Tag Archives: passive income

Hustle on the Side

Lost Job, Shit happened, now what?

No worries. Well yes you can’t buy Lamborghini or your favorite scarf at Gucci but definitely you can eat some Luchi (Indian Bread eaten with Chickpeas). Jokes apart, well lets discuss how to keep your cash flowing to get that necessary food on your plate! Below are five side hustles that you can do to keep some extra cash flowing that can act as an add-on to your Primary Income source or can be a savior in case you have been a victim of the Crisis like Covid. These Side hustles can earn you anywhere from $500 to $2000 a month with little effort. So without further adieu let’s dive in.

1. Online Store Dropship that scarf, or retail that shirt; whatever you choose selling items online can be a good source of Income. And with this pandemic pushing more & more people online with contact-less door to door delivery, your store can be the next big thing. So get your domain and hit that Shopify to keep the customers rolling. Now, if you are wondering you can’t get your supplies from China and hence can’t make that extra buck dropshipping, don’t be dishearten check out ever green platforms like Amazon and use it to your advantage. To read more about how to sell online click here.

2. Freelancing Web designing, writing, photography, digital marketing, online tutor you name it, anything that can be done digitally can be done through freelancing. For starters you can check out platforms like ‘Fiver‘ or ‘Upwork‘ and once you have a belt of projects completed under you, you may like to showcase the same through a personal website. If you serve your client well you may very well turn your hobby into a full blown Business. All you need to start freelancing is to master a skill, and that is where you can

3. Blogging or Vlogging, Social Media – Be a Influencer, teach something, or just crack jokes, Social Media is platform for all, provided you are ready to put in the required effort. To put the numbers in perspective those with 100,000 followers can earn around $700 per photo in Instagram. And in Youtube with 20,000 views you can earn around $100. Affiliate Marketing, Sponsors, Ads, and selling products are some ways to earn through Social Media. But remember you personal brand won’t be build overnight you will need to understand the system and leverage it to your advantage. To know more on how you can crush it on Social Media platform, there is a great book ‘Crush It’ by Gary Vaynerchuk (a Belarusian-American entrepreneur, New York Times bestselling author, speaker, and Internet personality)

Garyvee says

4. Dividends – If you invest in right stocks, you can have the regular payments added to your account quarterly/annually. There are companies that pay a part of their profit at regular intervals back to the Investors, for owning their stock. All you need to do is open a account with brokerage like Zerodha and do your due diligence picking up the stocks. You can start with as little as 100 rupees.

5. Real estate A vacant land, or a building is referred to as Real Estate. Real estate investing is the purchase, ownership, management, rental or sale of real estate for profit. A way to start this is get a duplex, and rent either one or both the portions, using rent to pay off the mortgage payment.The loans also provide income tax benefits under Section 80C (up to Rs. 1.5 Lakh on the principal) and Section 24(b) (up to Rs. 2 Lakh on the interest paid).

Bonus content – ‘Flipping’ – you can flip anywhere from a book to a watch, you can even do something called ‘Domain Flipping’. A Canadian blogger Kyle MacDonald has even flipped red paper clip for a house, doing a series of 14 trades online. You can also use eBay or Amazon to flip. Refer this link here to know more on how to flip items on eBay. Flipping items is all about art of selling, master it and you will never sleep hungry anytime.

Don’t forget Successful businesses can also start out as side hustles.

Thank you for reading 🙂

The Rich Way

7 Things that Rich do different than Poor. Welcome on-board, lets help you put that extra buck in your pocket.

  1. Passive Income – Rich earn even in their sleep. Yes, they have a source of Income that puts Money constantly into their pocket even when they are not working. Passive Income of 1000 INR is worth more than 10,000 INR, how?, just imagine the time saved and the freedom gained. After all wealth is for ones Financial Freedom. One source of passive Income is by buying stocks that pays you dividends regularly (after every quarter or so). You can start with a small investment, all you need to do is open a Demat account with a brokerage like Zerodha and take it from there (check out our blog post on how to avoid investment mistake before investing, also follow this space for more tips and tricks)
  2. Keeping money is harder than making – Money management is not easy. The expenditure for majority of people grow proportionally with their Income. This is also the reason why almost all lottery winners end up spending what they have won. The urge to spend the money to show Rich than to be Rich is strong. Rich definitely know better Money Management than Poor. Once you made your first crore to make the second all you need to do is replicate. But how to save & invest and let your Money grow on its own is not something majority understands.
  3. Focus on Increasing income not cutting the cost – Yes, you heard it right. Rich don’t try cut the cost in small things. Majority will walk an extra mile saving cost rather than focusing on earning more. Instead of cutting cost every now & than, we urge you to first think like Minority and Increase your Income, so that you can afford all the nice things in your life. How?, May be learn a new skill that pays you more, or do some side hustle that help put some extra cash in your pocket.
  4. Over 50% of Rich earnings go to investments – Yes, Invest like crazy! If you want to be wealthy, you need to have a tight grasp on your savings & investments. You need to be able to park enough money (the more the better) in different assets. You may diversify your portfolio in assets like Gold, Real Estate and Stocks. If you want some quick tips on Investment do check out our very first blog here. Almost all wealthy people and brands invest more than 50% of their earnings. If you are beginner and don’t know where to start you may like to read our blog post here.
  5. Don’t borrow Money if it is not to make Money – This rule applies strictly for the elites. Rich don’t borrow unless the money helps them make more Money. They won’t pay bank the interest unless they make their cut. By borrowing money like majority to finance your new house or buy a new car your making the Bank & Bankers wealthy while putting yourself in debt. Debt not taken for the assets that put Money in your pocket is useless. So think whom you want to make rich, yourself? or them?
  6. Multiple Streams of Income – To be wealthy you definitely need to have the money flowing in through multiple ways. A side hustle, a full time Business or job, a passive source of Income; you need to work hard to at least grow the 3 sources of Income. Multiple Source of Income also keeps you portfolio hedge against a Crisis. You are less likely to be victim of a Crisis, and more likely to be at peace. An Online side hustle, free lancing etc may come handy.
  7. Invest in self – Investing in self is one of the most underrated advice. Ever wondered why Successful people read more than an average person?, the answer is simple your knowledge = future returns, the more skills you know the greater the opportunity to multiply your Money. This is the same reason why a Businessman earns more than an employee, they have figured out a solution, they know the full breadth of the System and not just a single piece of the puzzle like the employee who may be specialized on a single task. So learn a new skill, or grab a book, even better listen to two free books of your choice here at Audible.

Lastly but not the least, if you want to know more definitely check out this video by Alux.com. This article is inspired by the same. While the opinion above is completely ours, the primary source nevertheless remains this video.

Thank you for reading. Do follow us for more. Together lets be Financially Free.