Building A Passive Income Starts With You

Building A Passive Income Starts With You

When it comes to having passive income or acheiving financial freedom it all starts with you and your money habits. What do you do with every £ Euro or $ that you get?

5 Tips I Use For Creating Money For Investing Or Saving

Saving your spare change in banking apps – With modern banking Apps like Revolut Or Chase you can save your spare change in a seperate account this will build up over time and then you can take this money out and use it for investing.

Rewards system many Apps and companies have a rewards system that pay you money for referrals, this means you can refer people to companies or apps etc that are really good and get paid for it in the process, then instead of spending this money you can save or invest it in income producing assets.

Cashback when you shop – some companies bank accounts and credit cards offer you cashback whenever you shop this means you do shopping you would have done anyway and get cashback every month instead of blowing this money on shopping or buying random things you can take this money and use it to buy income producing assets that pay out money like dividend paying stocks and shares.

Taking 10% or 20% of everything you make and invest it or move it into a separate account used only for investing .

Don’t just pick one type of Investment as different investments go up and down during investment cycles, what this does is shield you so if you need to sell something for some reason or to survive a financial calamity you will have some investments that have appreciated in the current market as only having one type of investment that may have gone down in your current market means you will lose money when you sell them. An example of this might be stocks and shares may be down in the current market and if you sell you lose money but your crude oil shares Gold and Silver have all gone up so if you sell them in the current market you will make a profit.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Please note I am not a financial advisor so this is only stuff based on my personal opinion and is not been endorsed by any financial professionals so always do your own due dilligence before following any advice from me or anyone else including your financial advisor.

Building A Passive Income Starts With You

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