4Ways you can achieve this.. earn money without physical effort or staying in a job
The concept of getting money in the minds of many people is associated with making strenuous efforts and working long hours, but this thinking alone will not make you rich, and no matter how rich you are, it will not make you financially independent even after retirement.
Speaking on this subject, the famous American Entrepreneur website published an article by an entrepreneur named "Firas Moussa" that deals with the importance of diversifying sources of income.
The site began its article by saying that studying millionaires is very wonderful, because they are often ordinary people who enjoy remarkable discipline and focus and do not differ in their intelligence or mental abilities from the majority of people, but they work differently from the rest of the world. A great idea about millionaires is that they usually have multiple streams of income.
Among the interesting data are the following:
65% of millionaires have 3 sources of income.
45% of millionaires have 4 sources of income.
29% of millionaires have 5 or more sources of income.
One of us might ask after reading this data to say: “My time is barely enough to commit to the current job I work in. How do you expect a person who gets only 24 hours in a day to have 2 or 3 different sources of income?!”
The answer to this question, is that diversifying sources of income does not mean getting additional work at all, but there are many ways experts call “passive income sources” that can make you earn money with little effort and without getting involved in extra working hours.
Among the sources of passive income we can mention:
First: real estate rental
It is not easy to get enough money to buy a property regardless of renting it if you are an employee who gets a fixed monthly salary. But the idea is that you try to get a good loan (without interest) by agreeing with a bank and putting your fixed salary as a guarantee of your eligibility to pay the installment monthly.
You will not have to worry that your salary will be subject to erosion due to the exorbitant bank installments, after concluding the agreement with the bank and buying the property, you will directly rent it on a monthly basis, and thus the amount you will get from the tenant will be paid to the bank, and the remaining difference can be compensated by your salary.
After the bank installments are over and the full amount is paid, the monthly rent you get will be additional passive income added to your monthly salary from your current job without you having to put in any effort.
Of course, the circumstances and the possibility of implementing this scenario vary according to the state and its laws, the nature of banks' dealings, and the condition of people. So you should research carefully the details, and not rush before examining the matter.
Second: rent your car
Car rental from one person to another has become notably popular, thanks to the short supply in the market. When the epidemic (Corona) spread, large companies such as "Hertz" closed and sold many of their cars. With chips in short supply, these companies are finding it difficult to keep up with the increasing demand.
Now, companies like Turro are offering the ability to rent out their cars to others. This acre has been turned by some people into a side business of some sort, and they have earned a significant amount of income "without effort". In fact, a 22-year-old student in Toronto (in Canada) managed to develop a small fleet of 4 luxury cars.
And it's not just properties that you can invest in and rent, if market trends continue, car rental is quickly turning into a viable source of income.
Third: Investing in the financial markets
Another common type of “no effort” income stream that will increase your wealth is to have investment income through investments such as dividends, gold and currencies of all kinds (both regular and crypto).
These investments won't make you life-changing money, but as your wealth grows, the stock market is a great place to safely park your money as it grows and generate a quarterly or monthly income. The key to building wealth is diversification, and making income-generating investments in stocks, currencies, etc. will help you achieve this goal.
Fourth: Trade Income
After collecting a certain amount of money, you can engage in some type of trade that does not involve much risk and does not require strenuous follow-up. For example, a small store could be opened, financed, and an employee you trust with your acquaintances could be put in charge of it.
It is also possible to import some products from China, for example, and display them on an online store and hire a specific person to follow up on the matter and carry out shipments to customers.
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