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besides earning money from my full-time job, i like to spend my free time on side hustles, or make my money work for me.
there are 2 types of income: active and passive.
active income 🔨
💰 earned income: I make bulk of my income in my full-time job as a software engineer. the benefits of this is that it is a stable income source, keeps me busy, and my mind challenged.
✅️ profit income: in my free time, I pursue side hustles such as content creation, ad-hoc tutoring, tarot reading, etc. the money from my side hustles is not stable. it keeps me fulfilled emotionally and earns me a small income. knowing I've helped others in terms of the content I put out or in terms of studies or direction in life, really helps to keep me going. I make sure that if I do take on projects in my side hustles, it should pay similarly, if not more, compared to my hourly rate at my full-time job. this makes the side hustle worth my time.
passive income 💤
➕️ dividend income:
by holding on to dividend-yielding assets such as REITs and bonds, this allows me to gain an income regardless of the value of the asset.
📈 capital gains:
this income stream is in the middle of active and passive, but I do long-term dollar-cost averaging of stocks, regardless of whether the price of stock is low or high. (instead of day trading, hence i count it as passive)
by buying and selling stocks to realise capital gains, I count this as one of my income streams.
💯 interest income:
short-term bank deposits generate interest (~3.85% p.a. on my UOB One Account) at a rate lower than inflation, but provides liquidity while not letting my money sit idly. most bank interest rates are at 0.05% p.a. which I think is trash ☠️☠️
in the future (hopefully), I would like to add another stream of income, which is rental income, should I wish to invest in a condo and rent it out.
adulting is HARD, and we are only young for so long. making use of our energy to earn active income (job + side hustle) and time horizon to earn passive income (compounding interest) is definitely doable. 💯
#MyLemon8Diary #CanShareMeh #MyPOV #AdultingWoes #Adulting101 #personalfinance #investment