Have you ever wondered if there's a better way? First of all it's important to define what a better way refers to, which will be different for everyone. To be clear in this situation we're talking about better than working in a role (be that for someone else or yourself) where you are trading time for money. For most of the audience here at Money Glee having a situation where you are not paid based solely on the time you put in is ideal however how can you do it?
There are ways that can be considered are here's 5 to consider:
- Investing - While this one seems obvious and vague it is possibly "passive income" strategy 101. Sure there will be initial time required up-front however if you're able to research and liaise with someone who has been successful in the type of investing you're looking to do this can cut down a significant amount of research time
- Write an E-Book and self-publish - With services such as KDP out there writing a book has not been simpler. It is not easy however if you have thought leadership in an area there hasn't been a better time to get one of these out there. You may not appear on the best seller's list overnight however we've gotta start somewhere right
- Create an online course - Services such as Udemy or Coursera around creating a course is an opportunity to teach something you're passionate about while earning extra $$
- Create the next Uber - Ambitious we know however imagine selling a company for in the hundreds of millions of $$. What would your life be like then? Having big ambitions is fantastic however even a profitable and scale-able company structured correctly can be a better way than trading time for money
- Start a blog - Possibly saw this one coming however a blog, vlog or even a snapchat channel can be a cool and innovative way to stop trading time for $$. While as with most of these it won't happen overnight with enough persistence and determination and an ounce of luck you can monetise
Sure all of the above require up-front work however they are core to the message we're presenting here, which is to live life on your terms through a Money Glee life!
Now that we've tackled that game changing question, what we're continuing to do here at Money Glee is to continue acknowledging people in the personal finance (PF) & occasionally the broader blogging community, who are doing awesome & cool work!
We want to keep paying it forward & giving more back, so every second Thursday of the month there'll be a talk about them post. Check out December's post here if you're interested in taking a look at Mustard Seed Money (MSM).
This month we want to bring you a guy who's been in the PF community for only a few months although a heck of a lot of fun :)! Check out Paulie from Dropped Coin if you want to learn a bit about finance and look at some interesting topics while doing it. Paulie talks about being a Globetrotting dad, husband, engineer so you can imagine that he's a high energy guy. I'm excited to see Paulie in the community and say hello to him when you have the chance!
Now thanks for reading this one, what creative and innovative ways can you suggest to move towards earning "passive income"?
If there's any great bloggers out there you can suggest, we'd love to read them too
We'd love to thank everyone reading, be grateful for all of the comments, likes, shares etc and ask that if there are any topics you'd like to read about related to personal finance or life, hit us up.
Any questions, comments you had about personal finance definitely let us know as well :). Remember to live your Money Glee!