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@ TobiyaDelta
2024-09-01 13:26:42
## Side jobs and passive sources of income
To increase your income, it is often necessary to be creative and develop different income streams:
* **Freelancing**: platforms such as Upwork, Fiverr or Freelancer offer a variety of tasks, from graphic design to programming work to marketing. According to a study by Statista, freelancers in Germany earn between 20 and 50 euros per hour on average, depending on their expertise.
* **Part-time jobs**: You can take on a part-time job alongside your main job. Think about jobs that are flexible, such as driving services (e.g. Uber, Bolt), delivery services (e.g. Deliveroo, Gorillas) or tutoring. According to the Federal Employment Agency, part-time jobs can be tax-free up to 450 euros per month, which is an attractive option.
* **Passive income**: This requires work or capital initially, but can generate income in the long term:
* * **Real estate**: real estate investments offer regular rental income. According to the German Institute for Economic Research (DIW), the return on residential real estate in Germany can be between 3% and 5%.
* * **Dividend stocks**: Invest in companies that pay dividends. Companies such as Siemens or Deutsche Telekom have a long tradition of distributing dividends.
* * **Digital products**: Create e-books, online courses or apps. Once created, these products can generate continuous income.
* * **Affiliate marketing**: Partner with brands and earn through sales commissions. Amazon Associates is one of the best-known platforms for this.
## Reduce expenses
Another way to have more capital for investments such as Bitcoin is to reduce expenses:
* **Budgeting**: create a detailed budget. Apps like YNAB or Mint can help categorize expenses and analyze where savings can be made.
* **Food**: Plan your shopping, buy seasonal products and cook more yourself. According to a study by the Federal Ministry of Food and Agriculture, households spend an average of around 25% of their income on food.Conscious shopping can significantly reduce these costs.
* **Energy costs**: Use energy-saving light bulbs, switch off appliances completely and insulate your home better. According to the Federal Office of Economics and Export Control (BAFA), simple energy-saving measures can reduce costs by up to 20%.
* **Subscriptions and memberships**: Review regular subscriptions (gym, streaming services).Many people pay for services they rarely use. A survey by Statista showed that on average 10-15% of monthly spending is used for subscriptions.
* **Transportation**: Use public transportation or car sharing services instead of owning a car.Owning a car can cost several thousand euros a year, including insurance, maintenance and fuel.
* **Second-hand and upcycling**: Buy second-hand clothes or furniture.The second-hand market is booming and you can often find high-quality products at a fraction of the original price.
## Investing, or rather saving, in Bitcoin
After you have accumulated more Dollar or other paper money by increasing your income and reducing your expenses, you can invest in Bitcoin:
* **Bitcoin**: As the first and best-known cryptocurrency, Bitcoin has a high market capitalization and acceptance. Investors see Bitcoin as a “digital gold” alternative, especially in times of inflation.
* **Risk and volatility**: Bitcoin is known for its high volatility. It is important to only invest money that you don't need in the immediate future. In the long term, bitcoin is destined to rise in price in dollar terms due to its unique characteristics.
* **Long-term perspective**: Many investors hold Bitcoin as a long-term investment, similar to stocks. Historically, Bitcoin has shown positive returns over longer periods of time, despite high volatility.
## Practical steps to increase income and reduce expenses:
1. **Analyze income**: Make a note of all your sources of income and consider how you can increase them. This could be through salary increases, side hustles or new passive income streams.
2. **Review expenses**: Make a list of your monthly expenses and identify areas where you can cut back. Set specific goals for reduction.
3. **Investment plan**: After you have accumulated more capital, create an investment plan. For Bitcoin, this could mean investing small amounts regularly to take advantage of the average cost effect (dollar-cost averaging).
4. **Education and networking**: Invest time in education and build a network. This can lead to new income opportunities and increase your financial intelligence.
## Idea to get Ahead:
Create a budget and set a monthly savings goal for your Bitcoin investments. Calculate how much you can generate by reducing expenses and generating additional income.
Research and choose a Bitcoin only platform to buy Bitcoin (e.g. [Relai](https://relai.app/), [Coinfinity](https://coinfinity.co/), [21Bitcoin](https://21bitcoin.app/), [Pocket Bitcoin](https://pocketbitcoin.com/) ). Learn the basics of trading and start with a small investment.