Some jobs pay more, so you need to pursue your studies to get one of those high paying positions. It’s a time-tested formula and it is still applicable today. Many have become successful going through this path.
Most have made enough to buy a home and have their children finish school to repeat the process. Then after 40 years, they retire and live off the pension. It is a good life.
It is, assuming no major problems happen along the way. Problems like a family member get seriously sick or injured, greedy banks deplete your 401k, or the company you worked for the last 30 years closes down.
If that happens, you can complain about the economy and politics or you can cry. Blame the world for your troubles or you can help yourself become financially secure.
Having multiple income streams is one way to be financially secure. But since there is only a set amount of hours in a week, people can only do so many jobs.
You can leverage your time with passive income. Passive income is creating an income stream that once completed, will require minimum effort. It will require time and money or both to make. Here are some passive income vehicles to consider.
It is the most popular method because it is a high-yield low-risk option. You can Airbnb an extra room, a shed, or buy a property for it. You can also buy dilapidated properties, fix it for resell.
There are management companies who can handle all of these for you. You just need to invest.
There are also crowdfunding sites where you can property ownership and profit with other people.
You can start your own lending company or join a peer-to-peer lending group. You can research online on some popular sites where investors like you can provide funds and earn interest from borrowers.
High-Yield Bank Products
All banks have long-term high-interest yield accounts. You will have to talk to the bank directly to find out what they are.
Their websites will tell you what that bank calls the product, but the mechanics will have to be explained over the phone.
Read the fine print. Do not invest more than the insurable amount. If you have more money than that, break it into several accounts and banks.
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Most large banks can also let you buy government treasury bills. It is the same as a lending concept but it is the government that borrows your money. They also set how much the interest rate is. The rate changes so have your bank explain to you the mechanics of each treasure bill before you buy.
Do not be surprised if the bank charges you a flat fee or a percentage of your T-Bill transaction. It is part of the service.
There are dozens of other ideas online on how to build a passive income stream. You will need to invest time and money in choosing the right one. Each one is an investment and there is a risk of losing your hard-earned money. So think carefully before you choose.
Image Credit: Pixabay
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