How I make $706 per month without working

The magic of work-free money.

Lots of work up front, but no work to maintain.

$706 dollars per month is no small amount of money. For many this could cover their monthly food and car expenses. None of this money gets deposited into my bank account at the end of the month. Re-investing this money and allowing it to grow into an unstoppable force is the goal of this passive income train chugging along and building steam. If all our investments were in dividend stocks or paying interest, we could be receiving more than double this sum of money, however we like to diversify and take some larger risks. For example, my wine investments do not pay dividends, and most of my Bitcoin is in a hard wallet which of course provides no interest, also a large percent of my stocks do not pay dividends either.

Sources of passive income:

Credit cards, crypto staking, interest on stablecoins, and stock dividends

Photo by energepic.com on Pexels.com

BlockFi credit card

Return: $30-60/month

This is currently one of my favorite methods of income. Getting free bitcoin for my daily groceries and gas? YES PLEASE. My intro-offer was 3.5% for the first 3 months, I currently still fall under the first 3 months which is a lovely way to stack some extra Sats (the denomination of bitcoin).

New bitcoin credit and debit cards seem to be popping up and flying from the sky every week. I would highly recommend looking around to see what the best offer available in your area is but you can find the BlockFi credit card and support this blog here.

The original plan I had was to get the Fold debit card, I decided against this because I will be traveling overseas for a long period of time and they charge foreign transaction fees, which of course is much too expensive for me to pay for everyday purchases.

My wife and I are planning a large purchase soon which will end up paying us over $150 in bitcoin, all because we are using a credit card. That’s damn sweet.

The primary reason I moved over to exclusively using this card for now is because I’m tired of using random rewards credit cards that end up being a hassle to use. I believe bitcoin will appreciate 10x in the next decade, meaning my 3% rewards can be calculated at 30% in theory.

Yes, I could be getting 5% on gas, and 5% on groceries, and the list goes on. The problem is keeping track of 3, 4, or 5 different credit cards which is not worth the slight savings in my opinion. Plus, I believe my bitcoin will go up in value and my dollars/rewards points go down in value due to inflation.

I do love air miles, which brings me into the next category of income, but I want to be clear that I almost exclusively use these cards for their initial bonus’. Once I reach the original bonus their usage goes way down. We also do not have to pay annual fees on these cards currently, which makes their value nearly infinite in terms of cost/gain value.

Travel credit cards

Return: $100-300/Month

This is currently the single best way that my wife and I receive passive income and travel the world for nearly free. This is also the most enjoyable passive income we have.

In the last 3 months we’ve stayed at hotels in Arizona, the Ritz Carlton in LA, a nice hotel in Jackson Hole, WY, and recently purchased a hotel on the Las Vegas strip for New Years Eve.

The best part about these points is that you can ‘ball out’ on amazing places that we normally wouldn’t be able to pay cash for (or at least not so often). We get to take many more trips than normal and can stack up credit card points along the way for future trips.

Prior to Covid we would have spent all, or almost all our points on flights and less on hotels. But because we have been more limited in our choices, we have decided to go to places within driving distance and spend the points on nice hotels. When this process first began, I would hoard points and never want to use them unless I got an extremely good deal, but now we don’t care as much and just want to have a good time when we travel. The points were free so there’s no reason to stress about how they’re spent.

I should probably mention how they are attained, which I alluded to in the previous section. When you sign up for a new credit card (I will link some at the bottom of the post), many will pay out a bonus after you spend a certain amount of money within a specified period of time. For example, the American Express Platinum, my wife’s favorite card, you currently receive 100,000 points after spending $6000 within the first 6 months of owning the card. Those points according to them are worth up to $1400 in rewards.

We have done this for many cards and will continue to do so, which is how we average over $100 per month. This year our average is over $300 per month in rewards which is insane. Some other perks that we get include $400 per year in hotel credits (we used this last month), $480 per year in digital entertainment (we both use this on our audible accounts), $400 in uber cash (we use this monthly on uber eats), $200 per year in Saks Fifth purchases ($50 every 6 months), $400 in airline credits (which we have not used yet), and a $300 annual travel credit (we also have not used this yet).

As you can see many of these are small monthly sums of money, but it is all essentially ‘free money’. This doesn’t even include the air miles/points that we receive.

Photo by Karolina Grabowska on Pexels.com

BlockFi Rewards

Return $80-120/month

BlockFi Rewards are basically just interest on crypto. I hold some bitcoin here, but the main portion of the portfolio is a majority of my Ethereum. I have little belief in Eth as a technology for the future, but I don’t want to sell because then I’d have to pay taxes, so I plan to delay the sale until next year.

I’ve recently been looking into FTX staking and will probably move much of this crypto over to their platform. This will increase the monthly rewards to potentially more than $200/month. Right now on BlockFi all of my rewards are being paid in bitcoin so this income is purely bitcoin income.

Tons of exchanges are allowing people to stake different cryptos and the risks vary. I would highly recommend searching around and diversifying into multiple different locations so that you can earn a solid return but only by risking the capital you are willing to lose. That is why I primary risk my Eth, because I don’t want to lose my bitcoin but the potential of losing some Eth doesn’t keep my up at night.

The crypto in my BlockFi account is averaging around 3% APY. I do plan to be able to live off of my crypto staking and interest within the next 5-10 years so this should become the largest portion of my passive income eventually.

Voyager Rewards

Return: $22/month

Let’s keep it simple and fast. Voyager is where I keep extremely speculative crypto gambles. I am getting 12% APY on a little bit of Polkadot, and about 4.5% on some Cardano.

That’s it. It’s a gamble to potentially 10 or 100x this capital. It’s extra income but very unreliable. I don’t recommend this as a passive income strategy.

Gemini Dollar Interest

Return: $100-150/month

This is effectively part of our emergency fund but mostly long-term savings. Our long-term savings include things like travel over a year from now, emergency fund, and down payments for expensive goods.

Gemini dollar is a stable coin where 1 coin = 1 dollar and it never fluctuates in price. We trust Gemini as the place to hold our ‘cash’ and using Gemini earn we are paid 8.05% APY in cash as of today. We can’t justify keeping our cash in a normal bank account and earning .01%. Banks are completely robbing their customers, but it’s how our system is set up so there isn’t much choice until these stable coins came along.

We are taking a small risk for 805x more returns, which is a good bargain in my eyes.  

Investing in Gemini dollar is starting to become part of our investment strategy monthly. An 8% return in the stock market is decent but you must take much more risk with your money. We have our growth placed in Bitcoin, our stability placed in wine, and our passive income placed in Gemini dollar. We are also still maxing our Roth IRA each year as our stock investments which is plenty as a hedge in case everything else fails, which is extremely unlikely.

Photo by Pixabay on Pexels.com

Dividends

Return: $54/month

Woohoo! Dividends!

Old reliable. The sweetheart that never fails. We love dividends. If we didn’t believe so strongly in Bitcoin, this is where a majority of our money would be.

Dividends are the most classic form of passive income that I have. These are primarily dividends from our retirement accounts and a little bit from index funds. Some examples of what we hold are VTSAX, VTI, and SCHD. I’ve also purchased some slightly higher risk funds that track Uranium, India, and Saudi Arabia.

Dividends are a great way to gain income. If you enjoy some lower risk returns, I’d highly recommend joining the index fund crowd. A few years ago, I would have said that this is the easiest way to retire, and it still might be, but it’s become much more unsettling to me to invest all my money in retirement accounts and index funds because we are living in a world that is seeing inflation spike greatly and there is no end in sight. No matter what you think the reason is for the inflation and if you think it will continue it is still worth considering that if it does continue, and it gets worse, it will be extremely difficult for the stock market to out pace inflation.

All eggs in the stock dividend basket could work out like it has for decades, but if it fails you should have a backup.

The primary reason that I started investing in wine was do diversify out of the stock market even more and I have recommended my family to do the same. I also believe bitcoin will be the best asset for the next few decades, which is why we have so much bitcoin.

All these accounts could also change any day. There are so many exchanges popping up and as they change their policies and the governments changes regulations, I will modify my strategy on the fly. The three places we plan to keep putting money into are Bitcoin on a private wallet (cold storage), wine and stable coins (which seem to be a great way to save cash and keep up with inflation). Investing in an IRA is likely to continue for the foreseeable future, but I could easily see us being even more bullish on bitcoin with wine as our backup investment.

NONE OF THIS IS INVESTMENT ADVICE. I’m crazy, and I have done TONS of research on what I invest in. If you want to do any of these investments, PLEASE do your own research!

You can use these links to support this blog:

https://join.robinhood.com/jefferc60 – Robinhood: Get a free stock!

https://www.coinbase.com/join/christ_ggp – Coinbase: $10 of free Bitcoin with deposit of $100

https://www.gemini.com/share/6r78pl2e – Gemini – $10 of free Bitcoin with deposit of $100

Link to Blog Home Page – https://www.christal.blog

Uber link: https://www.uber.com/signup/drive/deliver/?invite_code=m251g7b1u

🔎Disclaimer🔎 All content in this blog is for entertainment purposes only. I am not a professional financial advisor and my statements are not to be taken as instructions or directions. In no event will I be liable for any losses or damages arising from the use of content from any of my platforms, including, but not limited to YouTube, Blog, or any other social media. I reserve the right to change my opinions and entertainment content at any time. Please be sure to do your own due diligence!

Published by Christal

I’m here to share the knowledge and tips I have so you can see how I make passive income, save for an early retirement, and enjoy life outside the cubicle.

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