A big theme of my blog is creating sustainable passive income sources to achieve financial freedom. But many of you might be thinking, ‘How do I create active income to fund my passive income source aspirations?’
If you live in North America, you probably have a full time job, based on current unemployment rates. That doesn’t mean you have a fulfilling career or are pursuing your passions, but my hope is to get you there with the right direction.
The first thing you can do to free up cash (to fund a passive income stream) is to create a household budget or re-visit your budget with the income you already make. Your goal should be to use money you have left over (after expenses) towards investments that will pay you back. Read My 5 Rules for Creating a Budget Here
Whether that is: Dividend paying stocks, real estate investments, ETF’s, etc.; the way to get wealthy is by making your money work for you. Always pay yourself first. That means, if you own an iPhone, think about also buying Apple stock. If you use Facebook and believe in their vision, buy Facebook stock. Make Commission Free Trades at M1 Finance.
Second, if you need more income to achieve your long term financial goals, start making money with a side hustle.
A great way to generate active income on the side is freelancing. Freelancing is easier than ever with sites like Fiverr, who offer a platform for both freelancers and customers to connect for a variety of services.
You can provide services in the following categories:
- Graphics & Design
- Digital Marketing
- Writing & Translation
- Video & Animation
- Music & Audio
- Programming & Tech
- General Business Services
- Fun & Lifestyle
The great feature about Fiverr is that most jobs start at $5. That price will go up once you find a collaborator you want for future work.
It’s a great way to use your skills to help others and make some extra cash.
Another great side hustle you can start by using your existing talent, knowledge, and experience is Career Coaching. Read my blog post about it here.
The point is, pay yourself first and fund multiple income sources to create sustainable wealth.
Let me know what you do to make your money work for you.