Generating a passive income is hard to do, but there are many ways to do it. I will cover the most common and basic ones here. It is important to note that most income is not truly passive in the sense that no work was required. However, in my examples below, you will see how the income is now passive since the work was done prior to the income being made. Passive Investment Income The first major way individuals generate passive income is through investments. This can be done because many investments distribute gains in the form of dividends or distributions. These dividends and distributions are income, and many people are able to live off of them. A common strategy is to put together a portfolio of high dividend paying stocks. In … [Read more...]
How To Boost Your Salary – Without Asking!
I know the title may sound like a misnomer, but there is a way you can get a raise without asking your boss, talking to HR, or really doing anything - it is taking all the vacation days you're entitled to. The average American worker leaves almost 7 days of vacation unused each year. Not only could that go to waste (some companies don't allow you to carry vacation over), but you are not taking advantage of a huge part of your total compensation. Vacation is Compensation If you are an employee, vacation is factored into your compensation plan. If you don't take all of your vacation, you are basically leaving money on the table. Let's break it down. I assume that you get two weeks of vacation total, but I will run three scenarios … [Read more...]
How To Create Multiple Income Streams While Working
Since the Most Common Multiple Income Stream is a primary salary, you may be asking yourself how do I go about earning money through secondary income streams while working a main job. The biggest challenge we all face, including myself, is where do you find the time. I personally find myself to be a late night individual. I do my best work after everyone else has gone to bed. This works for me, but probably doesn't work for everyone. Finding Time There are many ways to find more time. Some are creative, and some just require different prioritization. Here are a few to think about: Stop Watching TV/Playing Games/Etc. - Supposedly the average American watches over 750 hours of TV per year. That is crazy. If you cut out the TV, … [Read more...]
