How to Make Life-Long Passive Income With Just $1

[Mika]

In order to build wealth or passive income, you do not actually require a lot of money. It is fine if you have a lot of money, however, even if you don’t have money, can easily start.

If you have some sort of income, can you set aside just $1 a day? I guess a lot of people can do that.

If you set aside $1 a day, you will have $365 in one year. If you invest this money in the stock market and receive a 10 percent return on your investment, you will have a $65 income. If you compound your profits, you can easily build a good portfolio in 5-10 years.

Let’s say you don’t want to invest because you think it is too risky. You save $1 every day for 10 years, deposit your money in a high-yield saving account and continue to compound your interest, how much money will you have by the end of 10 years?

 

[cmoneyspinner]

So glad you posted this. I never play the lottery. But I remember a TV commercial where the woman said her husband passed away suddenly and she had no money for the funeral expenses. She found out that for that the amount of small change that she and her husband had spent to buy lottery tickets, they could have taken out an insurance that would have paid for the funeral expenses. The message from that commercial stuck with me because most people do BLOW THEIR MONEY!! But like you say, it just takes a dollar a day to start generating passive income. Set a goal and stick to it! I' decided on $5 every 2 weeks.

 

[Yugocean]

Saving $1 a day is possible, but reaching a goal like 10% return is never guaranteed in stock market or any other.
I am trying to make $1 a day, but actually I do not set goal for it, so the amount is added semituously, and I just keep it building.

My investment nowadays happen to be in cryptos, last many investments resulted in losses, and now there are less chances without making proper strategy.

 

[Jasmine]

If you are in the developed world, it can be easier to save $1 every day, but in the developing world, $1 is already a big amount. So, for people in poor economies in Africa and Asia, saving $1 every day might not be possible. However, I believe saving $1 every day should not be taken in a literal sense. I remember how my mother saved pennies that one day because really big amount. Whenever she received pennies after making purchase, she kept the change amount in a piggy bank. When she broke the piggy bank after many years, she had pretty good amount. The key to start building your fortune is to start saving. However, you should not stop there, you should use your saving to make an investment, your money will grow only when you invest. However, when you are investing, diversity your portfolio in order to minimize risk.

 

[eldavis]

The idea sounds nice though, saving one dollar a day actually sounds easy but there is another factor you need to also put into consideration, which is unplanned or unforseen circumstances. So many times we come across things we do not plan for which in turn makes us spend what we do not plan for or more than what we have planned for in the first place. These factor has hindered a lot of persons from saving what they should really have been saving in the first place..

 

[Muftau151]

It’s a good idea for people just coming up bit it might not be that easy for people just coming up. Most people or even government workers that i know here don’t even make up to $1 per day if you estimate their salary per month so it will be very hard to be removing $1 per day from it.

 

[ShaSmith]

In order to build wealth or passive income, you do not actually require a lot of money. It is fine if you have a lot of money, however, even if you don’t have money, can easily start.

If you have some sort of income, can you set aside just $1 a day? I guess a lot of people can do that.

If you set aside $1 a day, you will have $365 in one year. If you invest this money in the stock market and receive a 10 percent return on your investment, you will have a $65 income. If you compound your profits, you can easily build a good portfolio in 5-10 years.

Let’s say you don’t want to invest because you think it is too risky. You save $1 every day for 10 years, deposit your money in a high-yield saving account and continue to compound your interest, how much money will you have by the end of 10 years?

Yes I just took 200 and put it in a high yield bank starting my grandsons one next

 

[Suba]

Brilliant idea, seems easy to implement because it is only $1, a small amount, Especially for smokers can stop their cigarettes, because the price of a pack of cigarettes is almost $2, it would be nice if saved for the long term, because time will pass and our youth will pass. Because the main key to saving is discipline. Although stock returns depend on the company's performance, stock returns based on the average Composite Stock Price Index are between 11%-14%.

 

[davidkay]

Basically, you can change your life with passive income. even with no money.



There are lots of ways to do this, like



POD "print on demand"

start a blog

start a youtube channel

and more...



You just learn and try. till you succeed.

 

[CryptoBluster]

Thanks you so much for amazing thread. I am trying to make passive income.