$1000 per month is not a big deal. But it is a start. With time when passive income grows much, you can experience Financial Freedom. Financial Freedom is when your passive income equals your spending requirements, then you no longer have to worry about money. You must keep strong passive income targets to achieve. $10,000 per month passive income is a healthy salary & you can live very comfortably with such kind of passive income.
What is Financial Freedom?
- Financial Freedom is doing what you like to do, with your loved ones, at any time & anyplace. You cannot have such freedom by having a job or being self-employed. You need to have enough capital to have enough cash flow & that cash flow should cover your monthly, and annual expenses.
- Let’s say your monthly expense is $5,000 per month. Then your annual expense is $60,000. Let’s say you are going to create a $60,000 cash flow through stock dividends. Then you should have around $1.2 million ($60,000 * 20) capital to get financial freedom. $1.2 million is a somewhat big number. So, let’s break down our goal into small steps. First, you should try to create $100 per month, then you try to create $200. Step by step we can achieve our goal.
Online Selling
- You can sell goods & services through online platforms. You can sell products on platforms like Amazon, and eBay. it’s very easy to start an online store. Then you can list your products & sell them.
- You can sell things through social media too. TikTok, Instagram, and FaceBook are the best ways to promote & sell your products. People spend more than 5 hours per day on these platforms & you can sell them anything if you are a perfect influencer.
Pingback: How to Make a Passive Income from Dividend Stocks - financialcloning.com