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I explain how to start passive income with no money. I’m a millionaire starting again from scratch with zero money! I discuss dropshipping, business, side hustles and investing.
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If someone took everything away from me, my businesses, investments and all my money in the bank. Would I be able to start from scratch and become a multi-millionaire again?
The short answer is yes I would and not only do i think i could do it i also would say its possible to achieve in half the time or less!
My first move would be getting the highest paid job possible if this is minimum wage working in McDonalds, Walmart or anything like that then that will be fine. The only purpose of this job is to establish an income stream. Without money it’s very hard to accomplish anything, instead of thinking of it as a drug I will be using it as a fuel to propel me towards my goals.
My second move would be to establish a side hustle or side job of some sort. Back when I was younger I used to catch and sell fish but the times have moved on. Selling fish door to door from a shopping cart may not be seen as hygienic any more but I had great fun catching them and selling them was just a bonus !
Online marketing would be the number one high income skill I would want to learn. The best way for me to do that and make some money on the side would be to set up a drop shipping store.
Dropshipping is when you take a product from a supplier, market and advertise it online and then get the supplier to ship it directly without ever physically touching the item. Running a profitable drop shipping store requires you to learn the basics of business, how to run ads on social media, how to build a website, copywriting, graphic design and in some cases video editing.
Build an emergency Fund – This is a savings account with 3-5 months of my living expenses.
Open a vanguard account and start consistently investing into low cost index funds like the s&p 500 which is a collection of the top 500 companies in the USA. By starting at such a young age I would be able to take advantage of compound interest.
My third move would be building a strong network of connections. An important part of this would be finding a few mentors to help guide me. I would do this by using social media to grow my personal brand and documenting my journey.
My fourth move would happen the day I turn 18 and it would be getting a credit card. A credit card has so many benefits including protection on purchases, points you can use for free travel, cashback and most importantly building your credit score.
My 5th move is when things start to really come together. I would use the money, skills and connections I had been building to start a scalable business once I had identified a gap in the market, most likely within an online or software niche.
Once my business was able to support itself and it was making me money on almost auto-pilot It would be time for my 6th move, diversify and focus on my personal portfolio.
50% of my portfolio would consist of Real Estate. As rental properties can generate income all year round. The rental income is great and will pay off the mortgage but the increase in value of the property is generally fantastic if you buy right.
25% of my portfolio would be in index funds this will allow me to keep growing my wealth with the stock market.
Pension accounts would make up 10%. The truth is the word may be old but they are one of the most tax efficient best long term investments you are likely to make and the younger you start the better.
12% would consist of Investing my money into businesses seeking investment. This would be a lot like you see on dragons den and shark tank in return for a percentage of their business I would offer my money, mentoring and network of connections. I like this type of investment as it allows me to use my business skills to influence the success of my investment which investing in the stock market can’t give me!
I would use 2.5% of my portfolio to dabble in individual stocks. This is the money I can afford to lose AND HAVE A BIT OF FUN WITH.
I would reserve 0.5% for the most risky investment bitcoin.
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Passive Income Ideas Millionaire, Passive income Plan: Millionaire Starts Again from Scratch! (NO MONEY).
Recurring Earnings Will Give You Monetary Freedom
Unfortunately it’s likewise most likely to activate unlimited procrastination. Then, the FDA actioned in and shut the business down. All these depend on the type of the service that is selected by the individual.
Passive income Plan: Millionaire Starts Again from Scratch! (NO MONEY), Enjoy more explained videos related to Passive Income Ideas Millionaire.
Starting Selecting The Ideal Home Based Company Opportunity
You can have trip at any time you want while you are making online. For an ebook or audio program, you can repair the price yourself. Also, my fiancee and I love to take a trip. Everyone has distinct talents to show the world.
Everyone has days when they find themselves wondering why they are constantly working so hard. In some cases it seems like the harder we work, the less money we in fact make. The next time you find yourself in this position, you need to sit down and start to consider some passive income concepts.
Of course, it depends upon passive income sources how much you would like to have when you retire and how much you have actually handled to sock away already, but let’s take a look at a couple of examples.
Do not forget to make sure you have great passive income streams to promote in your online short articles. You don’t want to waste all the real-estate you are accumulating. If you find powerful keywords, find or create items associated to them. What great is all the traffic, if they don’t purchase anything – right?
passive income ideas, may sound cliche-ish or simply among those terms that implies absolutely nothing to you (similarly for me. early on), but now It’s all starting to make good sense; not just sense but cents and dollars.
Consider writing an eBook or informative videos. These are easy to create providing you have the concepts to write it. “How to” ebooks constantly do extremely well. You can then go on to sell these either through your own website or a publishing site like Amazon. You might even get other people to sell you informative items as affiliates, increasing your sales and reducing your work.
To start with, you write as numerous short articles that you possibly can about your niche. You use a bit of helpful details, but not too much. You simply need to offer sufficient details to motivate the reader to click the link to your website. This is a successful situation in which you drive more traffic to your website.
This elaborate pattern of back increasing and scratching income streams through associated items is not dishonest in the least. But you must be mindful of it and keep your credit card in your pocket unless you have a clear and present requirement for a product. Certainly, as you progress in your internet marketing service, you will make the most of as numerous of these monetization methods as possible. Keep in mind, the holy grail of the internet online marketer is to create passive income streams. Earnings which does not need a good deal of hands on management. Anything else is simply trading one employer for another.
Lots of people have actually gotten on board the blogging bandwagon. So what earn money quick plans should you prevent? With $500,000 in a 5% bearing account, you would make $25,000 a year in interest/from dividends.
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