As we all aware, the World still suffers from aftermaths of COVID-19 outbreak. During 2020, most parts of the world was under lockdown. Hence, most of the small companies got hit hard and had to dismiss companies and then their employees. As a result, majority of the rat race runners had a major risk of loosing their jobs or at least suffered from a pay cut.
More than 90% of the population do not have sufficient contingency reserves to utilize in a pandemic situation as they are not financially educated to survive in any condition. However, the school system does not teach how to be financially independent and establish passive income sources even in a pandemic situation.
All in all, our ultimate objective is to teach our followers on earning passive income and get rich quicker than a 9to5 job ever will. The most basic concept of money is that the money does not get tired as humans and they can be used to work for us if you work wisely. Hence, following is the part 01 of passive income sources where you will get paid even if another pandemic outbreaks.
Passive income sources means that you will have to work once and the returns will receive over a period of time without you having to work over and over again
01 Saving money as a habit
Saving money is the key funding sources of financial freedom. The basic idea of saving money is not spending on unnecessary expenditure on entertainment and fun activities, but to spend on investing assets which will generate more cash in future.
Saving money means cutting entertainment budget and increasing financing budget
The basic concept of saving money is that to reserve a percentage of money from your earnings as savings in an account and then spend the rest. Assume Mr. A earns USD 1,000 per month and the best saving strategy would be to save USD 200 each month in a separate account so that annually Mr. A would save USD 2,400 as a savings fund.
However, the rest USD 800 shall not be his expenditure budget, he shall invest another USD 200 per month in cash generating assets such as FDs, P2P lending or share market. So the ultimate expenditure budget would be USD 600 per month.
One major issue among most of the consumers are that they do no know how to save money has a habit, however, the best way to start saving is to start saving smaller percentage from the begging. When you start seeing your savings fund grows, you will eventually start increasing the rate of savings. This is the natural tendency of saving rule. Accordingly, saving as a habit will become your most important and the best sources of passive income source in your journey of becoming a millionaire.
02 Selling online courses
Passive income means that you work for a small period and the returns will come to you more than the time you worked. Hence, one better passive income sources is selling online courses. This is one of most popular ways of earning money online. Although you will require some level of advanced teaching set up such as camera gears, lighting and interactive screen, you will end up by earning continuous income for each subscriber you are earning. there are quite number of online services which enables you to become an online lecturer. one main sources is YouTube. YouTube gives you the access of more than 4 billion of active audience for your content. However, there is a big number of competition within the channel.
I can’t say it’s the best one as it’s simply hard to compare them all as they’re all just a bit different. However, what Skillshare is aimed for is the people who do not want to enroll in months-long courses to learn a subject.
Skillshare classes, compared to longer courses that you could find on Coursera or Udacity, are extremely short classes that explain a subject in as little time as possible. So, if that’s what you’re searching for, you should definitely consider the best Skillshare classes.
One good suggestion for you to start with is Skillshare.com. Skillshare needs some level of quality courses and then they will promote them within the platform and by way of emails. Hence, you don’t need to have a separate promotion campaign to run your courses. However, you will be entitle for a solid revenue income of USD 0.05 to USD 0.10 per watched video minute.
Also, Skillshare classes are project-oriented. That means that instead of only being lectured for an hour or so, you will have the opportunity to try and complete a project and you’ll be provided with the information that you’ll need for that. I believe that it’s one of the most effective ways to learn.
So, if after reading all this you’ve decided that Skillshare is the best option for you, but you still don’t know what you’d like to learn, then keep on reading to find out what the best Skillshare classes are.
You can register to Skillshare by using following link and entitle for discounts on premium plans https://skl.sh/3cI0XJN
Online courses are then will be a better passive income source in your journey of becoming a millionaire
03 Peer to Peer (P2P) lending
If you have some extra cash, peer-to-peer (P2P) lending might be the perfect passive income idea for you. Generally, sites like Prosper, Worthy, Funding Circle, and Lending Club helps you connect with others who need to get a loan. Instead of them going through a bank, the website matches lenders and borrowers, simplifying the process for all parties involved.
To get the most out of this passive income stream, investors can seek high-interest opportunities to provide the funds for loans. Also, if you’re just starting with P2P lending, you should diversify your risk by lending a small sum of money to a many, different people.
What do I mean? Start off by lending $25 to 50 people instead of $1250 to one person. In this way, you’ll diversify your risk instead of putting all of your eggs in one basket. (And no, the borrower isn’t JUST borrowing $25. If you and 199 other people lend this borrower $25 each, together y’all will help make up the $5000 that the borrowers needs.)
04 Rental income and real estate investments
Rental income is the most easiest and the secured passive income source in the world I would say. Most of the time it gives you a fixed income over a period unless rental income is liked with an index. The concept of rental income is to rent out your extra space to another reliable party based on an agreement and then start earning rental income. There are many ways where you can rent out your space, AirBnB and direct marketing are the most popular among all.
You might think that what if you don’t have a property to rent out so this post is useless. However, I have never said to any of my clients or a follower not to obtain a loan and do a business!! Accordingly, rental would be an ideal passive income source for your next venture.
You can always obtain a loan facility by carefully driven cashflow for your property business and manage your cashflows to settle the loan in the early stage of your business. During this period your profits are lower as you pay interest and capital in the initial stage of your business. However, As you settle the loan, entire property is transferred to your name and the rental income is your profit. Within few months you will recover from your early losses and your money will start paying your interest.
Finally, this is the end of part 01 of passive income sources which you need to follow in 2021 and so on to become a millionaire. I will come back to with another part of online and actual passive income streams which will made you a millionaire in 2021 and going forward.
Thank you for reading this!