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Can you imagine a life without having to work every day? In need of To work, you can work because you want to work, or you can choose to work. not work because you wanted to how? By building a passive income that allows you to earn $50,000 a year without working!
According to conventional wisdom, the way you should live is as follows.
- go to college
- get a good job
- get married
- Get loans for school, weddings, cars, furniture and homes
- Please pay off all the debts that you have worked hard for over 30 years.
- Maybe you have enough money to retire, maybe you don’t
the truth is out there it’s a different way of life. No need to go the traditional route. Ultimately, you are in control of your life. You can do whatever you want.
Isn’t that free thinking? Want to know you’re in the driver’s seat of your life? For me it is.
One of the things that has been on my mind for a long time and I’m starting to work on is creating passive income so that I don’t constantly turn my limited time into money. And I’ve always been interested in passive income, so recently I’ve been digging deep into it to not only learn more, but also take action.
I think most people could happily live on $50,000 a year (if they weren’t in debt), so I thought it would be a good idea for you and me to figure out how to make $50,000 a year without working.
Note: This article is not a fluffy idea about never working and just making money. This article will focus on investment strategies that have the potential to generate $50,000 in residual income. It’s not an overnight thing, it’s a mindset and strategy for building wealth.
First, let’s see how this whole thing works.
frontload your life
The whole process starts with my favorite economic hack: frontloading life.
You’ve put your life forward and are working hard now so you don’t have to struggle later. It’s like making a snowball. At first, stuff snow and roll the ball to make it bigger. After a little work, the ball will start rolling down the hill and getting bigger and bigger.
At this point, the rolling momentum of the snowball begins to work in your favor.
That’s what frontloading means. And, friends, that’s exactly how you make $50,000 a year without working.
You have to work hard upfront, and within 10 to 30 years (depending on how much you invest and how smart you invest), you’ll be able to earn a decent amount of unearned income.
Here are some ideas for making $50,000 a year without working.
Own 10 rental properties and earn $420/month each
After factoring in vacancies, maintenance, repairs, property management, taxes, insurance, etc., 10 rental properties with a monthly net income of $420 would yield $50,400 in annual revenue.
Depending on the location and type of property you own, you may need a small amount of property to reach the $50,000 annual threshold.
If you’re interested in rental properties, I highly recommend starting your studies now. Real estate has always been of interest to me, and research shows that everyone has different goals and criteria when choosing an investment.
In other words, you need to craft your own path and consider your risk tolerance to reach your specific goals.
how to become a real estate investor
Your parents and grandparents think you need to raise your own money to buy something to invest in real estate, right?
they are so wrong In 2012, Congress passed the JOBS Act, the first to allow companies to sell private investments to the public. The result has been bright new industries such as: Real estate crowdfunding.
What real estate crowdfunding companies are doing is investors like you and me pooling our money to buy multi-million dollar commercial real estate, $300,000 single-family homes, whatever we agree on. It’s about being able to buy anything you want. Proceeds from these investments are shared according to the amount contributed by each investor.
There is no shortage of real estate crowdfunding platforms. That’s why I encourage you to exercise caution and read my in-depth reviews of the most popular platforms. But if you’re looking for quick recommendations, check out the information below.
1. fundraiser – These guys only need $500 to get started. Please open an account here.
2. roofing material – Take online shopping to a whole new level. Single family cash flow positive homes can be purchased online! This is a great way to start owning your own rental property. Check here.
3. multiple stocks – Invest in larger residential and commercial properties. This is for accredited investors only, but there are a variety of properties. Please open an account here.
Four. farm together – FarmTogether is a platform that allows you to invest in US farmland. This is a great way to diversify your real estate holdings. Please open an account here.
Earn $1,250,000 worth of dividend stock at 4% yield
This particular method seems a little more difficult to achieve than the rental property scenario at first glance, but stick with it. The problem is that the methods are actually very similar. Even if you buy a dividend stock, you are still buying an asset that provides cash flow.
Dividend stocks are good because they pay dividends while they can rise (or fall) in value. This means that you can still take advantage of compounding of the stock value. Additionally, you can reinvest your dividends until you reach your desired amount.
The great thing about dividend stocks is that when you need a dividend check to live, you don’t have to touch the underlying asset. In other words, you don’t have to sell stocks to make money. The stock’s value can compound and grow even more without adding anything.
And you don’t actually donate the entire $1.25 million because you can take advantage of compound interest to reinvest your dividends while raising your nest egg.
Ready to start investing? Check out the top places to invest for free. Or, here are some of the best bonus offers you can start right now.
1. M1 Finance – Free investment! This is our favorite platform for investing in high dividend stocks as it allows you to build an entire dividend portfolio for free. Open an account with M1 Finance here.
2. TD Ameritrade – This is a typical brokerage firm. Their IRAs have no minimums and charge $0 for stocks, ETFs and options. Learn more about TD Ameritrade here.
Related: What is dividend growth investing and how to get started
invest in business
I don’t want to ring all 4 hours work week However, it is possible to outsource the work.
My friend’s father owns three businesses: two department stores and a greenhouse. He works for his one of these companies. The remaining two are outsourced. His other two locations are run by different families, with different departmental managers and, of course, employees.
It’s just not possible for him to run all three businesses by himself, and frankly, he doesn’t want to.
I’ve emulated this method for my online business and so far it’s going in the right direction. For example, my business has several parts. The first is freelancing. Freelancing is very active and requires me to be directly involved. You cannot pass this on to others.
The blog is on the other side. My own blog generates a good amount of money each month and I typically spend about 20 hours a week blogging. I spent a lot more time on it until I started outsourcing. I hired social media and hired writers to help me with my workload.
Read this guide if you’re interested in starting a blog.i used blue host With a free domain name and a very low hosting cost of $2.95 per month, it’s a great place to start your website. i love internet business. Because of this very low overhead and huge income potential. Our Bluehost deal is specific to our site, so if you want to start a website, be sure to get his $2.95 hosting deal from Bluehost.
After about 2-3 years of blogging, I was able to make $4,000 a month from a business I enjoyed running, even though I only put in 80 hours a month. That’s about $50 in revenue per hour. It’s not completely passive, but it’s headed in the right direction and definitely outperforms my old job that paid $11.50 an hour.
It’s perfectly possible to build a business in a field you like and outsource once you have the systems in place. This doesn’t happen without putting in a lot of effort first. It’s all about frontloading.
you need time or money to get started
It takes time or money to start building these revenue streams. It takes a lot of effort and up-front sacrifice, but it’s worth it in the end.
This method is not a get rich quick scheme or a scam. There are people who do this kind of thing every day. I promise that if you take responsibility for where you spend your time and work hard, you can achieve this.
Do you think it’s possible to earn $50,000 a year in passive income without working?