About to quit your job without another job lined up? Not sure if you have enough emergency savings to take the leap? Over the years, I've played around with different side hustles to make passive income. This included creating digital products to index fund investing. What are some different ways to make passive income?
Before we cover 7 different ways to make passive income, let's define passive income first. Passive income is earned money that requires little to no effort to maintain.
Ready to replace your salary with passive income?
In 2019, I quit Corporate America, sold my condo and moved across the country. In that order, within a month.
I tried leaving the 9-5 grind 3 times. The first time was ugly and messy. Second time was a little better. Third time was the charm.
In my mid-30s, I reached financial independence retire early (FIRE) by replacing my salary with passive income.
I was finally able to leave a career that was no longer a good fit by creating multiple income streams from investments and side hustles.
More importantly, it was time to get away from East Coast winters! So I quit my job, sold the condo and moved across country. I gave everything away and just shipped my car.
I left all my furniture behind. I took my favorite pair of heels though. Other than that, I shipped my car and gave away everything else.
Here's the rest of my story...
It was time to start a new chapter. Being born and raised in Hawaii, I had enough of East Coast winters. So I picked Southern California as my new home.
Although, I didn't have another job lined and was just starting up my business, I was financially independent.
Prior to resigning, I had played around with different side hustles and invested consistently in stock market index funds.
We all know it's not an easy journey to financial freedom, let alone change careers. Join me along my new chapter in sunny California!
7 Different Ways to Make Passive Income:
index fund investing
create digital products
real estate investing
My primary source of passive income...
Being debt free and having an emergency fund allowed me to resign without a Plan B several times throughout my career. Having a diversified investment portfolio helped me leave the 9-5 corporate life once and for all.
You may already know that the path to financial independence is to have your money work for you. Not interested in stock picking and day trading? Want to sleep soundly at night despite the volatility of the markets? Same here.
The main reason I was able to resign from the 9-5 lifestyle was from passive index fund investing.
Investing in index funds allows your money to compound over time so that you can earn money while you sleep.
There are many different methods to create passive income streams. The possibilities are endless! Currently, I earn passive income mainly from index fund investing.
Interested in creating passive income through index fund investing too?
Studies show that millionaires have an average of seven income streams. After all, having multiple income streams is one of the great keys to wealth.
There are many ways to create passive income streams. You don’t even have to start a business to do so.
This includes drop-shipping other people's products, creating an online course, affiliate marketing, renting out your car, and so on. Investing in rental properties is a great way to create passive cash flow too.
Get creative with ideas in this gig economy.
Whether you are looking for another side hustle or run a full-time biz, there are an increasing number of ways to make money.
Are there any part-time opportunities that you may consider taking on in order to explore a different industry? Any fun side hustles you’ve been thinking about trying?
The gig economy centers around the concept of creating an income from short-term tasks. This encompasses those who are full-time independent contractors to those who moonlight by driving for Uber/Lyft several hours a week.
About to take the leap? Already resigned?
The trend toward a gig economy is real. Maybe everyone around you is a #girlboss. If you never want to step foot in an office again, what would you do?
Corporate Dropout to Entrepreneur: Replace Your Income in a Gig Economy
When it comes to being a dropout, there’s one thing I know for sure. It’s not as easy or glamorous as it seems on the surface.
Whether it’s dropping out of Corporate or college, there’s a lot of unknowns involved. They say fear of missing out (FOMO) is a real thing. Well fear of the unknown is also no joke.
For the rest of my story and to learn my money making strategies, access my free E-Book today!
Free E-Book for Corporate Dropouts: How I Created Passive Income Before I Resigned