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Is the idea of generating passive income has been on your mind a lot recently? Rather than answer to your boss, working long hours without getting more, or having more control over your home and work-life, you desire more control over your own time and work-life. Or maybe you are tired of your daily commute being tedious, and you would like to be able to work in a comfortable shorts and environment where you thrive.
The Internal Revenue Service (IRS) says passive income can come from two sources: rental property or a business in which one does not actively participate, such as being paid book royalties or stock dividends. Passive income includes regular earnings from a source other than an employer or contractor. Investing time and money in passive income streams early on is necessary. After some time and effort, these income streams start to build and maintain themselves, resulting in constant revenue with little work on your part. SORRY! There's no such thing as "Get Rich Quick"
Where to start
Thanks to our ancestor and technology making it easier to find and do anything, the first ten pages of 1,890,000,000 search results contain pet-sitting on Rover, affiliate marketing, start a clothing line without inventory, labor or a shop with Printify, making rain videos on YouTube, doing arts and crafts on Etsy, create a course, write an e-book, real estate crowdfunding, peer to peer lending, make an app, drop-shipping everything, everywhere, AI making AI things on TikTok, or playing real life monopoly. What have you tried? What did you learn?
According to a survey of more than 13,000 people around the world, including 6,294 Americans, McKinsey and Co. reported last week that 40% of employees are thinking about leaving their jobs in the next three to six months. Why and where are they going?
Shuffle Up and Deal!
Employees are switching employers in different sectors (48 percent of the job quitters in our sample switched jobs). Some industries are losing talent at a higher rate than others, while others struggle to attract talent, and some struggle with both. Employees leaving traditional employment are opting for nontraditional work (temporary, gig, or part-time jobs) or starting their own businesses. Of those who leave without a new job, 47 percent return to work. Only 29 percent return to traditional full-time employment, however. 18% choose temporary, gig or part-time work or decided to start their own business. Or both. The demands of life—caring for children, elders, or themselves also effect what we are seeing. These are individuals who may have entirely dropped out of the workforce, significantly reducing the available workforce.
The History of JOB
In the 1800s, about 80% of Americans were independent, self-sustaining, and growing their own food without support from an employer. Many could even be considered “gig workers,” - completing tasks for clients that matched their skillsets and interests.
The nature of work changed in the early 1920s. Factories enticed farmers into cities, and European immigrants supplied a workforce, resulting in a demand for workers. Working-class laborers allowed factories to produce more and expand, necessitating organizations and leadership that had not previously been required in small businesses and companies. A new social contract was drawn up, in which workers were able to trade freedom for the security of a constant paycheck for 40 hours work per week. The Fair Labor Standards Act of 1938 established minimum wages, overtime pay, and record-keeping requirements. By the 1950s, 90% of Americans were employed, and the trend had fully reversed. Today, the rise of the gig economy, Gen Z’s preferences and behaviors, employee market, technology making things easier and cheaper to start business, are we in the midst of another reverse?
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Finance and Insurance
The financial sector is a section of the economy made up of firms and institutions that provide financial services to commercial and retail customers. Banks, investment firms, insurance firms, and real estate businesses make up the sector. A healthy financial sector is necessary for an economy to remain stable. It provides loans to businesses so they can expand, mortgages to homeowners, and insurance policies to protect people, companies, and their assets. Retirement savings are also built up, along with the employment of millions of people
According to McKinsey Study, an estimated 73 million jobs will be lost by 2030 due to automation
The Freedom of Time
It means choosing what and where to spend your time and choosing who to spend your time with in order to create the future we want for ourself. Are you an entrepreneur?. The dream, as an entrepreneurial and small business owner, is to have freedom. You would work on your own terms and set your own hours. That’s the dream, right? Instead of having the time freedom we desired, we often working longer and longer hours, working on tasks that neither interest nor inspire us. Wearing every hat and spend much of our time dealing with the difficulties and problems of simply maintaining our business. We do not have time to stand back and think, plan, or spend time with ourselves. That's the reality, right?
Using automation saves time, effort, and money, all while reducing human error, allowing organization and business to focus on its primary goals. It saves time as repetitive tasks can be completed much faster with very little effort. We can now focus on higher-level tasks, provide better customer care, boost customer satisfaction, and work-life balance are the results of automation.
It takes at least a few month of research, testing it out, redoing it on a different platform, learn it again, and again, and again until we find something that is exactly what we need, for now and the future. After that it does take a long time putting the system together. You can definitely hire someone to do it for you. Paying someone to do it seems to be a great idea. But is it? Have you tried? Did it work?
Live and Work from Anywhere
Airbnb launched the Live and Work Anywhere initiative to help support destinations to become the most desirable and remote-worker friendly locations around the world. In September, employees will be allowed to live and work in more than 170 countries for up to 90 days per location. Working remotely from anywhere means that you can start and end your day whenever you want, but most people are stuck at work between the hours of nine and five. In an office. That can also mean hours sitting in traffic waiting to get to work or home again — hours that you’re literally wasting away. Hours we can spend learning and building our business automation. Extra time we have to move towards the freedom of time we all want. What else can we do if we don't have to spend an hour getting ready to work or a few hours on the road? What about location independence? No more baseball or school plays will ever be missed again
We started this process by asking a simple question—where is the world going? The answer is obvious—the world is becoming more flexible about where people can work - CEO Brian Chesky
Passion rather than Paycheck
When we're invested in our job, we're more likely to experience career development. We won't just be completing tasks and wishing the clock would hurry up and finish, we will leave your workplace when it is done. We'll look for ways to do your job more creatively and notice things we wouldn't have if we weren't passionate about it. It seems like a minor thing, but it has a substantial impact on how far we go in our career. Sure, earning a decent living and safeguarding our hard-earned funds sounds wonderful, but there's a downside to working in a field in which we have no interest in or dislike.
If you think you’re in business to make money, think again. That’s not your purpose, It’s just the result. Profit isn't a purpose, it's a result. Purpose is the reason we do the thing that makes the profit - Simon Cinek.
It's 2022. Build anything we need for free
If you are thinking about getting into the insurance industry, an IMO would perhaps be the 1st step you need to take. What is an IMO?
Are you still looking for the guide to the Best Work from Home Shorts?
With the help of McKinsey&Co, PHIXFLOW, BankRate, NPR, NIPR,
