Do you know what the difference is between someone who's rich and someone who's wealthy?
Someone who's rich may live a lavish lifestyle — but if they lose their job, they're broke and homeless. Meanwhile, someone who's wealthy can lose their job and still maintain their standard of living.
Being wealthy means that you can sustain your lifestyle without needing to work.
How do you accomplish this?
By cutting costs, saving money, and… creating your own basic income!
With enough passive income (money coming in without you working for it), you can become wealthy without ever needing to become a millionaire.
The following six activities may require a bit of work to establish, but once their in place you can continue to make money with very little work. Enjoy!
1. Enter large sweepstakes and giveaways
There are many sweepstakes and giveaways with fantastic prizes — and they're free to enter! So start entering giveaways during that commercial break.
If you haven't completed all of the available entry options — jump over to A Richer You's giveaway right now and earn additional entries into our $500/month for two years giveaway (for 2018).
Also, be sure to check out Publisher's Clearing House — which gives away millions of dollars ever couple of months ($5,000/week for life would be a fantastic basic income).
2. Receive a cryptocurrency basic income
Make sure that you sign up for Mannabase! This new cryptocurrency will give you a little every month, just for opting in. Although this may only be worth $5/month to start, if the currency increases in value like others have, you may find yourself with an extra grand in a year or two.
They're officially launching within the next month or so, but if you sign up now you won't miss out on the first month's payout. Again, this is literally free money! If you're skeptical, read more about how a universal basic income works.
3. Sign up for the Vital credit card (launching summer of 2018)
I believe that everyone should have a great rewards credit card. And although the Vital credit card only offers 1% cash back, it gives you additional cash back when people you refer sign up for the card.
While the amount will vary, you can theoretically earn around $5/month for every person you refer + a smaller amount for the people they refer. Sign up 100 people and you could easily have a small passive income from the Vital credit card.
The card won't be available until mid-2018, but you can sign up and start referring others right now!
4. Invest and live off of the returns
This is the most commonly known way to create a residual income. Although it can feel slow to start, your money will compound quickly.
Start investing today, and you'll be amazed at how much money you'll be earning before you know it.
Ready to invest? A few of my favorite tools are:
- M1Finance: A no fee robo-advisor. Just create an account, set your investing preferences, and M1Finance will take care of the rest. It's easy and free! And when the market does well, you'll earn solid returns.
- AHPFund: If you want to earn 12% returns while helping people stay in their homes, then check out this awesome site! Receive a 1% return every month while doing good.
- Fundrise: Invest in real estate without having to deal with tenants. I've personally invested with Fundrise for two years and love it.
5. Invest in real estate
Although this is a topic that requires much more depth, many of the wealthiest people in America have made their fortunes in real estate.
With $20,000 you can buy a $100,000 property that offers a great return. Or buy a duplex, rent out one half, and live rent-free! Owning several rental properties is one of the easiest ways to establish a residual income stream and make money without working a “regular” job.
6. Start a blog
Blogging takes a lot of work. However, if you put in the time initially, you may find yourself making $1,000+/hr a few years down the road. There are multiple bloggers that earn $100k+/month. And, as you can see from our January income report, A Richer You brought in over $1,000 in it's fourth month.
If you're interested in launching your own website, check out A Richer You's guide to blogging for more tips on how to get started. And who knows, maybe you'll be able to create a full-time income from your website!
The key to establishing a residual income is to make sure that your money is working for you. For every dollar that you save and invest, instead of spend, you'll find yourself a step closer to financial freedom.