How to Build Wealth Through a Side Hustle
From stocks to crypto and real estate, learn how to invest better with this wealth generation breakdown.
The world is changing at a more and more rapid pace every single day. And for those who are trying to get your financial footing and set yourselves up for success moving forward, you need to stay up-to-date on the most relevant investment markets and how you can best engage with them to generate passive income.
Whether it's by putting your money behind companies and concepts that you believe in, or putting your skills and time forward to help create side hustles that piggyback off today's most flush industries, you can generate and grow your wealth. By getting familiar with the three main investment pillars of today — which are stocks, real estate, and crypto — you can figure out where you fit in and start adding to your income.
Here's a guide on how to go about diversifying and discovering side hustles and passive income opportunities ideal for you.
Learn basic accounting: From entry level economics to financial reporting and corporate finance, there are a lot of areas of accounting that will serve you for a time to come. No matter where you invest, understanding the mechanics of those investments and businesses will guide you towards a brighter future. An easy way to get up to speed is with this Level 1 CFA Exam Prep Bundle. Finding affordable ways to learn about accounting ethics, quantitative methods, and more is a smart strategy for investing in yourself.
Dive into investment trading and stocks: Once you have a foundation in accounting, then the age-old world of stocks can be your next target. If you get into day-trading, you can start making informed investments and moves from the comfort of your home in no time. Just be careful, while diversifying your money with stocks can be beneficial to your wealth, it can also be harmful if not approached correctly. Do your due diligence with some online classes on candlestick trading, stock market chart patterns, and investing before putting your hard-earned money out there.
Tech brings modern avenues of passive income: Whether or not the stock market grabs you, it's important in today's large financial world to keep searching and studying. Moving from the market into tech, you might find some other areas where you can make investments and generate passive income. By learning about Amazon dropshipping and private labeling, you can develop systems for moving products around the world, earning a profit, and never leaving the house. And one thing always leads to another, so starting a business will always require some work to launch it.
Make sure to bring the content: Generating content and knowing how to make it high quality can elevate any of your side hustles, resulting in more passive income flow. For example, for dropshippers, knowing how to take professional-looking photographs of your products can elevate sales incredibly. Images are incredibly valuable forms of content, and they work together in conjunction with other content-production mediums to help businesses grow and succeed.
While learning how to take photographs can help people see a product that you're starting to help sell, the right words are what's going to help it show up on search engines. Learning how to generate those keywords is as simple as getting educated on today's best copywriting practices. If you can generate SEO-rich pages and blog posts, then you can help elevate any of your side hustles, reflect on investing experiences, and so much more.
For those who see the value in content today, you might already be able to tell that it's not just for creatives to benefit from. Smart investors who are well-versed in digital marketing on a holistic level know that you can invest in writers, designers, and photographers to elevate either your brand or someone else's. By knowing how to invest in content creation, you can turn yourself into a virtual agency that can bring opportunity to partners from all walks.
The more you invest in content, the more you will see the lines blur between what is ad content and what is art. You can take the time to learn all of the amazing content creation tools available in Adobe's Creative Cloud, and with that knowledge, you can create logos, videos, presentations, and so much more to support your side hustle. You can also create a work of art that you could then theoretically mint into an NFT. Figuring out your options is part of figuring out your potential.
Art and investing come together on the blockchain: When learning all of the ways you can start a side hustle and generate passive income today, of course you have to learn about NFTs and cryptocurrency. This blockchain-focused wealth building masterclass bundle will teach you how to approach this world as an investor and as a content creator. By taking the time to understand what it means to trade Bitcoin, how to create NFTs as an artist and profit off them, and more, you can tie together all of your investment understanding from the physical world and translate it to this futuristic sector.
Don't forget about physical assets: With all of your new understanding of stocks and the blockchain, you might be overwhelmed with all of the investment opportunities out there. By diving into digital marketing and photography and copywriting, you may have left the classical investment thought process and gone down a rabbit hole of how to elevate your brand with Google Ads and stay productive, which is a form of an investment in its own right.
To stay grounded, literally, never forget what we build right on the ground we walk on. Buildings, homes, real estate is a constant source of spending, which is why it's been a key component of the financial world forever. It continues to be today. To be a really well rounded investor, at least from an educational standpoint, you can invest very little to learn about real estate finance, pre-investment, analyzing wholesale deals, commercial real estate analysis, and how to buy and sell homes.
Prices subject to change.
Entrepreneur Editors' Picks
This Founder Quit His 'Prison'-Like Teaching Job Within 2 Months. Now, He and His Sister Are Helping Other Teachers Leave the Classroom and Achieve Financial Freedom.
If You Focus on Problems, You'll Only Find More Problems. Here's How to Focus on Solutions.
Facing More Than 15 Years in Prison, This Founder Transformed His Hustle Into a Powerful Personal Brand and Business. Now, He's Giving Back in a Big Way.
Apple Asks This Jarring Interview Question as a Secret Way to Evaluate a Candidate