How to Create a Passive Income Stream with Woonkly in 2020?
Learn how you can also get a regular profit seamlessly with the Woonkly platform
In today’s economic landscape, trading your time for money is no longer the best choice. Most people work to get a salary, pay bills, and, eventually, retire to live off of a pension. Sound like a plan? Not for long. Although our parents and grandparents may complete that cycle, due to inflation, increasing life expectancy, automation, etc. we may struggle hard to get a decent pension — if anything. By the time we retire, the old-school retirement system will be more broke.
Retirement was introduced a long time ago when people barely survived to the age of 65 years. Yes, the past was a harsh time, and people worked their whole life. Since just a minority of the active workers made it until retirement, the system was easy to maintain by the states. However, medicine has improved so much that our average life expectancy now is around 80 years, i.e., 15 years of pension per retired person that the active workers must support. Unsustainable.
Tips You Should be Wary About
So, what are the options to plan for retirement? The first thing that comes to mind is to save money. However, if you leave your money sitting on a bank account for years, you will have less when you need to make use of it. Therefore, you need to think of a better strategy to prep for the retirement years, i.e., the rest of your life after leaving work. These are some other bad ideas:
- Get a part-time job,
- Trading in forex,
- Buying alt-coins without a plan,
- Diversify (also without guidelines),
- Saving money.
By naming these ‘bad,’ I do not mean these strategies may not work in the short-to-middle term. But, you need to look at the long term, see the whole picture. However, it is rather unlikely you get enough money for retirement out of them. Let us plug some numbers to see how much you may need. We will work on some basic assumptions to arrive at a realistic figure:
- Monthly bills have an average cost of $ 500,
- Food expenses per month per person: $ 300,
- Rentals, mortgage, etc. (if applicable): $ 750,
- Other expenses (car, health care, etc.): $ 500,
- Total per month x 1 person ~ $ 2000
Now, how many years may you keep up with these expenses? If you are around 40–50 years old, you will retire at any moment between 2035 and 2045. By that time, life expectancy will rise from roughly below 80 to the 90–95 range. Therefore, you will have to pay for stuff for around 25 to 30 years. Making the above basic assumptions that add up from $ 50 k to $ 60 k.
The best way to pay such a large bill is to keep earning money while in retirement. But, if you are not a youngster anymore, how can you keep working? Of course, you don’t! Enters the idea of passive income.
What is Passive Income?
Fortunately, not all hope is gone. Nowadays, there are plenty of ways to earn money passively, most of which depend on the internet. First, let us understand what ‘passive’ earning means:
A passive income stream is a source of revenue in which the earner does not take active participation regularly.
The critical part of this definition is “does not take active participation,” which means that you make money while sleeping. There are many guides about creating passive income streams on the internet. However, most techniques described out there are not 100% passive but demand some participation in maintenance or other duties, such as the following:
- Creating e-commerce,
- Trading in crypto assets,
- Jumping into affiliate marketing.
Most strategies to generate passive income demand a lot of steps to start working. For instance, for affiliate marketing, you need: to create a website, to set up affiliate accounts in vendors, to set up each product page, a funnel, paid ads (Google, Facebook, etc.), maintenance, etc. Yes, you may not take an active part, but you would have to pay for the tasks, thus delaying the payback. Most would-be passive earners fail to plan for everything.
Is Having a Passive Income Sustainable?
So, let us go full passive now. How can you click a few buttons here and there and start getting money? You invest. Investment is the art of making money work for you; instead, you work for money. There are many assets and companies to consider out there. However, you can play it as safe as possible here: invest in big whales, such as Google, Apple, Coca Cola, etc. Likely, none of those multinationals are going down in the foreseeable future. Buying stocks is playing it safe.
Surprisingly, you may not need to invest a large amount of money to earn enough dividends with this strategy. For instance, each Apple share (NASDAQ: AAPL) was worth around $ 150 in January 2019. Today, one year after, each stock is worth more than $ 300 at press time. On the paper, you would have doubled your investment in one year with this strategy. However, looking at the 5-year graph, we realize that the price per share has tripled “only.” This tendency means that the last months have been “exceptionally” good for the company from Cupertino.
In short, regular investments require you to aim for the long term to be successful. Moreover, you need to dedicate a significant amount of money to reach your $ 50k — $ 60k goal, possibly at least $10k to make it achievable in some decades. Let us take a look at the IBM (NYSE: IBM) performance over the decades, from 1990 to the present day.
Each share was worth around $ 30 back in the early 90s but can be sold for $ 150 nowadays. This is a factor x5 in 30 years, which would serve to achieve our goal with a $ 10k — $ 12k starting investment. Now, we need to get that amount of money to prep for retirement. Fortunately, if you are still an active worker, you can save that amount within some years by living a low-cost lifestyle. But, there is something even better: you can start going passively today.
How Does Woonkly Provide Revenue?
Woonkly provides a reliable source of passive income for its most loyal users. By purchasing WST (Woonkly Share Tokens), you start earning tokens (WOONK) that can be either used or traded for ETH. Thus, you can save up to purchase your first WST, and you will earn passively. At the current price of ETH, 1 WST (equal to 100,000 WOONK) is worth around $ 650.
Provided that the Woonkly 2.0 platform is soon to be available for users, it’s a good time to step into the ecosystem. Chances are the token will become more demanded once the new version of the platform kicks in. So, how is our plan going? First, you save a few hundreds of dollars to purchase WOONK; then, you trade it for WST. For the time you own WST, you will earn passively according to the overall activity within the Woonkly platform.
At any time, you can trade your WST back to WOONK, and then to ETH to cash out or diversify; it’s up to you. No contracts (other than smart contracts), no deadlines, no ties — and no excessive fees. As a WST holder, you earn in tokens 100% passively while people make use of our platform to create content and advertise their videos. If you’d like to earn even more tokens, you can also catch POCs in our videos. Or, you can take mojitos while you see your savings go up!
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This article is for informational purposes only, it should not be considered Financial or Legal Advice of any kind. Not all information will be accurate or may vary with time due to asset price fluctuations. Consult a financial professional before making any major financial decisions. Cryptocurrencies have high potential risks due to market fluctuations and other factors.