The fastest way to start a passive income for beginners

[King bell]

The fastest way to start a passive income is as simple as saving $20 a day. That’s right, saving just $20 every day will give you an extra $1,040 each year in savings. Considering the average annual return for the stock market is 8-9%, this means you’ll be earning at least $820 a year in interest on top of your principal.

And that’s not all! When you reach retirement age (and if you continue to put away money), that amount could skyrocket to over $14,000 a year! The math might seem daunting now, but the more time and effort you put into it early on, the more your money will grow. It doesn’t matter if you start small or large, just make sure you get started now.

So, how can you begin to accumulate this extra cash? Here are a few ways.

Open A High-Yield Savings Account – The easiest way to start saving money is by opening a high-yield savings account at your local bank. Feel free to use online banks like ING Direct, but don’t be surprised if their interest rates don’t compete with the banks in your area. a great way for me to get interested in investing.

 

[Mika]

Saving is not an income, even though they say a penny saved is a penny earned. There is a lot of difference between saving and earning. When you save money regularly, it cannot be labeled as passive income. When you save, it is your own money. Therefore, there are no profits attached to it. However, if you save money regularly and then when it accumulates and you save in high yield saving accounts, fixed deposit bank account, for example, and get a 9-10 percent annual return on your saving, that can be labeled as passive income. However, in order to earn passive income from a High-Yield Savings Account, you already should have a substantial amount with you. Even if you want to earn passive income from stock market investment, you need a lot of investment to receive high returns. The best way to generate passive income is by starting the business.