Hello SPIers, today we look into how you can not save yourself rich. We've all heard a million times if we want financial freedom, we need to save. The earlier we start in life, the more frugal we are and the higher the percentage of our income we save the better. These are all true but saving $50 a week for 40 years and expecting to hit a million before retirement will require alot of luck.
Saving is great but you have to earn it first, right?
The best way to get your final freedom is to earn more money. If your living costs dont increase then 100% of the extra earned money can be saved.
There are thousands of ways to earn extra income, finding the one that works for you is not easy but when you do find it, your passion could help you grow a side hustle into your main income. People who start YouTube channels spring to mind but it could be cutting grass at the weekend, painting houses, building sheds, upcycling old furniture, dog walking, whatever.
Your thinking
"I have no idea what i could do where or where to find out how to create a side hustle"
Right?
RED CAR
Think back through your day and take a guess at how many red cars you seen.
You have no idea because why would you? You are not paying attention to that because you've been busy with other things.
If I said to you this morning, I'll give you $100 every time you see a red car, you would have see them all. Infact, you would not just see them, you would have been actively looking for red cars going off the beaten track to find as many as you can.
The same goes for finding a way to earn extra money. Many of these opportunities pass by us each day without us seeing them but if we were to actively look for opportunities, we would find alot more than we can even see.
Passive Income vs Active Income
You need an active income until you can generate enough passive income to live to your standard of living. Thats a fact and why most of us that are building passive income investments work a job until our late 60s.
Passive Income
To earn alot from passive income, enough to live off, you need to start with alot. If you can start with alot, then you probably already have financial freedom.
You're never going to get financial freedom from earning passive income. People who say they are building a passive income and then compounding down the income into creating more passive income are just saving like a normal saver would compound down their interest.
Active Income
An income from doing something active like working more hours, writing content for HIVE or starting a side hustle is new money. These are what make you rich and give you financial freedom. The money earned from an active income should be extra and can be all saved shaving years off your goal. Earning an extra $500-1000 a month is the same as holding $100k in high-yielding dividend stocks but it is easier to earn $500-$1000 per month compared to saving $100k.
How many Opportunities did you look for today?
| Token Name | Main Account | Link to hive-engine |
|---|---|---|
| SPI token | @spinvest | SPI |
| LBI token | @lbi-token | LBI |
| Top XV token | @spinvest | XV |
| Eddie Earners | @eddie-earner | EDS |
| EDS miners | @eddie-earner | EDSM |
| EDS mini miners | @eddie-earner | EDSMM |
| DAB | @dailydab | DAB |
| DBOND | @dailydab | DBOND |
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