If there was one form of passive income that I will rely on FOREVER, it’s CONSULTING and pitch deck creation. As a former investment banker on Wall Street, I still have a passion for helping small businesses on a consulting basis. I love creating pitch decks, financial models, business plans, and more. I currently do this on a freelance basis while I spend my time traveling. It keeps me sane, level headed while I am on the road. Plus, it feel great when you know you are helping someone get their feet off the ground. We offer affordable, high quality PowerPoint presentation design. This is one of the best forms of passive income. Good news! This different source of income can be done without additional investment and can be conducted around the world.
This is the One of Best Forms of Passive Income FOREVER
In order to earn different sources of income, you need to start with a second source of income. One that will enable you to be more flexible with your money over time. I LOVE the idea of using this method as a second source of income to then be used to build a dividend growth portfolio, write an eBook or start a podcast! These are several other passive income ideas that you can build from one of the best forms of passive income.
How to make passive income
How do you make passive income? You need to build a base of side hustles to advance your status and start generating a second source of income. The average millionaire has at least 7 different forms of income. You cannot rely on just one form of income if you’d like to be financially free. Here is the difference between passive income and nonpassive income.
In order to make passive income, you need to think about what you are good at and build an audience. Anything can be leveraged as a source of income. Just focus on what you are good at and then the money will follow. If you want to do something as a second source of income now… Then, you need to get started with freelance consulting or ‘freelancing.’ Achieving financial independence is possible if you start building different sources of income now!
Travel Tip Bonus – Mill City Museum in Minneapolis, Minnesota
The above photo was taken from an afternoon at the Mill City Museum in Minneapolis, Minnesota. It was a great shot in the cold winter of the ruins of the old Mill City factory. If you are ever in Minneapolis, I highly suggest that you visit the Mill City Museum.
What is the best form of passive income? Freelancer.
Becoming a freelancer was a great decision for me. It has boosted my monthly income by at least $2,000 per month and has enabled me to do a number of different things that I wouldn’t have normally done. I am able to save from my day job income as I normally would, but I get to shovel an additional $2,000 per month into dividend portfolio for investing. Freelancing is now my second main source of income on my path to achieve financial independence. Freelancer nomads are the future of the modern workplace. No doubt about it.
Try freelance consulting using Upwork or Fiverr or any other platform you’d like to use. This is a great way to establish a book of business and leads for your online income stream. You can work from home or anywhere in the world and earn money without investment.
Becoming a Successful Freelancer
I’ve built up a great list of clients on my journey to becoming a successful freelancer. I’ve had a few tips that I’d like to share along the way. How do you become a successful freelancer? It is relatively easy and straightforward, but you need to stay focused from day one.
In order to become a successful freelancer, you need to follow the following tips:
- Find the skills that you are truly good at, but also enjoy. I am a firm believer that anyone can build a book of business in freelancing since everyone has a specific skill or responsibility at work.
- Remember your clients are always first.
- Be responsive to your clients.
- Know how much you are worth. Do not provide too expensive or too cheap of rates.
- Remember if you offer a cheap rate. People will think that cheap means poor quality. There is a balance because you want a few customers in the door first before hiking your hourly or fixed rate.
- ALWAYS ask for a review while ALWAYS encouraging a positive review. (Hint: most people will give you a positive review if you just ask for one)
Follow these steps to become a successful freelancer and you will start gaining new clients at an impressive pace. Make sure to follow the last point because you need a positive review. Most freelance platforms will give you preferential work or rank you higher in the search if you have extremely good client reviews. This should be a core focus for you.
You must be asking yourself a specific question, so let’s take a step back…
How can I start a freelancing business? How can I become a freelancer?
The good news is that starting a freelancing business is extremely easy. You can use one of the freelance platforms of your choice and go! Pick your battles though and remember to engage only with clients that you would love to work with. Life is too short to be extremely stressed out or take on too many projects that you cannot handle.
At the start, your reputation is paramount. This is the only way that you will be able to scale your freelancing business. You clients will refer you to their friends or coworkers if you do a good job. Or, if you do an excellent job this could lead to repeat business! Another fantastic thing about freelancing is that it literally does not cost anything to start. You can instantly increase your income online without investment. That is what makes freelancing one of the best forms of passive income.
Some rewarding benefits from becoming a successful freelancer (one of the best forms of passive income)
I am in love with the idea of freelancing as a second source of income. There are so many benefits and they definitely out weigh the cons by a large margin. Becoming a freelancer was an easy decision for my and I believe it will be for you too.
Here are some of the benefits to becoming a freelancer, which is one of the best forms of passive income (in my opinion):
- Obtain connections across the globe. It’s always great to find someone in a new city to have a beer with!
- Learn a new industry that can potentially be applied to investing
- Gain wisdom from some great visionaries and entrepreneurs that can be applied to your own businesses
- Recycle monetary pay into other passive income streams such as creating an eBook, investing in dividend growth stocks, buying an income property, etc.
- Side note: We’ve built a guide to building a dividend growth portfolio to help you get started in dividend investing.
- See instant results from clients. For example, I had one client that I helped create a pitch deck for and their company ended up raising a nice chunk of money!
Becoming a successful freelancer is not hard. You need to follow the steps and stay focused. You will be earning a second source of income in no time.
What are you going to do to become a successful freelancer? How can a second source of income benefit me?
What if you could use your freelance income to travel the world? You can. What if you can travel the world for little to no cost and become a freelancer? You can! I like to pair my freelancing income with credit card churning and manufactured spending. This enable me to travel the world for little to no cost at all. In addition, while I am traveling I get to earn additional income on top of my day job. I love the digital world. It is so easy nowadays to get connected with people around the globe. Combine freelancing with selling an online class and you can make some serious cash.
Or you can do this instead of combining your freelance income with traveling…
You can easily stay focused on becoming a successful freelancer and build other passive income streams while living frugally. This will speed up the rate that you can become financially free! Then once you are completely financially free and replaced all of your current income with online income streams, you can travel the world.
What are you doing to build your personal financial statement? Do you know your own key personal financial ratios?
Also known as “Freedom to Travel.” What will you do next to become a successful freelancer? Follow my steps and let me know your results!
What do you think one of the best forms of passive income is? Have you tried to do freelance graphic design to earn residual income? Please let us know in the comments below. We’d love to hear from you. If you follow us, we may give you another one of our best forms of passive income in our newsletter. I am happy to answer any questions you may have as you begin your startup journey!
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