@millennialindebt
Millennial In DebtUnpopular opinion: Building an actual passive income stream requires time AND money. Depending on the passive income stream you are building, it may take more of one or the other, but 99.9% of the time it will take BOTH. For example, one of my favorite passive income streams is selling my old lesson plans and unit plans on Teachers Pay Teachers. At the height of my digital store front I was making about $10,000 a year (just about $800 a month) To get that storefront up and running, I had to pay a fee to Teachers Pay Teachers ($50 a year), design my Pinterest pins to promote my assets (paying whatever the Canva fee was at the time) and then of course spend hours actually making the lessons and unit plans. Now it stands on its own without me having to contribute much time (only if I do a refresh) and a bit of money (the annual subscription fee). So yes, I do make money in my sleep but it wouldn’t have happened without my time and monetary investments. Another unpopular opinion: The two easiest streams of passive income are dividend income and interest income. These passive income streams can be set up in minutes and require little to no effort to continue to “earn money while you sleep” You can set up BOTH streams of income today in less than 15 minutes total! HOW? Opening up a HYSA (high yield savings account) and a Roth IRA. Contribute $25 to each and boom, you have just built two new streams of passive income (make sure the Roth contribution is invested in your favorite index fund!) . . . . . . . . #millennialindebt #personalfinance #passiveincome #passiveincomestream #multiplestreamsofincome #budget #budgeting #howtobudget
On the profile · Apr 11, 2024