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Mindless Money-Making
EPISODE 2, Season 1:
Hi everyone! As the world is under a lot of pressure right now due to coronavirus, it's hard to fight this looming feeling of uncertainty. With the recent release of the stimulus package, the world is facing a growing unemployment rate, misplaced workers and those who are working at home for the first time – not to mention a shortage of hand sanitizers. In this time of uncertainty, I wanted to share with you 3 mindless ways to make money while you sleep that you can start doing today. Now I’ll admit, some of them are very small margins – but, waking up a thousand dollars richer every morning starts with small changes and habits. If you have a savings account, you need to learn how to make your money work for you, so without further to do... Let's hop in!
The first way is through dividend income: a dividend is a sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits. Basically, when the company makes money, whether you own 2 shares of 2000 shares, you get a slice of their profit. One great habit to get into is to reinvest the quarterly income from dividends back into the stock market.
The next way to make money while you sleep is interest income: this is a great way to invest if you are unsure about the stock market or aren’t totally confident in it. A lot of people have very mixed feelings about the stock market, and if it’s not your thing, no problem. You can still make money while you sleep. Essentially this is bond and treasury notes. Your yield is going to be anywhere from 1 - 4% which is lower than the average stock market return, at about 7%.
The third way to make money while you sleep is through capital gains: capital gains are essentially assets that appreciate in value, meaning that over time they got more valuable rather than less valuable. Two of the main ways capital gains is achieved is through real estate and stocks. One of the big advantages of capital gains is that it's taxed at 15 - 20% rather than at the ordinary income tax rate (which can be upwards of 40%).
There you have it! 3 ways to make your money work for you while you sleep. Check out my website www.thesydneyphillips.com for endorsement, collaboration and topic requests and ideas. Connect with me on Youtube, Instagram, and LinkedIn.
Most importantly, subscribe to the pink suit podcast for your weekly dose of innovation, straight-up talk, and inspiration.
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By Sydney PhillipsEPISODE 2, Season 1:
Hi everyone! As the world is under a lot of pressure right now due to coronavirus, it's hard to fight this looming feeling of uncertainty. With the recent release of the stimulus package, the world is facing a growing unemployment rate, misplaced workers and those who are working at home for the first time – not to mention a shortage of hand sanitizers. In this time of uncertainty, I wanted to share with you 3 mindless ways to make money while you sleep that you can start doing today. Now I’ll admit, some of them are very small margins – but, waking up a thousand dollars richer every morning starts with small changes and habits. If you have a savings account, you need to learn how to make your money work for you, so without further to do... Let's hop in!
The first way is through dividend income: a dividend is a sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits. Basically, when the company makes money, whether you own 2 shares of 2000 shares, you get a slice of their profit. One great habit to get into is to reinvest the quarterly income from dividends back into the stock market.
The next way to make money while you sleep is interest income: this is a great way to invest if you are unsure about the stock market or aren’t totally confident in it. A lot of people have very mixed feelings about the stock market, and if it’s not your thing, no problem. You can still make money while you sleep. Essentially this is bond and treasury notes. Your yield is going to be anywhere from 1 - 4% which is lower than the average stock market return, at about 7%.
The third way to make money while you sleep is through capital gains: capital gains are essentially assets that appreciate in value, meaning that over time they got more valuable rather than less valuable. Two of the main ways capital gains is achieved is through real estate and stocks. One of the big advantages of capital gains is that it's taxed at 15 - 20% rather than at the ordinary income tax rate (which can be upwards of 40%).
There you have it! 3 ways to make your money work for you while you sleep. Check out my website www.thesydneyphillips.com for endorsement, collaboration and topic requests and ideas. Connect with me on Youtube, Instagram, and LinkedIn.
Most importantly, subscribe to the pink suit podcast for your weekly dose of innovation, straight-up talk, and inspiration.