2017 might not yet be over, but I’m already looking ahead to next year. I always feel super motivated in the new year period, so I want to cash in on this and get organised ready to build some new income.
I don’t believe there are many sources of genuine passive income – everything takes a little work, even managing a portfolio of dividend stocks. But I count anything as passive that can be setup and then kept going with the odd check up.
So here’s my plan for 2018. Whats your plan? Let me know in the comments
Copy Trading on eToro
Obviously I will continue copy trading on eToro. I haven’t done enough copy trading this year, and so I really want to do more in 2018. eToro has developed into a great platform this year with lots of new assets to invest in, interface improvements and a growing number of really, really talented traders that you can copytrade.
Copy trading is where you automatically copy the trades of a (hopefully) profitable trader. eToro is a broker that supports copy trading. It’s just like other brokers such as XM or Plus500 that you might have used, but everyone’s trades are shared. Think of it as a combination of a broker + facebook. I’ve been having success with eToro for many years – it’s why I write about it so much.
Acorns is an investment app that rounds up your purchases to the nearest dollar and transfers that small amount to an investment account. So you end up saving, whenever you spend. Cool idea right?! I’ve used Acorns for the past 12 months and made around $200 in profit above the amount i’ve saved. While this is a tiny amount of income, every little bit helps. And of course it compounds. I’m going to keep using Acorns in 2018 and probably ramp the amount that I save (you can choose to transfer additional funds whenever you want to acorns).
I bought quite a bit of cryptocurrency in 2017. Because the price of various cryptos kept going up and up in 2017 – it felt like passive income. But I also plan to do some trading of cryptos in 2018 as well. While this isn’t strictly passive income, it’s definitely part time income. I think you can day trade cryptos with a couple of hours a day. I’ll be trading using Poloniex and Whaleclub.
I’m also hoping that some of my super risky alt-coin investments will pay off next year. They are a bit of a gamble, but they could end up being super profitable. If they pay out i’ll be stoked, if they don’t, I’m not going to be upset because I knew the risk that I was getting into.
One of my alt-coins – Nav Coin, pays 5% interest per year. So that is pure passive income. While I won’t make much from it, it’s a nice bonus.
While I earn dividends through Acorns (and even eToro), I do also own some actual stocks. The dividends I get from these are pretty tiny and I’m in two minds as to whether or not I should try and grow this or invest elsewhere.
One thing I want to do a lot of in 2018 is experiment. And of course share the results here. I’ll be testing out 1Broker and SwipeStox – two relatively newcomers to copytrading. I want to invest in Copy Portfolios. And I’ll also be trying out some interesting p2p lending services.