Passive Incomes That Have Been Proven Must Effective
Tags: Money, Saving, Passive Income, Financial, Finance

You generally have more time on your hands but less money, so you have to make do with what you have!

“If you don’t find a way to make money while you sleep, you will work until you die” — Warren Buffet

Do you know what the number one problem is with having a job? —

It’s the fact that you’re only able to earn money for those 8 hours per day, 5 days a week in most cases.

But for the other 128 hours in a given week — you’re not able to make any money at all, and this is essentially the definition of active income where you’re exchanging your time for money.

Most people — if they’re looking to make more money, they think they have to work more hours, and while that is a way to make more money, it’s kind of a lousy solution to this problem.

Sure, you could go out there and get another part-time job on top of your full-time job, or you can work crazy overtime.

But the question at the end of the day here is, do you really want to be working 50, 60, or even 70 hours per week?

I would say most people would answer that with a no.

Now, I personally became obsessed with this idea of earning passive income in my early 20s, and I’ve built up a couple of different passive income streams.

You’re in a bit of a unique situation here because you generally have a lot of time on your hands if you don’t have kids or a family yet — but you probably don’t have a lot of money, and when it comes to earning passive income, you either have to invest your time or invest your money.

These are different passive income streams that work well for people in their 20s.

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Compounded 401K Returns

You probably think what a boring way to make passive income, but it’s honestly one of the best opportunities that you have potentially available to you right now in your 20s.

Now, for those who are not familiar, the 401K is an employer-sponsored retirement savings plan where you’re able to set aside a portion of your paycheck before you even touch it and invest it for retirement.

But what many people don’t realize is that many employers out there still offer something called a company match.

What this means is that dollar for dollar — they will often match the amount that you’re putting in, which essentially means they’re offering you free money.

And even if your employer doesn’t offer a company match, it’s still worth it to put something, literally anything into your 401k.

The general psychology here is the fact that when you take money out of your paycheck and set it aside into this investment before you have the chance to spend that money — you are far more likely to figure out how to make ends meet.

Most people, if you give them the full paycheck and then ask them for direct money towards investments, for savings — they’re not going to be able to do that because basic psychology makes us want to spend that money on stuff rather than putting it away and saving it.

So with the 401k — you’re putting that money aside before you have the chance to spend it.

Let me give you a scenario of how much money you could potentially have from a 401k investment —

Let’s say you started at 20 years old and invested in your 401k from age 20 to age 65 at just $100 per week.

Well, by the time you reach retirement age, you would have a 401k worth around $1.8 million from just $100 per week, and that’s simply assuming you take that money and you passively invested in the stock market, which on average returns around 8 to 10 percent per year.

So I don’t care if you just do 1% of your pay into your 401k or do anything at all but trust me, guys, it’s an easy way to make passive income, and you’re going to thank me later.