I am a Gen X boomer. Like many others my generation, I am a struggling member of the sandwiched generation, caught between taking care of my elderly parent and looking after my child. Hence, in this climate of low interest rates, I tried to embark on various plans to generate multiple sources of passive income, no matter how little the gains are. Today, I will like to describe all my sources of passive income so that you can think about how you will like to channel your finances.
1) Interest Income - Fiat Currency
Saving accounts in my country earn a measly 0.05% per annum, so it's not worth the while to deposit my emergency funds there. Being rather risk-adverse, I do park my emergency funds in a fixed deposit (or certificate of deposit, depending on where you are from). This fixed deposit yields me 1.1% per annum. Not very lucrative, but well, the whole point of emergency funds is for me to access it easily should I need the money urgently. So it's okay for me to earn just a little bit of interest if it brings me confidence and peace of mind.
In regards to my rainy day funds, I entrust them to insurance savings accounts. These are neither saving accounts nor fixed deposits. Introduced into the market by insurance firms, these accounts typically provide consumers life insurance coverage for death or terminal illness. Well, I am already contributing to my insurance policies, but I guess extra coverage doesn't hurt. More importantly, these insurance saving accounts usually offer about 1% per annum, which is practically a windfall when compared to your average saving account.
2) Interest Income - Cryptocurrency
I believe in HODLing part of my digital assets for the long term. This is one reason why I opened up an account with Gemini - it features an Earn program in which I am empowered to set aside my crypto funds and let them generate interest. So, my Bitcoin is earning 1.65% per annum while my Ethereum is yielding a 2.05% per annum. Not quite enough to beat inflation yet, but I approach this like microsavings. Each time I withdraw some crypto into my bank account, I will be sure to leave a teeny weeny bit in the Earn program. Every little bit counts!
3) Commission Income - Cryptocurrency
Other than Publish0x, I also blog at this fintech website called Seedly. Lady Luck shone on me the other day because an Opinion piece I wrote the other day about setting up an account with Hodlnaut (Singapore's very own crypto-lending platform) went viral. So to date, I am blessed enough to have 10 people sign up for a Hodlnaut account through my affiliate link. So when they start to deposit their crypto with Hodlnaut, I will get 10% of their weekly interest earned as commission! Moreover, this commission is lifetime (or as long as the person who used my affiliate link maintains an account with Hodlnaut). Since Monday is the day when interest is paid out into my account, I think you can understand why this source of passive income eliminates my Monday blues!
As for Publish0x, you guys have been extremely kind to me. Sometimes, I get bowled over by the kind words of encouragement, constructive criticism and tips I receive from everyone. However, blogging here is hard work! I still earn about US$0.30 for every article on average. But well, I have hope that if I just keep working at my blogs, I will generate another source of passive income from Publish0x in time to come. Just like money, blogging compounds, so I am determined to write, write and write. Maybe if I am extraordinarily pleased with my articles, I will compile them into an e-book and sell it on Amazon, thus paving the way for royalty income!
And how about you? Care to share your sources of passive income?
Photo by Karolina Grabowska from Pexels
P.S: You may want to sign up an account with Hodlanut using my referral link: hodlnaut.com/join/joAItg9DS. You will get a US$20 signup bonus if you make an initial deposit equivalent of US$1000 on any of the 6 supported assets - BTC, Wrapped BTC, ETH, DAI, USDT and USDC.
For those of you who will like to give Gemini a try, you may want to use my referral link: https://www.gemini.com/share/ppkd6ra39. Both of us will get $10 in BTC when you use my link and trade $100 worth of USD.
