The most significant thing in my life, and all of our lives, that we can't recreate or reclaim if you had the option of being 90 years old with 5 million dollars or 20 years old with a thousand dollars. I believe most of you would choose to be 20 years old, as I would because no amount of money can buy you more time on earth, and time is by far the most valuable resource, therefore my goal is to make the most of it.
1. Cryptocurrency interest
This is one of the best ways to make money. A simple place to start is to keep your bitcoin on platforms like voyager, blockfy, or celsius, which pay you interest in exchange for storing your Bitcoin.
With Voyager, you may earn up to 12 per month on a variety of digital currencies such as bitcoin, Ethereum, and even shiba inu.
There's a lot of risks when you allow businesses like voyager lend out your cryptocurrency. It's best to keep your cryptocurrency in a trezor hardware wallet, which is where people keep the majority of their cryptocurrency. Using this method, you may gain from compound interest on the money while also lowering my overall investment risk. Because it is so simple, anyone can get started with this passive income source.
2. Invest in mutual funds and ETFs
By investing in index funds and ETFs, investors can receive a diverse range of equities from the world's biggest companies at a low cost. An ETF (Exchange Traded Fund) or index fund that follows the whole stock market will provide you access to hundreds of the country's largest and most well-known firms.
The majority of my Roth IRA investments are in Vanguard's total stock market index fund, vt sacs. Rising stock prices provide passive income; second, rising dividend yields provide passive income when stock prices climb.
3. Cryptocurrency staking
Staking is used as a less resource-intensive alternative to mining in Cardano and Solana's Proof of Stake (PoS) blockchains. Staking entails putting money at risk in order to obtain profits. You can participate in the validation of blockchain transactions by locking a portion of your assets or all of them for a certain period of time. The number of coins or tokens you stake has a direct association with your chances of getting staking incentives. You may make astronomical sums of money by staking your coin in return for rewards in the cryptocurrency of your choice.
This is even more profitable than typical banking. Cardano ADA and harmony 1 are two biggest assets, and I'm personally staking Cardano ADA and harmony 1.
For example, Having 41 Harmony 1 tokens in inventory and claiming winnings once a week. If you wish to keep the tokens, you either increase your total investment or transfer them to another wallet.
4. Invest in Dividend
It is simple to get started because it is a one-step procedure: Dividends are paid to shareholders who own stock in a firm as a kind of recompense for their investment. These companies are so profitable that they will pay you just to own their stock. The Coca-Cola Company, for example, would pay you a 3% yearly dividend if you invest as little as a dollar in it via fractional shares through apps like Robinhood. For every $1,000 invested, you may expect to receive $30 in passive income each year.
5. A youtube channel
When it comes to making money, becoming a content creator is one of the best choices you can make, and if you stick with it and keep developing, your channel will make more money than you could ever imagine.
The YouTube algorithm promotes consistency, yet You could stop posting videos today and still earn passive revenue from all of your channel's videos. For example, the top-earning video on your channel can make you over $2,000.
6. Affiliate marketing
Affiliate programs are fantastic and one of my favorite passive income sources because they allow you to promote services you render, the viewer receives a discount and access to materials and resources, and the affiliate receives a share of the sale. The Sparkly affiliate program is the best place to start. Begin by going through their courses and registering to earn money with the 5 Multiple Streams of Income. As an added benefit, even if someone clicks on one of your Sparkly affiliate links and subscribes to a program you did not promote, you will still earn a commission on the sale.