So if you saw my previous post, watching the ball drop in 2017 was the impetus for finally getting my butt in gear and starting the journey from EBT (having to rely on government assistance for food, etc.) to financial freedom, to be defined as receiving enough in passive income each month to take care of my family.
There have been a couple of things that I’ve learned so far that I will share with you, to keep you from making the same mistakes.
Low barriers to entry mean there will be some sort of trade-off.
The first few moneymaking opportunities I ran across were practically instant signups – from “get paid to take surveys” to “make money doing captcha”. However, not only does your email inbox get carpet-bombed, the one thing that gets consistently sacrificed is your time. Poke around a little more and you’re sacrificing ethically, as well.
Let’s take captcha, for instance. Now, if you don’t know what that is, it is the code you have to enter at a website to prove you’re not a robot.
Not only is what you’re doing kinda shady (you’re essentially helping hackers be spammy), but the rate of pay you will get for typing these out is far less than minimum wage.
I have also tried Swagbucks. This one actually does work, though, not nearly as quickly as I (or probably you) would want or need. Basically, you are awarded Swagbucks for watching videos/movie trailers, performing searches, etc. After poking around for an hour or so, I had a whopping 58 Swagbucks. Sounded great, until I learned that to trade these in for, say, a Paypal gift card, I would need 2,500 for $25. Again, far less than minimum wage.
Lastly, Inbox Dollars. Cute concept, but when you sign up, you’re asked to enter a series of questions regarding demographic information / general interests. These answers determine the type (and frequency) of the surveys you get. So if you don’t mind entering in your address and clicking through eighteen screens to get a free trial tube of toothpaste (that I still haven’t received yet, by the way), have at it. Also, it would probably be beneficial to quit work, because the time allotted for a lot of the surveys I have received have both started and ended while I was working.
My path out is going to involve a significant amount of leverage.
What I mean by this is that I will need to leverage what I have available to me (skills, time, money, etc.) into moneymaking opportunities for myself. Playing piano? Maybe I can perform a wedding or two. Pretty good at the stock market before the feces hit the oscillating object? Use that to my advantage. Feeling the writing bug? Maybe freelance an article or ghostwrite a book.
So, with no more adieu…my first ever passive income report:
- Writing (not this venture) = $46.34
Total = $46.34
Yeah, I know – not much. But woohoo!! It has started!! The goal is to invest this somewhere (either in more passive income, or in myself – classes, etc.), but I haven’t figured out where.
Goals for February
- Try out Upwork (launch a profile, try to bid for services, etc.)
- Continue writing
- Figure out where to leverage that $46.34
Thanks so much for reading my drivel. Have a good day.