Perhaps a goal most people in our world share, especially during our most productive years since we become adults, is to achieve a semblance of financial independence. More so than just because of the economic power, it’s also about achieving the freedom that comes with having a full wallet, a treasure chest stashed, and multiple ways of generating income.
It’s about the feeling of safety; that no matter how rough the waters get, or how strong they rock your boat, you’ll keep sailing on towards your goals and dreams.
So in this article, we’re going to explore some quick tips on how to work towards achieving your financial independence. It might be a long trek, with its share of bumps, but it’s a road many are traversing and one that’s worth exploring.
Work Remotely
Let’s get the obvious out of the way. We’ve talked about this several times now, but it doesn’t stop being relevant. Our world has begun a transformation ever since 2020 into economies that rely more and more on remote-based work; Bradley Keoun describes it succinctly as a secular transition to commuting-by-Internet might be taking place, perhaps one of the biggest labor force transformations since the Industrial Revolution.
A surefire way to get rid of the shackles of economic stagnation is to set yourself up with work that you can do anywhere. Work from home or on your vacations in Thailand. As long as you have your trusty laptop and an internet connection, you’re game.
How can you do this though? First things first; some introspection is in order. Go over your resume, your skills, and your job history. Try and look for jobs that you’ve done or could do, that are sought after online. Perhaps it’s too much to go over by yourself but worry not; here we have you covered with an article of our own to get you started.
Venture Into Cryptocurrencies
Something abuzz lately and that’s becoming more and more an established source of alternate income for personal purposes and companies alike. Bitcoin, Ethereum, Dogecoin, and the like are independent, speculative, decentralized digital currencies, based on blockchain technology.
Nowadays cryptos can be used for many things, common day payments, and as an alternate way of generating passive income: money you’re not actively working to generate. This is an important point in achieving financial independence: Time, as in work time, should go to the most profitable activities; but that doesn’t mean other things can’t produce while you do something else.
Rigs and crypto mining are options for you if you’re planning on venturing into crypto trading as a side gig. If you don’t know how to get started, here’s a friendly Forbes article for you.
Rent Storage
If you have hard drive space you’re not using, a decent internet connection, and access to power, then you qualify to rent out your storage space. Companies like Storj, Sia, and Slate offer to pay you to use your unused storage space for cloud storage.
If we use Storj as a benchmark, basing ourselves on this terrific article, you could start making from $60 per year for a 2TB storage with 10 Mbps Upload and 10 Mbps download speed.
Now reading this you might think it’s essentially nothing, but you have to imagine how much data flows through the internet every day. As of today, a TB is not that much. If just one TB can make you $60 a year, simply start by multiplying that.
Again, this is just another way to make passive income happen, things that make money for you without you putting in work hours. Having several alternatives producing for you at once, means that you’d be making money by working and also by not working.
Start Investing
A modern spin on the most traditional way of making that extra passive income. Use that money that you’re sitting on and put it to work for you by investing. Now it used to be the case that you had to pick up the phone and deal with a broker who’d do the work for you, then cash in a steep commission.
Nowadays there are automatized, smartphone-based apps that connect you directly with stock trading. Consider this if you’ve been interested in dealing with stocks or investing in general, but don’t know where to start. While researching this particular point, I happened upon a compilation done by The Balance, my favorite source of information on all things business-related.
It’s the perfect condensed starting point to delve into that new way of generating passive income that you’ve been waiting for.
Don’t Stop Here!
As with all ventures, the hard work on your part is what pays off. Take this as your starting point toward financial independence. Keep on reading, researching, and exploring options. Open up your mind to new ideas that perhaps do not fit old business models. And if you’re ever feeling lost, consider enlisting the knowledge of an expert, in the way of the type of consulting services we offer here, at Freelance Latin America.
See more articles by Paola Rodriguez.
