02/05/2023
Passive income - also known as side hustle- is an essential and necessary hedge against career shocks (such as layoffs, frictional resignations, etc..) and allows people to focus on other interests or business ventures, with the comfort of securing the coverage of their living costs from a steady stream of secondary income.
It can be more than that: when a passive investment turns into a success, it lends itself into a generation of cashflows that allows people the luxury of free time, that empowers them to chase dreams, learn or nurture a hobby, all in the name of financial freedom, not to mention unchaining people from debt, especially credit cards.
But no one said it is easily done: it requires discipline, tenacity, the ability to handle adversity, time and effort poured into a business venture. The hard work-success tradeoff could never be truer than in this case, and the success is usually the result of consistent hard work and sound business decisions over time.
Just to give you some ideas and get you started, here are ten side hustle ideas, which will help you come up with ideas to generate some extra money:
1) Invest in ETFs
2) Start building a blog, and sell online sponsored posts
3) Create an online course.
4) Invest in a rental property (spend on improvements)
5) Rent out your car, or Lease out unused parking spaces.
6) Build a problem solving application, and get backed by Venture Capital.
7) Become a social media influencer: Start a YouTube channel and earn money from the YouTube Partner Program.
8 ) Join an affiliate program and get started earning commissions.
9) Write an e-book
10) Buy and sell websites.
If you’d like to explore the potential of earning a passive income, we at Phoenix Capital can help you generate a new business idea, plan it, assess its feasibility, and walk the walk with you, as we have successfully done for others.
Send us a message with a brief on you, to book your first video meeting with us.