My dream since I was a teenager was generate passive income. The first book I read on this subject was called “Rich Dad, Poor Dad” and it gave me an idea of how the wealthy use their assets to generate income for themselves.
Obviously if you have a lot of starting capital you can just buy real estate and rent it out to generate an income for yourself – but I had nowhere near enough money. So I started with simple methods like building affiliate websites, using ad networks, dropshipping and others.
Some years later I got into crypto and started accumulating. At the start I was trying to buy low, wait for pumps and sell to make a profit. Sometimes it worked, sometimes it didn’t. But now we are in the era of smart contracts and DeFi. IMO this is one of the greatest FinTech innovations of all time.
Another way you can generate a lot of passive income is by lending your money. If you do it your friends, it’s a terrible way to do it. Starting a loans company is also VERY difficult. But in DeFi? You simply provide liquidity to a smart contract and earn interest on your money. It’s great.
Today, I’m literally doing this with ALL of my crypto and earning different yield. I don’t see any reason to sell anymore, because Im earning a stable income AND I still get to keep my crypto. Before, this was exclusive to banks but crypto has given every person in the world to unlock the power of their money.
I love it. HODL!