Use skills and generate passive income
Your passion and skills count. Today there are tools that allow them to appreciate, live by them, achieve independence, and maybe get rich!
Use a talent or a hobby
Achieving financial independence does not mean wealth, travel and fire for everyone. Sometimes we want all the free time and do what we want: after all, we only have one life …
You can definitely play with your expenses and living conditions: move around, get in the environment, have a little fun … and then realize by doing what we want certain talents that don’t lead the way.
For example, you’ve always known how to sew, find beautiful fabrics and get creative: Well, you can, if you want to give time to your passion, ultimately secure a livelihood from it, even if it’s simply. It can also succeed if you love gardening, if you are a trained and talented artist, if you have talent as a narrator, as a teacher, if you know your part of country as the back of your hand …
Nowadays, for example, as a freelance business owner, you can plan your plan and get to where you really want it, as long as you have a good client base.
Blogger and generate ads revenue
The Internet is also an interesting way to generate income, partly passive and partly related to your interests and passions.
If you love to write and communicate, start by building one or more sites or blogs. In fact, this may first allow you to learn about your potential personal activity; But most of all, a well-maintained blog or site that is well referenced can generate very large ad revenue. To recap: Your blog is well maintained and is full of interesting articles and ad links; The simple truth is that displaying banners makes you money, and if a visitor clicks on the ad links, that revenue increases tenfold.
You can build one great site, which can actually pay good dividends, but beware: there are risks of piracy or bad SEO. To deal with this, it might be a good idea to create five or six pages on various topics. This makes it possible to offset reductions in participation and maintain regular passive income.
In this way, building passive income to gain financial independence is possible. Getting rich too, it all depends on how much time you spend on it, and whether you find the right place!
See advice and experience (coaching, counseling)
Are you very professional, very competent in your field, with experience but feeling exploited? Are you bored and not getting paid for your skills?
Your experience, especially if you are really passionate about it, can allow you to achieve financial independence on your own, sometimes even a very high income level.
There are two particularly profitable activities that are carried out independently:
Consulting: mainly targets companies. As a freelance professional, you can step in to provide your own expert advice, or respond to tasks you like and best fit in place and time. You set your rates and work directly while being recognized as an expert in your field. For example, if you are an expert in a CRM integration, but the routine of updates and schedules in your company is frustrating you, for a salary that does not satisfy you, you can offer consulting services, which will give you more independence and possibly the best revenue.
Coaching: You mostly talk to people and let your talent express. The possibilities are numerous:
- Athletic training
- Wellness workout
- Vocal training
- I like training
- Marketing training
- Communication training
- Educational training
Whatever the field, personalization and expertise are satisfied and people are often willing to pay the price. YouTube speaker and activation additionally can provide you very large revenue while giving you great freedom.
Create your own real estate investment strategy
Once you have your number, there are other parameters that you need to define before calculating how long it will take to achieve financial independence.
The first set of numbers relates to your real estate portfolio and how you want to invest. The first number you need to put here is your portfolio return. You know, I love investing in real estate deals and real estate investment funds. For large scale real estate financing, returns are usually around 6-7% per annum. For real estate mutual funds, it’s usually around 5%. It depends on you, for example, my portfolio of real estate groups has an annual return of 7.45%.
The second number you need to identify is the annual capital gain for your portfolio, so the equity valuation on your real estate investment property or the annual increase of REITs is in your portfolio. It all depends on your portfolio, but it is usually a number that you can find on real estate investment platforms or on REIT financial sites (like Yahoo Finance).
The second set of numbers you need to identify right now relates to your personal situation. You need to determine your initial capital and monthly portfolio additions. Your initial capital is the amount of money that you have already invested in your portfolio, for example in real estate, or just cash in the bank.
Monthly allowances are amounts that you can pump into your wallet every month, for example from your day-to-day job or business. It totally depends on you, I personally like to invest at least 500 euros per month in real estate, with each minimum required to agree on several real estate fundraising platforms.