What to Do When Work Dries Up
While COVID-19 has left many wondering where the next paycheck will come from, reassessing our financial plan has been an important step.
The post What to Do When Work Dries Up appeared first on MintLife Blog.
While COVID-19 has left many wondering where the next paycheck will come from, reassessing our financial plan has been an important step.
The post What to Do When Work Dries Up appeared first on MintLife Blog.
Earlier this week, J.D. wrote about what he calls the biggest truth in personal finance: You can’t get rich through frugality alone. As Liz at Frugalwoods says, “You can’t frugalize income you don’t earn.” Income is one-half the fundamental personal-finance equation, and it’s probably the most important half.
J.D. advocates a three-pronged attack for boosting income: becoming better educated, becoming a more valuable worker, and learning to negotiate salary. But I think he’s missing a fourth important income source: the proverbial “passive income”.
I know, I know. Passive income has a bad reputation. Actually, passive income has a terrible reputation. And deservedly so. The Land of Passive Income is populated by scammers, hucksters, and charlatans. “Hey, little boy, wanna buy my course?” (Sorry, no links. They’re easy enough to find without us helping them.) That’s too bad because legit sources of passive income can be a great way to make more money.
First up, let’s be clear: Actual passive “passive income” (as pitched by the scammers) is a lie. It doesn’t exist. When we talk about passive income, we’re talking about ways to make minimal money with minimal effort. Does that make sense? And it’s a supplement to your main income, not the primary source.
To me, passive income is money thatâs earned, usually on a recurring basis, without a significant time investment.
For example, if you own a rental property that brings in $1500 each month, but only requires two or three hours of time to manage, that’s (mostly) passive income. Most nine-to-five jobs are the opposite of this. The income you earn is tied closely to the amount of time you spend at the office.
Thatâs not to say that passive income doesnât require effort, though.
Often, thereâs a lot of upfront work required before income can become passive. Using the same rental property example, before you can make any money, you have to purchase and renovate the property, and spend time advertising and interviewing potential tenants. All of that takes time and money.
Or, take J.D.’s book as an example. When I asked, he told me that he spent four months working full-time in 2009 and 2010 to write Your Money: The Missing Manual. That’s not passive! But he hasn’t touched the thing since then, and he continues to receive $50 checks every month. That is passive.
Some degree of passive income is possible — and without shyster shenanigans. In this article, Iâve compiled 40 passive income ideas for you to consider. Not all of these passive income ideas will be right for you. In fact, maybe none of them will fit you. That’s okay. But I’m willing to bet that many GRS readers will find at least one source of inspiration here that they can use to help increase their income…even if it’s only a few dollars per month.
Whether you’re already the proud owner of a dog or cat or you’re planning to become one, you may be wondering if pet insurance is worth the cost. After all, you absolutely have to buy things like food and basic supplies, and optional pet insurance just adds to the ongoing expense of owning a pet. […]
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Ever wondered, Where millionaires keep their money? There are several different ways for millionaires to keep their money. Some will want to preserve the wealth they built in safe and secure investments such as high-yield savings and CD’s. Others like to see their wealth compound so they’ll invest it. According to a Private Bank Study […]
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Want to start investing but don’t know where to start? The best robo-advisors such as Betterment and Wealthfront provide low-cost investing that’s as simple as point, click, invest.Don’t know where to start investing? The best robo-advisors make investing as simple as point, click, invest. Compare top accounts now.
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The simple moving average, or SMA, is one of the most common pieces of technical data that investors rely on. In the case of the 200-day SMA, it shows you the stockâs average price over the past 200 trading days. ⦠Continue reading â
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Real estate investing is a popular way for investors to earn money, but learning how to invest in real estate can be difficult for beginners. From REITs to REIGs, there are different types of real estate investments and real estate terms to know before you get started. If you want to learn more about how
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If you have struggled to get approved for credit cards and loans in the past, you should probably take a look at your credit score to see where you stand. In the meantime, you should learn about what is considered a bad credit score in the first place, and the thresholds you have to surpass […]
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