The old saying never put all your eggs in one basket has become immeasurably poignant in the current economic crises. The irony of the matter is that the instability we face in the global economy also makes it very difficult to gauge what sort of investments are sensible; not to mention the question of accessibility and understanding of modern investment methods.
‘Where can I sell Bitcoin’ is one of the top Google search results, and this speaks to a general lack of knowledge when it comes to modern financial investment practices. It is not to say we are all ignorant ignoramuses. It is merely a byproduct of the rapid changes we face combined with inherent uncertainty. So what are the modern practical approaches to sensibly diversify one’s wealth?
Seemingly flying in the face of the emphasis on smart investments, the real estate industry has seen more transformation than you may be aware of. A key player in the rejuvenation of the sector is Airbnb. In years gone by, one would purchase a property or invest in land and lease it for a set period, usually six months to a year. You would then calculate your bond repayment and ensure that the rental income covers the bond as well as property insurance and maintenance costs. Airbnb has modernized the entire approach. The fixed-term lease is no longer as attractive to the property owner as it once was.
One could opt to exclusively cater to Airbnb clients, which would bring in a steady income exceeding the cost of your bond etc. The only problem this approach faces is that often demand is seasonal. In response, some rather smart real estate agencies and homeowners have started implementing a dual strategy.
This idea hasn’t yet reached market saturation. The concept is to take your area of expertise and charge for training. It may sound rather cumbersome if you consider having to host classes, and it begs the question of delivery. Where and how do you do this? Well, it wouldn’t be a method of diversifying your wealth if it was also a full-time job. This is where modern training delivery methods come into play. You need simply to create your course once. Filming tutorials and curating applicable information and referencing and then shopping your product online.
There are some great options for you to deploy your training material. Arguably the best platform is Udemy. You have probably heard of Udemy, and may even have done a few courses yourself. Udemy acts as a form of accreditation to your personalized session, as it needs to meet specific standards. Therefore if you are genuinely knowledgeable about just about any topic, you can use Udemy as a platform on which to speak with authority.
Being an Uber driver is, once again, a full time calling. This doesn’t mean you cannot build a passive income around it. There are thousands of people who would love to enter the industry but cannot afford a vehicle of their own. By starting with even a single-vehicle leased to a prospective Uber driver, you can generate accumulative passive income.
You can then reinvest this income to purchase a second vehicle, continuing to grow until you reach a point where you are earning real money frequently. An important consideration to be aware of going in is that any prospective driver will have ambitions of getting their vehicle to increase their margins.