This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all informat
This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any major financial decisions
I know this sounds like a boring one here — but this is a very important first step because if you’re looking to earn passive income through other means, pretty much all these different avenues require you to have some amount of capital saved up.
Since then, I have built this up to a $100,000 dividend stock portfolio, which now just from that portfolio and me doing nothing at all — I earn around $3000 per year in dividend income.
Right now, you might earn around a 0.5% APY for an online savings account, and that essentially means if you have $1000 saved up over the course of one year — you might earn about $5 in interest.
But the difference between this and the lottery is that Yotta is FDIC insured, and essentially it encourages you to save money because the more money you save — the more tickets you get for the weekly drawing.
So it’s very passive and essentially has allowed me to eliminate my mortgage, my earning rental income from these tenants, which pays for the mortgage, and other expenses.
And again, this is not me investing in highly risky stocks or anything like that. I own companies like 3M, McDonald’s, and Intel, which are time tested, durable companies that are profitable and consistent — they just may not have crazy growth. Still, they pay consistent and reliable dividends, which allows me to earn relatively safe returns.
While this does work for some people, for the majority of people, making these YOLO type bets means you’re going to essentially blow up your account and lose all of your money.
So I would encourage you — if you do have money to invest, think about a strategy like dividend investing or blue-chip stock investing and rather than buying into these highly speculative, high-risk investments.
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s as analogous to a thief and the police. The thieves want to fool the police and keep improving their tools and techniques, and the police want to catch the thieves so they improve too. The generator is like the thief and the critic is like the police.The point is just to start because what you do have on your side right now is a heck of a lot of time which can allow you to earn those compounded returns year after year.
I love the fact that there are two potential ways to make money with stocks, and the reason I’m bringing these up here for people in their 20s is a lot of people make very risky investments at this age, whether it be options trading or futures or forex, things like that.
And again, guys, the whole point here is not to become a millionaire from the interest in your savings account. That is just not going to happen unless you hit that jackpot, which is not very likely.
I was able to use the FHA loan, which was a much smaller amount of money out of pocket, but I still had to come up with $22,000 in order to close on this property and get my foot in the door.
And essentially, what I do is I take those dividends, and I reinvest them back into the portfolio — which allows me to earn compound interest where my dividends are earning me more dividends.