Day 4: Easy Money
This day is totally subjective and probably my favorite day because easy money is 100% whatever is easy to you.
Since I am someone who uses my mind a lot, money that doesn’t require me to use my brain is the easiest money I can make. With that being said, now that I have four children and I’m doing multiple things, I don’t have the mental bandwidth I used to have. So I am more and more interested in mindless money and passive money so that when I am using my mind, I can be in the places I care to be in.
On that note, setting up passive money, which is what I will call this, requires a level of responsibility to me. For as many money options as I watch, I haven’t found one that doesn’t cost you something to turn into a passive income source. It may cost you time, it may cost you some level of capital, it may cost you connections and networking, and buying your product- my point is to become a passive earner you have to do something or have something to get it going.
In so many words, you need a seed to have something grow from it.
Definition: Any money that you can earn without having to work hard at it: Hard being using your mental energy, more money than you can spare to use, or having to pay constant attention to that money.
Method: I have been able to earn passive money through dividends, paid out to me from high yield, savings accounts, and investing.
My current preferred savings accounts earn 4.5-5.5% APY.
These are examples of needing money to make money. With that being said my smallest account was started with $20 and I’ve also had accounts so much larger than that earning more; I am not someone who looks down on any amount of money: I don’t like any money that’s not worth my time to make, or give my mental energy to try to earn it.
Average earnings: See screenshots below. These payouts have a cap on them for the high savings accounts and for investing (which is not pictured) that money is paid monthly and reinvested by my choice; you can choose to have it deposited and available to you instead of reinvested.
Value: I think that’s already been explained. This is money that does not take my brain to earn it, as long as I have some money, this money will earn itself.
Do I still do it?
Yes, I still maintain these sources of income and I don’t ever plan to lose them if I can help it. In fact, for anyone who has been following me for some time, last year, one of my goals was to increase my ability to earn money, passively and I hope it’s only up from here.
Also, the more money you can earn without having to spend time or money to earn it the better.
Who is this good for?
Anyone who has money available to make money and anyone who has limited time, but still needs to make money like myself.
What could I do to earn money if these options are not available to me?
I am going to tell you 100% that you need to start right where you are. Find five dollars somewhere and save it in a savings account, even better if it’s high yield. Open up an investing account: I use Fidelity. Start where you are and begin growing. I even would say that you need to have this as an income source no matter what else you do.
I do not share my future money goals very much, because I believe in protecting your seeds. So as I grab a hold of more passive earning options, and they become established, I will share more with the group.
Let me know if you have any questions and I’ll see you all for the last day tomorrow 1/11/24.
