I see a ton of videos on YouTube on this topic, and they give people 7 ideas, 8 ideas or 10 ideas, but in reality, it's just one idea Social media; because most of us make most of our money naturally from social media.
The Key to building Passive income or just more streams of income overall, is to start small, to be patients and most importantly to reinvest the profits. You only consume the profits once you’ve had more than you need.
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Chapters:
0:00 INTRO
1:18 3 RULES
2:29 INCOME #1
4:47 #2
12:06 #3
19:44 OUTRO
Rules: 3
Only invest into assets you really understand
Don’t try to make crazy return ( because they usually come with crazy risk)
Invest first and then pay Bills
1. Career ( 40k Minimum Per Year at least )
A lot of people take this first stream for granted but it’s the most important one
I have one rule when you pick this stream, make sure you enjoy what you do.
For me this stream use to be accounting but now its YouTube
Recommended Use for This Stream of Income: No multi-tasking allowed
Pay off your Debt
Save for Emergencies 3-6months worth, if your paranoid do 12 months
2. Investing into the Stock Market
To do this stream of income you’ll need to take a piece of main stream
The good thing is that, this stream of income can be 100% Passive if done correctly
By correctly I mean investing into boring index funds and not trying to rich off NFTs or bitcoin or whatever the new thing is when you watch this video
Its Funny: it reminds of the Tulip crisis of the 1600
Everyone was so convinced in the price of tulip that they would borrow money to buy them
Sell their homes and do a lot of stupid stuff
And today people are doing the same thing to buy jpeg of a monkey
Recommended Plan to Build This stream out
Invest 10-20% of your income in this order
Get the max 401k match if your job offers one
Open up a ROTH IRA and try to max it out if your budget allows out ( the limit is $6000 a year, so by investing $500 per month you can do it
Remember these are just accounts so you have to pick the investments
A great book if your interest in learning about this is “ a little book about common sense investing “
Advice:
Don’t be frustrated if your 10-20% is maxing things out ( its okay it’s a long term game )
A reasonable return is 8-12%
And set this up automatically, so you’re not tempted to use it
Future:
300 per month over 30 years at 12% will be $973k
Which if you take out 4% a year gives you passive income of $3,243.33
And if you don’t think that’s a lot, ask you grandparents or your parents if they have a million dollars
3. Real estate
I bought my first property last year and it’s a personal property not a rental not an investment.
It gives me security and lowest my cost of living by a lot
So I would only invest into rental income, once I’ve paid off in full my personal home using the 33% rule on a 15 year mortgage
For rental Income: 3 rules (my goal is own to these properties not manage them for the banks for 30 years )
I’m currently saving up money to buy a property, the goal is to save between 20-50% down payment for this home
To buy below market value at least at 20-50% discount
For example:
If the average price is 150k I want to buy for less
I would look for 20% off maybe at 100k and then negotiate a little further down
But if I rent a home like this, I would get around 800 bucks a month (9600)
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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.
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