZdoQwz_3VxwnxXSEISA

jonathan Cortés says:

Hey Tommy I have a question. When I’m in the military they will match 5% of my Roth. But what will happen to my personal investments in stash, m1 finance, and Robin Hood? How much will they be taxed if I am investing for the long term?

E Giddens says:

How do feel about investing in M1 IRA’s?

Luiie's iLLviLLe Productions says:

Don't invest in a 401k please

Chef Curry wit da shot boy says:

You say to do Roth IRA to save on taxes as opposed to what!?

Chef Curry wit da shot boy says:

Why do you need both Roth ira and 401k?
Why Roth Ira if you can do it thru a brokage and choose what to invest In?

ThaHarlem Gigolo says:

I wasn't subscribed until now but I been watching your videos & others like Graham since March. The NYC Lockdown made me notice how much money I was wasting. I just started a minimumin investments in, M1 Financial (individual stock market), Diversyfund, Lending Club, Fidelity Roth IRA. I'm seeing small results I just have to do this for the long run and take it to the next level.

Kilend Wolf says:

Great video tommy, I’m working towards these things myself. Maybe that’ll also help with the content I post on my own channel.

Garen1 says:

I would not recommend Weakthfront at all, they were the first ones to drop their rates as soon as the fed dropped their rates. It is understandable of course, but when you look at more established banks like Ally and Marcus by Goldman Sachs they dropped it much latter on and their rates are above 1% right now and Wealthfront is 0.35%. Wealthfront gave the most at first but they were clearly not prepared to keep this up as soon as the feds lowered. If you want a more relatable savings go wit something that has history

ThRilllz COD says:

Yessir tommy 😈😈😈

Gilbert says:

This guys my new favorite YouTuber, saving these ideas incase the music thing doesn’t work for me

MsLearnandEarn says:

great video Tommy! Thank you!

Just Frugal Me says:

Great information Tommy, especially if your company has a 100% match and it is FREE money.

Nadia Martineau - Let's Get Rich Together says:

Starting selling merch thanks to seeing your shirts!!! Grateful 🍩🍩 donut merch haha

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