Today's writing will focus on how I plan to build 8 income streams before this year ends. For each, I will be providing a short summary describing the potential earnings as well as the time that needs to be committed. The idea here is that in the long run, I could pull out money from each source allowing the others to just sit and grow.
A previous article I've published relates to passive income sources and some of it will be mentioned here as well. You can learn more about it here: @beerbod/how-i-plan-to-generate-passive-income-in-hiveleofinance-my-road-to-financial-freedom
1. Full Time Job
- Potential Earnings: High
- Time Commitment: High
While I am currently unemployed, I am hoping to land this job from a client which will give me the freedom to work from home. The money I would earn here would be responsible for majority of my living expenses as well as fueling the growth of my savings and other investments. Normally, anyone who is on their road to financial independence would start here until they achieve a state where working full time is just an option.
2. Interest from Savings
- Potential Earnings: Low
- Time Commitment: Low
Earnings here is dependent on how much money you put in. It might be low at the start but the potential growth from accrued interest will compound in such a way that it would just get higher and higher each passing day. Not to mention that zero % of your time would be required to grow your savings. I already have an account from a digital bank that pays good interest rates and will even offer promotions at times increasing the earnings. If you want to know more about digital banks click here: @beerbod/the-rise-of-digital-banks
3. Time Deposits
- Potential Earnings: Low
- Time Commitment: Low
Similar to a savings account, time deposits requires no involvement in order to grow your money. The difference here is that I lock in my funds for a certain time period which discourages me from withdrawing and spending it. My regular savings account can function as my emergency funds and the time deposits purpose is more for like retirement fund.
4. Mutual Fund
- Potential Earnings: High
- Time Commitment Low:
While the earnings could be high, this would also come with high risks. This investment in particular ALFM Global Multi Asset Income Fund is something I've already invested in earlier this year but I had to withdraw to fund my wedding. This investment is attractive because it pays out monthly dividends allowing me to reinvest to the same fund or put it in other places. And with capital appreciation high growth is really possible. I hope to start another small fund here before the year ends.
5. Hive Blogging
- Potential Earnings: Moderate
- Time commitment: Moderate
While earnings here may not be enough to replace a regular job (for now). With enough time, investment and hive power long form posting in hive and leofinance could be a good source of income. It takes me around 1-2 hours to write up an article and publish it and payouts at most times is really rewarding. Plus there's token earnings as well on top of regular hive crypto and HBD.
6. HBD Savings
- Potential Earnings : High
- Time commitment: Low
There's always risks involved in the cryptomarket but making sure that I'm well diversified is something which can mitigate those risks. The APR offered in the hive wallet is at 20% is really high and something that could not be found anywhere else. Having small a portion of my savings here would be a good way of increasing my income.
7. Rental Income from Parking
- Potential Earning: Low
- Time commitment: Low
Added to the list is managing a parking property where I could earn just a little from management and looking for renters. It doesn't require me a lot of time to manage and is pretty much passive once there's a long term tenant which is actually easy.
8. Airbnb
- Potential Earning: Moderate
- Time commitment: High
I am still new into the property management space and I am not expecting a lot of returns just yet.
I made a detailed article about starting airbnb and you can read all about it here: @beerbod/im-starting-my-own-business-my-road-to-financial-freedom-
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