Can you imagine a life where you don’t have to work every day? instead of Need To work, you can work because you want to, or you can choose No to work Because you wanted to. how? by building Passive income It allows you to earn $50,000 a year without working!
Conventional wisdom tells you that the path you’re supposed to live looks like this:
- Go to college
- Get a good job
- He got married
- Get loan for school, wedding, car, furniture, house
- Work hard for 30+ years to pay off all the debt you have accumulated
- Maybe you’ll have enough to retire, maybe you won’t
The truth is that there is It’s another way to live. You don’t have to go the traditional route. After all, you are the one in control of your life. You can do anything you want.
Isn’t that a liberal thought? Did you know that you are in the driver’s seat of your life? For me it is.
One thing that was on my mind a lot, and that I started working towards, was to create a passive income so that my limited time would not be constantly replaced with money. Because I’ve always been fascinated by passive income, I’ve been diving into it lately and not only learned more, but took action.
I think most people could happily live on $50k a year (provided they don’t have debt) so I thought it would be a good idea for you and I to explore some ways to make $50k a year without working.
Note: This article is not a simple idea about never working and simply making money. This article focuses on potential investment strategies that can earn you $50,000 in residual income. It is not something that happens overnight, but rather a mindset and strategy for building wealth.
First, let’s see how this all works.
Load your life forward
The whole process starts with my favorite financial trick – loading your life upfront.
Front-loading your life is working hard now so you don’t have to work hard later. It’s kind of like making a snowball. First, you pack ice and roll the ball to make it bigger. After a little work, your ball starts rolling down the hill and getting bigger and bigger and bigger, all on its own.
At this point the momentum of the rolling snowball begins to work in your favor.
This is what front loading is all about. And that, my friends, is exactly how you can make $50,000 a year without working.
You have to work hard upfront, and then anywhere from 10 to 30 years (depending on how much you invest and how smart you are about how you invest) you will earn a significant amount of passive income.
Here are some ideas to make $50,000 a year without working.
I own 10 rental properties each worth $420 per month
Ten rental properties that will provide you with a net income of $420 per month after figuring out things like vacancies, maintenance, repairs, property management, taxes, and insurance will bring you $50,400 per year in rental income.
Depending on the locations and types of properties you own, it may take more or fewer properties to reach the $50,000 per year mark.
If rental real estate is something you want to get into, I highly suggest you start learning now. Real estate is something that has always interested me and through my research it seems that everyone has different goals and different criteria for how they choose their investments.
This means you will need to create your own path and consider your ability to take risks to reach your own goals.
How to become a real estate investor
Your parents and grandparents believed that in order to invest in real estate, you had to raise money and buy something yourself, right?
They are very wrong. In 2012, Congress passed the JOBS Act that allowed companies to market private investments to the public for the first time. This led to a wonderful new industry called… Real estate crowdfunding.
What real estate crowdfunding companies do is allow investors like you and me to pool our money and buy multi-million dollar commercial properties or $300,000 single family homes – whatever we agree on. The returns on these investments are distributed according to the amount of each investor’s contribution.
There is no shortage of real estate crowdfunding platforms, so I recommend doing your due diligence and reading my comprehensive reviews of the most popular platforms. If you’re looking for a quick recommendation, check out these guys:
1. Fundraising – This company is one of the original online real estate investment platforms, and it only requires $10 to get started. Read the review here.
2. Roofstock – Takes online shopping to a whole new level. You can buy cash flow positive single family homes online! This is a great way to start owning your own rental property. Check it here.
3. Multiple stocks – Investing in larger residential and commercial properties. This is for accredited investors only, but has a large variety of properties. Open an account here.
4. FarmTogether FarmTogether is a platform that allows you to invest in American farmland. This is a great way to diversify your real estate holdings. Open an account here.
Get $1,250,000 in profits with a 4% return
This particular method seems, at first glance, a little trickier to implement than a rental property scenario, but please stay with me. The thing is that this method is actually very similar. By investing dividends, you are still purchasing an asset that provides you with cash flow.
Dividend stocks are great because while these stocks pay dividends, they can rise (or fall) in value as well. This means that you will still be able to benefit from the compound interest of the stock’s value. In addition, you can reinvest your profits until you reach the desired amount.
The great thing about dividend stocks is that when the time comes when you need dividend checks to live off, you don’t have to touch the underlying assets. In other words, you don’t have to sell your shares in order to make money. The value you have in stocks still has a chance to accumulate and grow without anything else being added to it!
Since you benefit from compound interest and can reinvest your profits while growing your eggs, you’re not actually contributing the full $1.25 million.
Are you ready to start investing? Check out the best places you can invest for free, or here are some of the best bonus offers now to get started:
Charles Schwab – This is a classic brokerage company. Their IRA has no minimum, and they charge $0 in commissions for stocks, ETFs, and options. Check out Schwab here.
Related to: What is dividend growth investing and how to get started
Invest in business
I don’t want to hear everything 4 working hours per week Here but business outsourcing is possible.
My friend’s father owns three businesses – two department stores and one greenhouse. He works in one of these companies. The other two are outsourced. Different family members run the other two places, and there are also managers of different departments and, of course, employees.
There is simply no way he can run all three businesses by himself, and quite frankly, he doesn’t want to.
I’ve tried to copy this method into my online business, and so far I’m heading in the right direction. For example, there are two parts of my work. First there is freelancing. Freelancing is very active and requires my direct involvement. I can’t hand this over to other people.
The other side is blogging. Even in this age of artificial intelligence, creating a website is still something you own and can generate income.
If you’re interested in starting a blog, read this guide. I used to Bluehost To get started with a website it’s very cheap – free domain name and $1.99 a month to host it. I love online businesses because of their extremely low overhead and huge income potential. Our Bluehost deal is specific to our website, so if you want to start a website, make sure you get the $1.99 hosting deal from Bluehost.
After about 2-3 years of blogging, I was making $4,000 a month from a business that I enjoyed running while only spending 80 hours a month on it. This earns me about $50 an hour. While it’s not exactly negative, it’s going in the right direction and it definitely beats my old job that paid $11.50 an hour.
It’s entirely possible to build a business in any field you enjoy and then outsource it once you have the systems in place. This doesn’t happen without a bunch of initial hard work. It’s all about front loading.
You need time or money to get started
You either need time or money to start building these income streams. It will take hard work and sacrifice upfront, but it will be totally worth it in the end.
These methods are not a get-rich-quick scheme and are not scams. There are people who do this kind of thing every day. If you take responsibility for where you spend your time and work hard, I promise you can achieve something like this too!
Do you think it is possible to earn $50k a year in passive income without working?
