You probably haven’t realized yet, but stock trading can be your ticket to passive income that can eventually lead to financial freedom. A state where you can truly control your money, enjoy your hard-earned cash, and never worry about providing your needs and even wants. One exceptional advantage of this particular kind of trading is it pretty much lasts a lifetime.
And in line with this, aspiring investors like you can develop the necessary skills after some time with the help of educational sources out there.
However, it should be noted that similar to riding a bike or learning a new game, trial and error that are coupled with focus as well as determination can eventually lead to success. Despite the advantages and benefits of stock trading, the question still stands: “What if it doesn’t work for you?”
Well, the good news is this is not the only way to earn passive income and achieve financial freedom. There are other means to achieve the mentioned states and we have elaborated them in the paragraphs below. Read on for tips and pointers to help you achieve financial freedom.
Earning Money With Stock Trading
To be successful trading stocks, you have to follow some steps. Here is a checklist for you to follow to help you be as successful as possible.
The Internet provides a wealth of information without burning a hole in your pocket. Through this medium, you can look for a list of binary brokers and disciplined investment strategies just to name a few. Take note also that going online is a lot cheaper than the overall cost of seminars, classes, and educational DVDs as well as books, among others.
#2. Fend Off The Herd Mentality
In simple terms, the herd mentality is the act of getting heavily influenced by friends, peers, relatives, neighbors, and others. While this may be advantageous at times, this particular strategy tends to fail in the long run. So, fend off the herd mentality if you don’t want to lose your hard-earned cash in stock markets.
#3. Do Not Time The Market
According to experts such as Warren Buffet, timing the stock market is a big no-no. This is because no trader has ever done this consistently and successfully over multiple stock market or business cycles. Instead of timing the mentioned market, Buffet suggests guarding the price levels that are relevant to individual shares.
#4. Pursue A Seasoned Investment Approach
It is a historical fact that in stock trading, even great starts encounter moments of panic. This phenomenon made certain individuals lose a significant amount of money despite exceptionally strong starts. To avoid such downfall, you can put in money systematically and hold your investments patiently.
This, in turn can generate outstanding returns. Putting this factor into consideration, you should not neglect patience if you want to achieve both your short-term and long-term monetary goals.
#5. Don’t Be Greedy
A number of investors lost huge sums of money due for failing to control their emotions, most especially greed. It should be noted that the lure of fast cash is difficult to resist. Thus, it is easy to become greedy. Because of this, many make the wrong decision of buying shares of obscure companies without contemplating of the risks involved.
So if you’re going to invest in the stock market, don’t let greed get the better of you.
#6. Make Realistic Expectations
While there’s nothing wrong with hoping for positive results regarding your investment, you’re headed to the wrong direction if your expectations are established on unrealistic figures. But it doesn’t mean that you’re going to anticipate the same return from stock markets.
Remember, in this kind of trading, it is better to set realistic expectations and then hope for pleasant developments instead of experiencing a shocker in the end.
How To Earn Money Without Investing In Stock Trading
If you find that stock trading just isn’t for you, what are your options for financial freedom? Here are 4 options to consider trying out.
#1. Become An Affiliate Marketer
Nowadays, affiliate marketing is one of the most effective and efficient ways of earning money. It should be noted, however, that this can be quite a challenge since you need a huge number of followers. In other words, you should have access to a large audience.
If you don’t have a large audience, you need to invest in running ads, which can cost a lot, but can deliver great gains. Furthermore, it takes time to harness affiliate marketing skills, but still, it is an ideal way to sell products that you don’t have and earn passive income along the way.
#2. Develop A Smartphone App
Smartphones play an essential role in our daily lives. Therefore, if you can create the next, say, Waze, Uber, or Viber, then that’s just great! Since the chances that you’re going to covered (financially) for a long period are just high.
Otherwise, you can opt for some niche Android or iOS apps that are designed for a specific target audience and can zero-in on its interests. Why not give this one a try? This is most ideal if you are a technical person who easily understands the dynamics of smartphone applications and business.
#3. Develop YouTube Video Tutorials
If you don’t know it yet, YouTube is a great channel that you can tap if you want to earn money without investing in stocks. Bear in mind, however, that this is not going to be a walk in the park and it is going to require you to have millions of views to achieve your monetary goals.
If you want to take this route, check out successful individuals and try to replicate their formulas and establish an identity of your own.
#4. Sell Professional Photos Via The Internet
Another great way to earn money is selling pictures to photo-selling sites like iStockPhoto and Shutter Stock. Obviously, you need above-average photography skills if you really want to pursue this one.
Competition here can be quite stiff, though, but if you are determined and have a knack for photography, then this should be a breeze for you. In line with this, it would be wise to invest in a tried and tested photo-editing software.
There you have it, some of the most notable ways to earn passive income. As you can see, stock trading is the way to go that is why it is encouraged by many financial experts out there. But if this particular method doesn’t work for you, you can turn to the other means that can suit your needs, preference, and budget, just to name a few.
Remember, regardless of your choice, achieving financial freedom is always challenging and it’s all about having the essential attitude, pushing the right buttons, and making the smartest moves.
How about you? Do you have other means of achieving passive income that you want to share with us? Then drop by our comments section and speak out your thoughts.
[Photo Credit: Eqsis.com]
Hi, my name is Jon and I run Penny Thots. I’ve been interested in personal finance since high school and love writing and talking about it. You can learn more about me in the Authors section of this site.