Creating passive income streams helped me resign from the corporate world with some peace of mind. Since becoming a corporate dropout, I've been living off my passive income streams, even during the 2020 economic downturn.
It was scary to leave behind a steady paycheck and company benefits. But the key is to build multiple passive income streams. Having multiple passive income streams allowed me to ride out the 2020 economic downturn.
Ready to start creating passive income too? Since 2019, I've been living off my passive income primarily from index fund investing.
Ready to start creating passive income online?
Whether it's selling digital products, affiliate marketing or index fund investing, building passive income does not happen over night. The different possibilities can feel overwhelming but can be fun too.
So which passive income idea is best?
Watch the video:
Stand out in a saturated space by doing this...
If you're looking to create passive income by selling courses, memberships or some type of digital product, the internet can be noisy in any given niche.
Watch the video to learn my passive income strategy for standing out online:
Interested in investing in the stock market to build passive income?
Investing your hard earned money can feel daunting. I get it. Before we get into passive investing strategies, here's my story...
In 2019, I quit my corporate job, sold my condo, gave everything away, 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.
Eventually, I reached financial independence retire early (FIRE) by creating multiple income streams from investments and side hustles.
It was mainly through my passive investments, I was finally able to leave a career that was no longer a fit. More importantly, it was time to get away from East Coast winters!
Here's my story:
So I gave everything away and left all my furniture. I took my favorite pair of heels though. Other than that, I shipped my car and gave away everything else.
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 was able to get my finances in order with passive investments and other income streams.
Resignation Checklist: Before You Quit, Do This First!
Interested in creating passive income through index fund investing too?
You probably already know that the path to financial wealth is to have your money work for you. Investing in index funds allows your money to compound over time so that you can earn money while you sleep.
Not interested in stock picking and day trading? Want to sleep soundly at night despite the volatility of the markets? Me too.
Here’s how I minimize risks:
Diversify across different asset classes
Diversify within asset classes
Diversify across markets, countries and currencies
Diversify across time
What does it mean to be diversified across time?
I’m talking at least a ten year long term investment strategy. No jumping in and out of the market.
Even the top financial gurus are not able to predict the right time to buy stocks. By adding to my index fund portfolio systematically over months and years, I reduce my risk and increase returns over time.
Which passive income strategy is best for you?
Create multiple income streams.
Whether it's passively or actively earned, 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 have a side hustle these days. You don’t even have to start a business to do so.
For years, I experimented with different types of side hustles, both active and passive. Eventually, I got to get a feel of what I enjoyed doing and let go of the activities that were not as enjoyable.
During my weekends, I taught yoga and wellness workshops at a local hospital. I also worked the front desk of a yoga studio at one point too.
There are many different methods to create passive income streams. Currently, I earn passive income mainly from index fund investing.
Get creative with ideas in this gig economy.
Did you know you don't need millions of followers to make money with affiliate marketing? Even with a small following, businesses and brands are open to collaborating.
Watch the below video to learn how to get started with affiliate marketing:
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?
Get Your Financial Ducks in a Row...Before You Resign
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.
While I don't recommend resigning without a plan, sometimes you know when enough is enough.
Creating passive income helped me leave the 9-5 lifestyle once and for all. It wasn't easy leaving a steady paycheck and company benefits behind.
Those golden handcuffs are no joke!
Having passive income allowed me to leap with more peace of mind. To help others create passive income streams, I put together this Passive Income Quiz.
Which passive income strategy is best for you?