- A woman who quit her six-figure paying job has explained how she was able to exceed her income from a paid job
- Sharon Tseung said she started exploring other sources of income and came across a number of ways to achieve her dream.
- She listed many avenues through which people can earn passive income and become financially independent.
In 2014, Sharon Tseung took a month-long solo trip to Europe, inspired by her own version of financial freedom.
She spoke with all kinds of people from all walks of life who were equally passionate and it made her realize what she was missing.
The beginning of the question for digital income
Tseung said she started researching digital nomads and how to generate passive income. In May 2016, after saving enough money to take care of her travels throughout Europe, Asia, the United States and Canada, she quit her job in digital marketing and began to build your own passive income.
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Over the next two years, she worked in cafes, surveyed her surroundings, and found the kind of life she wanted. Growing his passive income streams and investments allowed him to grow his net worth despite his travel expenses.
But outside of the side business, the Digital Nomads founder was also building her brand to teach people what she learned about personal finance and financial freedom. She says she invests in rental properties and is also growing her portfolio.
Earning more than salary income
Last year, his income from his passive income and side business exceeded income from his 9-5 job, even though it was a six-figure salary.
Tseung details how she earns passive income and offers top tips.
Creation of an online store
According to Tseung, he first encountered her Etsy shop when she was scouring the market for people selling digital goods and she thought she could.
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After learning Photoshop in 2015, she started selling digital products such as resume templates, backup dates, wedding cards, photography, and mini session announcements.
Within months, she was making sales on digital products.
By selling digital products, she was able to earn money without having to ship and fulfill orders. She says she still makes money from these methods.
According to the entrepreneur, another passive income stream is Merch by Amazon and it requires no low-income capital to get started. She started her Amazon Merch in 2017. You can sell custom clothing by uploading designs placed on their hoodies, shirts and other products that will be listed on Amazon, she said.
Every time people buy from your listings, she says, you receive royalties and Amazon will print and fulfill your orders.
With this, Tseung says, you don’t need customer support because everything is paid for in royalties.
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Build an online course
Online courses are another way to generate passive income because you can create something amazing that helps capable people grow. People can access your content digitally worldwide instead of reaching just one through coaching services.
How a 40-year-old woman saved money from government handouts to start a business that earned her N415m in one year
Legit.ng reported that in 2007, Anita Johnson-Hall was a 25-year-old single mother who worked 4,000 naira per hour at an insurance company.
Johnson-Hall lived below the poverty line in prosperous America and was eligible for government assistance and Section 8, which helps low-to-middle income families with affordable housing, she told CNBC. .
The single mother said all of her income was spent on rent, gas, daycare and paying loan sharks to make ends meet.