3 Effective Passive Income Sources I’ve Created This COVID Year
Feel free to steal and use them
My New Year’s resolution last year was short. There was nothing about going to the gym or reading more books. These are cute goals, but they don’t make your life easier.
Meanwhile, money does. Especially when you earn money without personal effort.
Yes, I had set myself the task of creating 3 passive income sources in 2021. The year of COVID itself was tough enough, but I decided to add more spice.
To be honest, it was a crazy challenge.
Here are 3 results of my 1 year-long struggle to get passive income.
Source #1 — Chess
An unexpected knight’s move?
Queen’s Gambit was still popular. The idea of chess was in the air.
I love to play chess. This game never becomes boring, even with only 32 pieces and a small board. For my whole life, there were no 2 the same games.
So I asked myself the following question. Is there any way I turn my desire to play chess and my knowledge in this field into money?
The first answer was simple — play chess for money. Well, I’m not Kasparov or Fisher, but I could play in the parks and win most of the matches.
Still, there were 2 issues. First — it was freaking cold because of the winter in the park. Second — it wasn’t a passive source of income. So I had to think further.
In the end, I found the right solution. I decided to recreate my previous success. I once created a tutorial for the Udemy platform on playing the guitar.
This tutorial has been making me money without my efforts for 2,5 years now.
Chess isn’t worse than guitar. So I hoped for a similar great result. And I was right.
It took me about 3 weeks of my leisure time to create and record a short course for newbies. Then I released it online.
The result for 9 months online is pretty cool — $332.
Source #2 — Bank
At the stock market stable 4% income is pretty conservative but still desired.
It’s better to have 4% than 0,5% from bank deposits. But it’s true for the 1st-world countries. The situation in 3rd-world countries is different.
The bank deposit rate in my country was 12% per year. I was lucky with this one.
The solution was easy. I decided to put aside 10% of my salary to the bank deposit. To create a stable income and financial safety cushion.
Each month I took 10% of my compensation and opened a new deposit account in the bank.
This way each next month one of my previous deposits closes. It will allow me to survive in the case of losing a job or any other unexpected situation.
Also, it gives a 12% yearly return, which accumulates on the deposit if I do not use it.
Compound interest rules the world!
Source #3 — Savings
Great habits make a great life.
So I decided to create one.
A saved dollar is an earned dollar.
Everyone heard this proverb, maybe even tried to inject it in life. However, trying is not enough.
To gain profit from this idea, you need to turn it into a regular habit. It took me almost the whole year, but I did it.
I tried to cut off at least one noteworthy extra expense per month.
Say no to everyday coffee was easy thanx to switching to the remote job.
A similar situation was with lunch. You will be impressed when calculating the amount of money you can save by cooking yourself. Also, it can be more tasty and healthy than eating somewhere.
You can find ways to save money. The key is to turn it into a habit and perform that revision every month.
Final Thoughts
I created 3 sources of passive income in the 2021 year. It wasn’t easy to invite the ways how to get more money. But possible. Passive income isn’t one of the false myths.
Some of mine can fit you. Feel free to use them. Otherwise, find your own ways to make more money and live a better life.
You can create your own sources of passive income in 2022!
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