- Woman who quit her six-figure salary job has spoken on how she was able to exceed her income from paid employment
- Sharon Tseung said she began to explore other sources of income and stumbled on a number of ways to actualise her dream
- She listed many avenues through which people can earn passive income and become financially independent
In 2014, Sharon Tseung took a month-long solo trip to Europe which was inspired by her own version of financial freedom.
She spoke with all kinds of people from every background who were also passionate and it made her realise what she was missing.
The beginning of the question for digital income
Tseung said she started researching about digital nomads and how to make passive income. By May 2016, having saved enough money to take care of her travel all over Europe, Asia, the US and Canada, she quit her digital marketing job and began to build her own passive income.
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In the next two years, she worked in cafes, surveyed her surroundings and learned about the type of life she wanted. Developing her passive income streamslets and investments let her increase her net worth despite her travel expenses.
But apart from the side business, the founder of Digital Nomads was also building her brand to teach people what she he has leaned about personal finance and financial freedom. She says she is investing in rental properties and also growing her portfolio.
Earning more than her salary income
Last year, her income from her passive income and side business exceeded the income from her 9-5 job, even though it was a six-figire salary.
Tseung details how she makes passive income and offers top tips.
Creating an online shop
According to Tseung, he had first encounter with her first Etsy shop when she was browsing the marketplace to find people selling digital products and she believed she could do this.
After teaching herself Photoshop in 2015, she began selling digital products like templates of resumes, save dates, wedding cards, photography and mini session ads.
In a few months, she was making sales on digital products.
By selling digital products, she was able to make money without having to ship and fulfil orders. She says she still makes money from this methods.
Another passive income stream, according to the entrepreneur is Merch by Amazon and it requires zero capital to low income capital to start. She began her Merch by Amazon in 2017. You can sell custom apparel by uploading designs placed on their hoodies, shirts and other products which will be listed on Amazon, she said.
Whenever people buy from your listings, she says, you receive royalties and Amazon will print and fulfil your orders.
With this, Tseung says, you do not need a customer support as everything is paid out in royalties.
Building online course
Online courses are some other ways to make passive income because you can create something amazing that helps people with the ability to grow. People can have access to your content digitally globally instead of reaching one-one-one through services coaching.
How 40-year-old woman saved money from government handouts to start business that earned her N415m in year
Legit.ng has reported that in 2007, Anita Johnson-Hall was a 25-year-old single mom doing a N4,000 per hour job in an insurance company.
Johnson-Hall was living below the poverty line in a prosperous America and was qualified for government assistance and Section 8, which helps low-income to moderate-income families with affordable housing, she told CNBC.
The single mother said her whole income went into rent, gas, daycare and paying loan sharks to make ends meet.