How To Increase Your Income Sources

My goal early on, was just ot have my passive income be able to cover my expenses, and to that I didn’t focus on my total expenses ( that would be to dawning, to big of a goal and might have caused me to lose motivation )

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1. Index Funds aka Stocks aka ETFs
This provides me with two sourses of income
One from the increase of the value of my holdings
And the Earning from my investments aka dividend

So here is how I recommend you do this:
I decided to invest 10-20% of my income
Into the S&P 500 index fund or ETF doesn’t really matter to me
And I asume that I’m going to make about 10% based on the track record
And I only consider taking 4% of my earning so I don’t run out of money
So every $100 I invest I expect to make $10 a year and to potentially keep $4 eventually

Second: this investments pays out dividend of about 1.49% currently
So ever $100 I invest I will make $1.49 in dividend
And I can either reinvest It or keep it

This has grown to make me about:
30k a year in value increase
And about 4-5k a year from dividend
I started with $7

3. Interest from High Yield Savings or CD
Interest is money that you get paid usually by letting other people use your money
In this case I let the bank use my money and in return they pay me some money

I own a CD that pays me about $800 per month
I would tell you the amount interest it pays me, it’ll be to easy to know how much I have
But I did this, beucase this money is for parking my money while I decide when to buy a house

The cool thing is this:
That enough mony to cover literaly 86% if my monthly cost of living

3. Social Media
From youtube
To courses
To affilaite marking and so

But most of my mone these days comes from youtube
I have over 1000 videos that earn me some pennies each day
My goal was always to make atleast soething from each video
This able to provide for me a good income to live on

How to build this:
It takes a lot of work
A lot of unpaid hours
And a lot time and patients

4. Cost Reductions investments
Having no Debt: this saving a lot money
Having a Paid off House: this save $1000-2000 a month
Having a paid off car: this saves me $700 a month

So the less needs I have the lest money I need
My finances are very simple

5. Future
I plan on adding some rental property this year or next year
I a have a book that I wrote but just havent published it

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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