What's a fast way to jump start your savings, increase your income and pay down debt faster? Get a side hustle! I am a big proponent of increasing your income, instead of finding additional ways to cut back. Mainly because there are only so many ways that you can cut back, but the amount that you can increase your income is endless. Side hustles can also increase your skills at your current position. Talking to others in your side hustle area can help you understand certain terms or common knowledge. Also, maybe your dream is to eventually make your side hustle your full time job. Having it as a side hustle first can help you decide if this is what you can do, if it's sustainable and so on. I have multiple side income, with online income … [Read more...]
How To Invest To Generate a Passive Income
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...]
