Hey guyz, I’ve been fortunate enough to earn over $47k, and I’m starting to think about building a Plan B in case things take a turn. Right now, I’ve got $4.8k sitting in a savings account, but it’s barely earning any interest, which is frustrating.
If you were in my shoes, how would you put that money to work to start building passive income? I’m open to ideas, but I don’t want anything too risky since this is meant to be a backup plan. Any thoughts or strategies?
You could check out the DePIN sector. It’s a part of crypto that actually brings value to the real world. You can either use the platforms to earn or invest in coins like the upcoming Peaq listing. It might be worth looking into the project to learn more.
Real passive income, especially if you want to make a lot, usually requires either a big investment or taking some risks. Most other options won’t be completely passive, but they can still be good and worthwhile. The key is to be realistic before choosing a path. If you share more about your expectations and how much risk you’re willing to take, it’ll be easier to offer advice.
Personally, I’d go for a digital business to generate passive income. I put $5k into a struggling ecommerce dropshipping business last year, and now it’s pulling in around $2k a month and growing steadily. It’s all about using your skills and initiative to develop it. Honestly, the best $5k I’ve ever spent.
Is that $4,800 the only money you have in savings or an emergency fund? If so, I recommend moving it to a high-yield savings account (HYSA). Many people underestimate the importance of having an emergency fund, and a well-funded account can help you handle market ups and downs. Make sure your basics are solid before you start investing.
I would invest in index funds. I tried picking stocks for years, but it’s really hard to beat the market. With an index fund, you can track the market without needing to take much action. I think it offers a better return for the time you spend.
Passive income means making money with little to no effort, even while you sleep. I’m a registered nurse and own an Allied Health School, which I love. I also share my knowledge by creating digital products that help others, mainly nurses, start their own businesses or earn passive income. If done right, you can make around $300 a day.
Simply make more money by setting up a service based business. Put the work in for 5 years then get someone to manage it. Relax and unwind.
Savings accounts are safe, they don’t grow much. Try investing in dividend stocks or index funds that can increase in value while you sleep. Another option is e-commerce. You can build a business that generates income without needing constant attention.