Saving and investing the money from side hustles can eventually lead to earning passive income, allowing you to reduce your extra work and enjoy more free time.
How to Turn Side Hustle Income into $1,000 a Year in Passive Income
According to The Ascent Fool, many people use side hustles to earn extra cash, but there’s a better way to make money without constantly working extra hours. By saving and investing the money you make from side jobs, you can eventually start earning passive income. This means your money can work for you, through things like high-yield savings accounts, CDs, or dividend-paying stocks.
To make this work, you need to save up a significant amount of money first. For example, you might need $20,000 in a CD to make $1,000 a year, or $25,000 in dividend stocks to earn the same amount. It takes time and discipline to save that much, but it’s worth it in the long run.
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$20,000 to $1,000 Per Year: How to Turn Your Side Hustle Earnings into Passive Income – Must Know! (PHOTO: Quora)
Achieve Financial Freedom: How Saving and Investing Can Earn You Passive Income
Once you have enough saved and invested, you can start making money without having to work extra hours. This approach allows you to enjoy your free time while still earning extra income from your investments. It’s a smart way to set yourself up for financial stability and more leisure time.
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