I Will Become a Millionaire in the Next 5 Years with These 6 Income Streams I Have Right Now
You can also have
Opening a business or becoming a successful actor or musician is the worst way to get rich.
It is the way of the dreamers we have learned all our lives.
If you do whatever you want, you will end up full of regrets in the future, poor and alone.
So doing what you love is often a sign of immaturity.
If you do what you want, you probably won’t get where you want to go.
The correct question is not what I want to do. It is: what do I want to reap?
With the answer in mind, you will now know what you should do, and at some point, you will get where you always wanted to go.
This is how I teach my girlfriend’s brother who lives in London to be financially free.
Take a skill that you can do the work once and get paid every time.
Earn royalties for life from work that you would do even without getting paid.
My remote corporate job
The closer I get to financial independence the less I want to quit my corporate job.
I studied finance at school. I work remotely for an accounting and finance firm.
All I have to do is to prepare the financial and economic results of partner companies where I work.
I found my remote corporate job on Linkedin. It was in December last year when I helped a Portuguese woman to set up her personal development blog. Portuguese is my language of birth. And English is the language I have learned since I was 8 years old and use most in my online writing work. I speak and write in 3 languages (Portuguese, English, and German).
I earn well here, but my biggest strength is online writing. This is where I concentrate.
Writing online
I can already picture myself at 88 sitting by the sea writing my book number 208.
Writing online is the best therapy session. It costs $0.
Doing the work only once and get paid every time is the best income stream ever.
Yet there is one thing here that I have promised myself I will not do. Teaching other people to write online. I don’t see myself doing that well, although it could be another revenue stream for me.
My remote corporate job, as well as my online work, I do from home. I am always at home. I go out only when the sun goes down.
Doing your work from home besides taking care of your mental health, your finances get fatter.
I have a lifestyle in that I depend less on money to live. I spend only 23% of my income.
Yield farming, liquidity pools, and staking
These 3 income pools are those that generate interest.
The higher the stake, the higher the liquidity.
Yield farming is a way to invest your cryptocurrencies and tokens and passively earn money on an ongoing basis.
The reason why this is relatively easy to do and sometimes produces extremely high returns is because of the risk that so-called farmers take on.
Liquidity pools live on fees.
We are talking about earning dividends and interest from exotic assets.
The money that goes into these financial instruments is protected. But there is a risk too, of course.
These assets can go to zero.
There are several ways to generate rewards and interest income. The most important ways are:
Borrowing
Lending
Betting
Liquidity mining
Each type of investment brings different returns.
At the end of the day, yield farming combines the different species in such a way that you can get the highest possible return with little risk.
Since there can be regular changes in the rewards and interest payments of the individual protocols, farming strategies must also be adjusted regularly.
The first step is the availability of liquidity. But what incentive should an investor have to choose to transfer large sums of money to a protocol and allow a decentralized trading platform to use it?
The answer is the fees incurred when market participants participate in these Decentralized Exchanges (DEX).
These fees are shared with so-called Liquidity Pools. Where investors make their crypto assets available to the market.
They usually do this on a fixed 50/50 ratio. If liquidity is provided for pairing ETH and USDT, the respective ratio of the two assets always corresponds to a fixed ratio.
Dividends from derivatives
I found this sentence on the Internet:
If you have a lot of money, you can speculate.
If you don’t have a lot of money, you can’t speculate.
If you don’t have money, you have to speculate.
Before I studied economics at school, my friend explained to me five times what derivatives are, even though I didn’t understand.
I understood only when he sent me this on Telegram:
Securities (stocks, bonds)
Commodities (gold, oil)
Foreign exchange (Euro, Dollar)
Key figures (indexes, credit ratings)
Interest or interest rates or dividends
We are talking about financial markets. The old story of buy and hold and Forex.