Updated: 5 days ago
My whole life I've wanted to have financial freedom. The ability to come and go as I please, afford the things that I wanted, being able to contribute, the ability to live the way I want to live has been a life goal.
Here I'm going to list some ideas that are very affordable and require a very small budget to get started on generating your own passive income. But first, let me tell you how I did it.
I didn't grow up with a solid family structure. No one in my family taught me anything about finance, no one guided me in my education, no one showed me the way to "doing for self".
My parents advocated for me to work for other people, never for myself. This is how they were brought up and I don't blame them for that. But when the Pandemic came through the US, they weren't in control of their lives because they didn't have multiple streams of income in place. Their employers were in control of their life in that respect. I don't think anyone in the world ever wants to be in that position.
When you have multiple streams of passive income, where you don't have to show up physically to a 9 to 5, nobody can take that away from you. You control your freedom from that point forward.
I just started this journey and I knew nothing about the things I was getting myself into.
I wasn't taught how to start or run a business, I wasn't taught budgeting, entrepreneurship, etc... I just knew I wanted to help people and design my own life.
I think the definitive difference is that I was willing to fail.
I was willing to accept that I didn't know everything, in fact, I know that I don't know everything, and I always maintain a "student of life attitude", meaning, I am always learning from other people and their experiences. I'm always reading about a new subject or learning deeper aspects of subjects I'm interested in.
At the time of writing this, I have just started one passive stream of income which is effectively paying for my living expenses. It's the most amazing feeling for me and I want to encourage and help you find ways of doing this yourself.
Whether it's telling your story, creating a course, a product, or capitalizing on what you're good at in general, you need something to offer people. A value propisiton is key.
You have to know the value of what you offer so that you can communicate that effectively across multiple touchpoints and platforms.
For example, I became fascinated with the Stock Market and Cryptocurrency all at the same time and dove into it deeply. I continue to study it, talk to my friends about it, help friends and family get started with it... it turned into a slightly obsessive interest and study for me.
I started sharing my insights and found a platform that allows people to follow my crypto trades with a small percentage fee that followers pay based on the performance I make for them. Basically, I make people money and a small percentage of that goes to me. It's a win-win for both parties.
If you're interested in crypto and want to start off making profitable gains easily, the platform I am talking about is called Shrimpy. You can follow me here and the link is actually my referral link so if you sign up and start, that helps me out.
This is just one stream of passive income that I am proud of and grateful for and I am working on more as we speak. I wanted to share this example because it's pretty unique and more to my point, something entirely new to me that I knew nothing about 3 months ago. I want this to inspire you in going after something that you are interested in and maybe have zero expertise in at the moment. You can do it!
I want you to feel in every cell of your body that you can do anything that you're inspired to do. God will support you, the Universe will support youu, people that believe in you will support you, and if you dont have anyone on your team yet, you will in time with dedication.
A quote that I love and actually one of the first Spiritual oriented books I ever read and definitely didn't comprehend fully at the time by Chogyam Trungpa, Rinpoche, a Tibetan Buddhist master, said:
We must continue to open in the face of tremendous opposition. No one is encouraging us to open and still we muust peel away all the layers of the heart.
A big lesson I think we all have to learn at some point is to trust our own voice, our own heart, our Creator that brought us here to express our unique Souls. If you never learn to accept this, you will forever be someone else's projection and never your Self. It's scary to move in a direction or space you've never been in. But if you never go for it, you'll never grow outside of your own limitations.
Okay, motivational speech over, on to the things you can do for yourself to earn passive income and move in your own way.
Take what you know or invest in what you're passionate about learning and create something like a course, an e-book, a blog, or a product out of your passion.
Telling your story is the most underrated opportunity most of us have to offer the world. You may be completely surprised at how relatable your journey is to the rest of the world.
If you learn how to write or if you have the ability to pay someone to help you write about the challenges and experiences you've survived through, you can essentially create a product that sells 24 hours a day, 7 days a week, all year long. Another crazy metric is that if you have a $100 product and sell that to 1,000 people, you have generated a net income of $100,000.
Let me say that again in all caps:
IF YOU SELL A $100 PRODUCT TO 1,000 PEOPLE, YOU JUST CREATED A NET INCOME OF ONE HUNDRED THOUSAND DOLLARS.
It's actually amazing how approachable that is, and that's just one idea. I'm not advocating selling a $100 book, but imagine how easy that sounds if you create multiple e-books and bundle them together. Imagine creating multiple products or services that you have to offer.
Not to mention, creating a website is so easy these days. A lot of times, you only really need a landing page for your products or services, not some huge budget, super sophisticated website.
Do not be afraid to push out and try something new!
A lot of people dont get this and have never been blessed with the oppurtinity to fail at something they never tried before.
Yes, I said fail, and this could come as a suprise or sound ridiculous to some but its actually one of the greatest learning oppurtinites we have. When you fail at something, when you give yourself the authority to try something new, literally anything is approachable from that moment onward.
There is only one thing that makes a dream impossible to achieve: the fear of failure.– Paulo Coelho
When something doesn't work out, or you find you overlooked something, you get to learn through those mistakes.
“You may encounter many defeats, but you must not be defeated. In fact, it may be necessary to encounter the defeats, so you can know who you are, what you can rise from, how you can still come out of it.” – Maya Angelou
Allow yourself to try new things you are interested in. Commit to giving something new a try. You may be surprised that you actually find something that you've never tried before, a new hobby or you may find a lot of enjoyment and success in that new thing.
We don't realize that literally, the story that we tell ourselves is either the most limiting set of beliefs we have or the most liberating. When you accept responsibility for your life and choose to design the life you really want, every day that becomes a reality that you exist in.
It's time you realized that you are gifted and have something to give the world.
Another great way to make passive income is learning about the Stock Market and the Crypto Market. Whether you have a large capital to start investing in or a very small amount to start investing in, you can make consistent gains on your initial investment. There are so many coins and stocks to trade right now and many of them are affordable. Another asset to everyone is of course the internet.
I have learned so much from books and youtube videos and really the life-hack to this is asking better and more comprehensive questions. Also, if you're not "getting" something, if you're not understanding something, don't be afraid to reread something or rewatch something as many times as it takes. Being a good researcher means you take good notes, you organize the data in ways that make sense to you.
Alot of the struggle in learning something new or doing something new is your idea of yourself and the mindset that you maintain.