This is the digital nomad quest podcast with Sharon Tseung. teaching people how to build passive income, become financially free and design the best lives.

Hey guys, it’s Sharon from digital nomad quest, and today we’re gonna talk about the best strategy to make passive income. Now, in this episode, we’re actually not going to just do a list of a bunch of ideas, we’re actually going to break down the different steps in choosing the right path for you. Because there’s so many different passive income methods. So many people ask me, like, which one’s the best one to choose which one’s the least risky, which one cost the most, like, people are asking all these questions about these different routes, because they don’t know which one to start and which one to attempt.

Now, because I’ve experimented with many different passive income streams, I basically found that most of them work, it’s just a matter of which one actually resonates with you. And which one is the one that you can really stick with for a long period of time with any business venture, you have to really stick with something for many years, and you have to kind of see it through you have to actually be persistent with it. So none of these passive income methods are a get rich quick scheme. But there are different ways to approach different ones. And I’m going to go into how to kind of choose which one will work for you.

In my opinion, though, it’s better not to just flip flop with a bunch of different ones, you have to kind of focus on one and master it before you move on to any other passive income stream. And hopefully you find one that really resonates with you that you stick with for a long period of time. For me lately, I’ve been sticking with building a personal brand and with real estate investing, because those avenues really excited me right now, I really feel that I’m building something impactful teaching you guys how to achieve financial freedom through passive income stream and managing your finances their different side hustles, and investing and all that stuff. And it’s been a really fun journey for me. And also with real estate investing has been something I’ve been interested for a long period of time, and there’s so much I still want to learn about it. So it’s been really exciting for me. Now let’s get into today’s video, I feel like this has been a highly requested topic.

So what I’m going to do is actually go through this passive income toolkit that I actually created back in the day, a few years ago, I noticed that a lot of people were asking me about this, that’s why it’s a free tool kit. So I want to go through kind of my thoughts around it and see if it helps you guys to picking the right passive income stream for you. And to really just choose the right strategy for you. Now what I’m gonna do right now is screen share the passive income toolkit, if you guys want to grab the free passive income toolkit, it’s down in the link below, so you guys can follow along that way. Or you can just kind of watch what I’m doing right here. The good part about the toolkit is you can actually fill it out with your own answers. And it might be beneficial to you guys to have that on paper with you. So guys, make sure you stay till the end. Because we cover a lot of important things, we cover how to be aware of your situation, how to use that awareness to figure out the right passive income stream for you. And then we break down every single passive income stream that I mentioned in this video, it’s going to be super useful for you guys.

Now, as you can see here, this is part one, and it’s all about having awareness of yourself and your current situation. So you’re going to fill this out to figure out which passive income stream suits you. So first off, it’s your strengths. So what are you good at and you know, you should write down all the things that you think you’re good at. For example, for me, I believe I’m good at creative pursuits. For example, with graphic design with coming up with creative ideas, I think I have that type of strength. And then knowing this makes me more confident in passive income streams that do require a designer.

That’s kind of why I started with digital products with Etsy. So I’m going to talk about all the different passive income streams later. But let’s first get into what are you good at. So go ahead and write down all the things that you think you’re good at, and it might align with certain passive income streams better than others. And then you’re going to list out your weaknesses. So what are you not good at. So for example, if you don’t like writing, you might want to avoid blogging, or you might want to outsource it. Or if you’re bad at focusing, you might want to have accountability partners to help you stay on top of things. So knowing your weaknesses will just help you understand if you want to avoid certain passive income streams or find certain workarounds. And this is really crucial, in my opinion, because I feel like a lot of people try to kind of do everything in their business.

But a lot of times you have to figure out what you’re actually not good at, and that you should outsource that to somebody else. So write down your weaknesses here. Next, it’s important to kind of figure out your finances. And it’s actually important because certain passive income streams require more capital than others. So you’re going to figure out what your nest egg looks like. So basically break down your net worth. And what you’re going to do is fill this out. So basically, your net worth is your assets minus your debt total, and then that will equal to your net worth. So what you’re going to do is fill out these different fields. Basically, how much your home is worth, if you have one, how much you have in stocks and retirement accounts in cash and savings.

If you don’t have any of these, it’s actually okay because there are some passive income streams that don’t require any capital at all, which I’ll talk about in a bit. But also write down your different debts like car loans, home loans, student loans, it’s important to kind of figure this situation out. Now if you don’t want to fill this out and you don’t want to do all this work. You could actually use Personal Capital it actually integrates with your bank accounts. So that’s really easy to see what your net worth situation looks like. And I have personal account Bro, I basically use it to see what my financial situation is.

I also use Excel spreadsheets to look at my net worth as well. So it’s up to you how you want to do it. But I think it’s a good way to get aware of your financial situation, no matter what if you don’t want to do passive income streams, that’s fine. But I think it’s really crucial to track your net worth to be totally aware of your financial situation, if you want to sign up for Personal Capital, it’s actually free. So check it out with the link below, I highly recommend it, it really gives you that macro view. It also helps you see your cash flow and your expenses, how much you’re spending every day, it really gives you more awareness of your situation. Next here, you can also write down your income. So it might be from your day job, or already some side hustles or freelancing work that you might have, I put in some different blank spaces for you guys to start putting that in. And you can just write monthly, what that income looks like. You can also write down all your different expenses like rent or mortgage or food utilities, phone bill, childcare, gas, car payments, car insurance, entertainment, so all these different fields, go ahead and write them down.

If it’s not applicable to you just leave it blank. And at the end, you’re going to kind of have a good understanding of your financial situation. So write down your thoughts, write down your feelings, what do you think can be improved, I think these are great things to start tracking and writing down. Now it’s actually very important to understand how much time you have to work on your side hustles. Because I actually feel like certain passive income streams require more time than others. So how are you currently spending your time, you can break it down by a week and just see how many hours you’re putting into certain activities. So maybe your day job is 40 hours a week, maybe you exercise, like an hour a day, I don’t do that. But you know, you could write that down, you can write down how much time you spend reading books, playing games, watching TV, or whatever.

See how much of that is actually wasted time that you could actually spend on a side hustle. Or if it’s you’re super busy all the time, maybe there isn’t that much time to put into a side hustle. So this is good to outline to understand, you know what your lifestyle looks like if you have any more time for a passive income stream or not. But hopefully there will be a passive income stream that works for you based off of the amount of time you are able to commit to it, I really do believe that some take more time than others. However, I do feel like you need to spend consistent amount of time into any hustle, you decide to choose. Alright, now let’s go into your passions and goals.
I think this is really important as well, because you will burn out if you don’t like the thing you are doing, you’re going to burn out. So if you don’t like writing again, you should not do it to try video or something instead, if you don’t like talking to a camera, or you don’t like hearing your voice or something like that. And it really doesn’t interest you to grow a personal brand. For example, maybe content creation is not the way for you.

There are so many other ones like E commerce that you could try out instead. So just write out your different passions. What are you interested in? What are your hobbies, write those things down, because it really does matter. Also write down your one year goal or your five year goals, it’s really important to write down what you’re trying to achieve as well. For some people, it’s all about money. For some people, it’s half and half about passions plus making money off of it. For others money might be kind of a side thing for them. They just want to build something impactful, you know, write down these goals. What are you trying to achieve in one year? And what are you trying to achieve in five years?

Now this next section is passion or money. So if you quit your job, how many months or years of expenses? Can you support? If not, can you work full time while building passive income on the side? That’s another great question. Because some people are trying to quit their jobs and solely depend on passive income. Other people actually just want a side gig while they’re working full time. So that’s kind of part of the goals as well, like, do you even want to quit your job, some people are very happy with their day jobs. And that’s great. Like you don’t need to quit your job at all. For example, I quit my job back in the day I build these passive income streams. Now I have a day job and I am working on my passive income on the side as well. So I’ve had both experiences, and it’s totally okay one way or the other. And then next, do you need money in the short term? Or would you be willing to build a passion project that takes longer and doesn’t pay out monetary gains until later, there are certain businesses that might take longer to show any results for example, you might be building some huge startup or something that might take a long time see any results.

Same thing with content creation, it takes a while to start getting monetized just figure out if you need cash flow right away, or you’re okay with building a passion project that takes longer so now you finish part one and you should have a good understanding of your situation. And now we’re going to move on to part two. Alright guys, now let’s look at part two, where we’re going to go through a flowchart and this is kind of a lot of the strategy behind picking a passive income stream. Okay, so let’s try this chart and it might give a better understanding of where to begin. This is very, like oversimplified in my opinion, and you might not even agree with some of these things, but it’s kind of just My thought process on these different passive income streams and how I would organize it, but really like don’t take this as hard rules, just use it as a framework because it might help. So first off, do you prefer a route that requires more money and less time, or more time and less money? Now from part one of the steps, right, if you decided that you don’t have much time to spend, you have some capital that you can invest or put into something, then you might want to go into this left side. And on the right side, maybe you have more time and less money. Okay, so then you might want to choose the right side.

Let’s go on to the right side first. Okay, so the right side is the next question is, do you want to be the front face of your brand? And I think that goes a lot into personal branding. So if you are cool with that, you will go to the left side of Yes, right? If not, I think merch by Amazon or Etsy is a good route to choose because I find merch by Amazon and Etsy are low capital ways to get started on building passive income streams, it does take some time, because you might be doing graphic design, you’re going to build up a bunch of these different products to fill up your shop. But it doesn’t take that much money to start because all of these basically required digital files, I will go into what each of these are in the next part. watch till the end, okay, because I’m going to explain all these different passive income streams. Now let’s go back to here, if you chose yes, we’re going to ask Do you like writing and that if you do like writing, blogging is a good way to start, you can set up your own website and start writing blog posts.

And some people prefer blogging over like video or podcasting because they like to be able to write in bed and like do whatever, you know, low pressure, low stress, you don’t have to be in front of a camera, you can just be in a cafe or in bed typing in your pajamas, right? So it’s very low pressure. And if you like writing, blogging may be perfect for you. Now, if you don’t like writing, we can go into this next question of do you like talking on video? If you do, I think YouTube is great for you guys. If not podcasting could be a way as well. And I’ll go into more about that later. Now let’s go into this next left side. So if you decided to choose more money, the next question is do you enjoy working with people in real life, if you do, I think buy and hold real estate investing could be a path for you.

Real Estate does require you to you know, network and meet a lot of people call people get connected with agents and wholesalers and property managers and all these different moving parts to create your team. So it is one of those businesses where you have to kind of meet a lot of different people and network and put yourself out there. So if you like that type of socializing, this may be for you. Next, if you don’t like that, you should ask yourself, would you be more interested in running an E commerce business? Or would you prefer passive investing. So if you do prefer ecommerce, Amazon FBA may be for you, or even drop shipping, I’ll go into what that means later. And then if you prefer passive investing, you could try dividend investing. So now let’s go into part three, so we can understand what all these different things mean. If you are confused, just keep that part two flowchart out next to you and then put part three of what each one means on the right view. So you can kind of compare like, okay, that’s what this means. That’s what this means, that might help you understand what’s going on here. So let’s pull up part three.

Alright, so let’s go into part three, we’re going to talk about the passive income businesses break down, and we’re going to look at some of the popular passive income streams and what they require. And also, this is a place where, you know, if you don’t agree with the flowchart that I had, in part two, you can just learn about some of these passive income streams, and just see if you know, some of these resonate better with you than others, you know, the flowchart is just a guideline. Okay, so let’s just go into here and talk about the different Passive Income Method.

So first, we have Etsy I made like around $30,000, you know, selling digital products on Etsy. And it’s very passive, because what you’re doing is you’re selling stuff like JPEGs, Word docs, and PDFs on Etsy. And those are all digital files. So if they buy your listing, they’re just gonna get it automatically. And they can use that file or printed out or whatever is required for your listing. So that makes it really passive. Because you don’t need to buy inventory. You don’t need to ship inventory, like you don’t need to fulfill those orders, they are automatically sent to them. If you have these listings all set up, people can just buy it and it’s all good. So it’s very hands off. Now the startup costs around 20 cents per listing per four months. If you guys are interested in doing Etsy, I have a link below for 40 free listings. So you can open your shop and get 40 free listings through my link. It’s also free to set up your shop. But after those 40 free listings, you’ll need to pay 20 cents per listing per four months. And also if you guys are interested in like a step by step course on how to sell digital products, you guys can check out my course called Etsy entrepreneur where I teach you guys how to sell digital products on Etsy and make passive income.

Now my recommendation is you list over 100 listings, which will be around $20 per four months. So that’s just kind of an idea of the startup costs but as you can see, it’s very low if you’re going to get Photoshop or something like that, that will cost some money. Maybe like 10 bucks a month. But you don’t have to use Photoshop. You could even use Google Sheets or Word doc or even Canva. So those are different useful software to make your digital products. Etsy also charges Commissions per sale of your item. So after this listing fee, you’re still going to have to pay commissions every time people purchase your products. But that’s only if they purchase your products. So you don’t have to pay anything upfront. For that, it’ll just take a cut every time you get a sale, which is super nice. It’s not that bad. And the idea is you want to have expertise in a niche, you could create books or material you teach, for example, or you can do graphic design, I make like Photoshop templates of like wedding cards, or save the date cards or photography mini sessions.

There’s all these different things that you can design, you don’t even need graphic design skills, you could use Google Sheets, and do like an invoice template or something like that. So there are different ways to sell digital products. And what you need usually is an understanding of Etsy SEO and social media marketing, which we cover all about in my course. But basically, that means you’re going to find ways to rank your products on the Etsy search engine. And we also talk a little bit about social media and how you can optimize that to get sales and with making your first dollar I find is generally faster to make money, it seems Etsy kind of prioritizes, you know, new listings, if you’re continuously working on it, they kind of AI that as well.

So if you consistently putting more and more products, if you have over 100 listings, they’re going to help you out, but you’re going to have to make sure your products are really nice and well designed. And if you’re optimizing your SEO, it’s going to help a lot as well. Now let’s go into merch by Amazon, I’ve also made around $30,000 on merch by Amazon as well, it’s another fast way to make money with low startup costs basically $0 To start, so you just need to apply on merch.amazon.com. And once you get in, there’s a tier system, you got to sell certain amount of shirts to tear up, and you can put more and more listings that way, and I’m up to 10,000. So I could literally put up 10,000 different designs, which is crazy. But that’s the idea. You’re basically uploading designs to put on apparel, and sell print on demand apparel on Amazon, Amazon’s going to fulfill and ship your orders for you.

And Amazon pays you out in royalties, so all the royalties they pay out to you is profit. And that 30,000 I was talking about is profit. So it’s actually a great way to start making money, you could pay around $3 to $20 per design, maybe more. If you’re not designing those shirts yourself, you’re outsourcing it or something like that. You got to be careful with that though, because you want to make sure whoever you work with is making actually like original designs because some people just take stuff off the internet, you got to make sure you can trust the person that you’re outsourcing if you’re going to do it that way. Or you can design everything yourself. And that’s going to be $0. Right? You can design through Photoshop or Illustrator, you can hire others to create the designs for you. And the idea is you want to be able to figure out what apparel can rank well on Amazon.

I say that this is generally faster to make money for both of these because you’re not building this huge brand that takes years and years to build up. You can already start making money if you have winning listings on the marketplaces and also for merch by Amazon. If you really want to know like winning shirt ideas winning niche ideas, you guys should check out merch informer, it’s a tool that will really help you boost your merch by Amazon business.

It’s the top one that everyone recommends. If you are interested, you can go ahead and check the link below for merch informer as well. Now let’s go into the next ones, Amazon FBA and blogging. So with Amazon FBA, you’re working with manufacturers getting products shipped to Amazon warehouse, and then Amazon’s gonna ship and fulfill your orders every time now the startup costs are they have a $40 per month membership fee. And then there’s a cost of products and shipping when ordering from manufacturers. So you’re basically going to order a product, maybe white label it or design the way you want it to. And then you’re going to ship that over to the Amazon warehouse, you’re basically working with manufacturers to get original products over to the Amazon warehouse.

To me, there’s going to be more costs involved with this, I have a friend who spent like 10 grand on product, and it didn’t really move. So that’s why I say there’s a bit more risk you have to see if people would actually buy it. There are also Commission’s on each sale of your items and storage fees to consider which vary based on your item size and weight. So basically, if you have products sitting in the Amazon warehouse and they’re not moving, that storage cost is going to add up so you have to consider that that’s why it might be beneficial to get smaller, lighter items so you don’t get charged heavily if you can’t move those items and then they also take a cut every time because they are the ones packing and shipping your orders for you that makes it pretty hands off. So if you find a winning product, you can just keep getting your manufacturer to ship that same product over to the Amazon warehouse which makes it more passive. Now the useful skills might be to negotiate with manufacturers and to identify winning products on the Amazon marketplace. So another tool you might want to use for Amazon FBA is jungle It’s basically the top tool to build your Amazon FBA business to find winning niches, winning product ideas that you can start creating and putting it over to the Amazon warehouse.

But you definitely want to be original with it, you want to put your own spin to the product and then try to sell those products over on Amazon FBA, I would say generally has a medium speed when it comes to making money like with Etsy and merch by Amazon, you can upload digital products pretty quickly. And if anything wins, you can start possibly seeing that cash flow whereas with Amazon FBA, you still need to work with manufacturers talk to them takes months possibly to ship over product to the warehouse, there’s like a bunch more to think about. So this does take more money, but possibly less time, if you can find one winning product with high margins and you keep that up, you could be good off just one product, and you can do really well.

Next, there’s also blogging. So I’ve been blogging for maybe five, six years now, actually, six years now. So what you’re gonna do is you’re gonna write posts, become a thought leader and monetize through affiliate marketing, creating your own products, sponsorships, ads, and more. So these are all the different ways you would make income sponsorships might be a little bit more active, but the rest can be very passive. For example, it’s affiliate marketing, you’re essentially promoting someone else’s product. And whenever people purchase through your unique referral link, you make a commission. And then with creating your own products, for example, if you create your own course, or something like that, that can be very passive.

It’s a digital product that lives on your site. If anyone buys your product, you make money. And the cost might be hosting, which might be $2.75 per month on Hostgator. I will link that below. If you guys are interested in hosting, I also have a cod and q 64 60% off for your hosting needs. So go ahead and check that out. And for the domain, you could pay $10 per year with Name Cheap, or you can just do everything on Hostgator. So you don’t even need to use Name Cheap. And it’s very easy to set up. If you guys are interested in starting a blog, I have tons of videos on blogging, have a video that tells you how to start a blog in under 10 minutes, very easy. Now when you expand there might be more marketing costs like email marketing, so I pay for ConvertKit and I pay for teachable to host my courses, check out the links below if you guys are interested in building your blogging business as well through these tools highly recommend these tools, I love them.

So go ahead and check that out. And you can also pay to grow your team of writers and assistants. So when you start growing, you might want to get more writers to help you write those articles. And generally you want like long, comprehensive articles, and you want to try to rank them on Google search and maybe make money through ad revenue or make money through affiliate marketing. And that’s how you can start making good passive income as well as selling your own courses or your own ebooks or you know other products as well useful skills for this writing, of course, and then also design. So you might want to get familiar with the WordPress platform in order to learn how to design it and stuff like that. I also have a video on how to design your blog. So check that out as well. I would say this is generally slower to make money is going to take a lot more time than all the other ones I mentioned before. Anything with creating a personal brand, in my opinion will take kind of more time. Alright, next, let’s go into podcasting and YouTube. So I would say both of these are about you know, building a personal brand and they’re both going to take longer to make money.

Okay, so with podcasting, you’re recording audio episodes, becoming a thought leader and monetizing through those same ways affiliate marketing, and creating your own products, sponsorships, ads, and more. And the way you’re going to do that with sponsorships, for example, you’re going to shout out whatever product that company may be pitched to you to shout out and they’ll pay you money. This is more active income. But the other thing is affiliate marketing, maybe they watch your podcast episode, click through your link and purchase something you can make money through that same thing with products your you know, talking about your products, like your course or whatever, and you can start making money that way startup costs can be $0. Actually, if you use anchor.fm, they allow you to actually put up a podcast for free you’ll need something to record audio could just be your phone. So it’s actually very low cost. If you want something more affordable, you can check out this mic.

I also have Mike recommendations of the Blue Yeti, which I’m using right now. Also the five fine case 678 microphone, I use that as well. So check those microphones out. I’m going to link everything below okay, if you guys want all my gear link below, okay, I’ll have my video equipment, my audio equipment in my Amazon shop link. So check that out. Some useful skills might be being good at speaking of course, and I think that gets better over time. So if you’re, you know, worried about it or paranoid, just know that you get better by experience. And then you also need to learn how to edit your audio. And you need to learn how to record your audio. But if you just want it super raw, you could literally just put up podcast episodes by just recording on your phone and just you know putting that up as a podcast, like anchor literally has an option to record directly within the platform and just put that up so it’s super easy if you want to do it that way.

But I would recommend having like an intro Song like a cover image for your podcast and having an intro recording that you might want to edit in your episodes. So there is some editing to it if you want to get more hits on your podcast and then you know I mentioned making your first dollar is going to be generally slower to make money, YouTube, it’s all about making those videos becoming a thought leader and monetizing through the same method. For example, for me, I’m making ad revenue on YouTube. And if you guys are interested in that, I could make a video on how much I make on YouTube. Comment below if you want to see that type of video. I also make money through sponsorships and through my own products, as well.

It’s affiliate marketing. So these are all different ways you can make passive income against sponsorships are more active, the rest are a bit more passive, it’s $0 to start up, because you’re just gonna need something to record your video, maybe your phone, if you do want to upgrade, you could try the Canon Powershot g7 X mark two, that was the one I was using before but now I’ve upgraded even more to the Sony ASICs 500. If you guys want on my camera gear again, I’m linking that below the Asics 500 As you can see is pretty high quality. Hopefully you feel that way as well. The useful skills here is camera presence. I was not very good on camera before, but I think I’m getting better and better. And that comes with experience. So don’t let that turn you off, you can get better and better as you keep recording yourself.

And honestly, it makes me feel more confident now that I know how to speak better, and talk to the camera better, it does help with your confidence. And then you want to be good at storytelling, how to teach like all of this is learned. All this can be prepared, so don’t get too scared. And then video editing as well. So you can edit through like Premiere, or you can even hire your own editors. And this will take longer to make money again, because building a personal brand does take more time. However, building a personal brand. As you can see, it was very low cost. Like you can spend $0 building up your brand, or we’re on the last page of the toolkit. Now I know we’ve been talking about a lot of different things. So hopefully, you guys are staying with me.

Hopefully you guys are enjoying this, I think this is a great way to break down everything. Okay, first is buying hold investing. So you’re basically purchasing properties that you can rent out. So the rent should cover expenses like mortgage property taxes, homeowners insurance and make you extra monthly passive income, you might also want to allot 10% for repairs and vacancies. So there are different expenses when it comes to buy and hold investing. But it does just kind of require having more money to put into properties. In my opinion, it might cost between $20,000 to even $200,000 or more for the down payment on a home. And then you can also find other financing options like acquiring financing from other investors.

So like private money lending, there’s different ways you could actually structure your partnerships where you can put $0 into a property, we could also house hack for your first investment where you buy a multifamily property and live in one of the units house hacking with an FHA loan 3.5% down, I have a whole video on House hacking, go ahead and check that one out. But in my opinion, it’s actually more risky to do zero down. And if you’re starting out, you might want to just go for the conventional loan, the less risky option with the lower interest rates if you can qualify for a conventional loan and then home prices and RAM prices can waver. So the startup costs do depend on that. Now the useful skills are property analysis, you got to know what properties can Castle you don’t want to just blindly buy any property.

You don’t want to buy negatively cash flowing properties that would be all bad where every month your expenses are higher than the rental income for some people might work for the appreciation purposes. But like to be honest, it’s safer to have cash flowing properties, other things, it’s good to network, possibly Property Management unless you hire a PM, the renovation work and financial knowledge like all these things are useful. In my opinion, it is faster to make money but it also has more risk. For example, if you have like millions of dollars, you can just buy a bunch of these properties and they can start making you passive income obviously and it’s not just passive income, right? It’s principle pay down its tax benefits, its appreciation benefits. So there are a lot of benefits to real estate investing, if you do it right. And you guys are interested in out of state investing, just buying your first rental property, we do have a step by step guide called Remote rental Rich’s link below if you guys want to check out how to get your first rental property.

And then lastly, there’s dividend investing. Dividends are payments from a company to owners of the company stock. So dividends are very passive. The idea is you just buy these dividend stocks and they can just pay you passive income every single year. You literally don’t have to do anything. In general your dividend income received could be around three to 4% per year. It really depends on the dividend stock. For example, at that rate if you put in around $10,000 in dividend stocks, you can make around $300 per year so as you can see, that’s not that much but it’s less involved, for example than like real estate investing because real estate investing is kind of like owning your own business.

There’s different things you can control, whereas dividend investing is like you just buy these dividend stocks and you’re done. Right and then stocks and dividends may waver in price now the useful skills here is financial knowledge and being able to analyze dividend stocks and researching stocks that give the best dividends and won’t lose value in my opinion this is generally faster to make money but it does have better risk because if the stock price tanks that’s something to consider as well right so you gotta buy safe dividend stocks now I’m not a financial advisor so I’m not advising you guys anything make sure you guys do your own due diligence when it comes to investing. Alright guys, I know we covered so much in this episode. I hope you guys enjoyed it. I think this is like a great Ultimate Guide to figuring out your best passive income strategy. And then just going about it we listed a bunch of different ideas we talked about best strategy so I really hope you guys enjoyed this episode, we kind of covered how to be aware of your situation, how to start using that awareness to figure out which passive income stream to choose. And then we broke down all the different passive income ideas as well. So I hope you guys enjoyed this episode. Please make sure to rate review and subscribe. It really helps our podcast grow. And thanks again. I’ll see you guys in the next one.

Transcribed by https://otter.ai