What’s In This Email

• Your guide to building passive income in 2024

• What is a micropreneur, and is it right for you?

• Mandy’s Salads opens a new location

• Take your friends to make a rug

• Notable Spotlight: Machino Donuts

• Notable Plug 🔌 (we added a new gem)

✍️ TAKE NOTE

🗒️ Your Complete Guide to Building Passive Income in 2024

In 2024, achieving financial stability is more crucial than ever. Passive income, far from being just a trendy term, is a key strategy for diversifying income streams and securing financial independence. It's about making your money work for you, with minimal ongoing effort, unlike the traditional 9-to-5 grind.

🔍 Understanding Passive Income

Passive income often requires an initial investment of time, effort, or capital. However, once set up, these income streams need much less active involvement. The goal is financial freedom, where you're not constrained by financial needs, allowing your passive income portfolio to grow and compound over time.

📈 Finding Your Financial Independence Number (FIN)

Your FIN is the amount needed from passive income sources to cover expenses without relying on active income. Calculate it by adding direct and indirect monthly expenses, monthly subscriptions, and a 10% buffer. This number is crucial for setting your investment goals.

🌟 Types of Passive Income

1. Investment-driven income: Involves putting money into assets like stocks, real estate, or mutual funds.

2. Resource-based income: Leveraging assets you own, such as property rentals or monetizing skills through digital products.

🛠️ 10 Strategies for Building Your Portfolio

1. Energy investing (oil and gas)

2. Rental Properties

3. Money market accounts

4. Index funds

5. Dividend stocks

6. Small business investments

7. Content creation

8. Creative works

9. Affiliate marketing

10. Asset rentals

🔑 Risk Tolerance and Accredited Investing

Understand your risk tolerance using online calculators. Aim for accredited investing status, requiring an annual income exceeding $200,000 or a net worth over $1 million, excluding your primary residence. This status opens doors to higher-return investments.

📚 Educate Yourself

1. Learn More: Utilize resources like audiobooks and online groups to deepen your understanding of passive income.

2. Take Action: Engage with more information on passive income and join investing groups for diverse perspectives.

3. Knowledge is Power: Your education is your biggest asset in your journey to financial freedom.

Embrace this guide to build a robust passive income portfolio in 2024, paving the way for a financially secure and independent future. 🌟📈🚀

Read the full article here.

Embracing the Micropreneurial Spirit: A Guide for Very Small Businesses

In the quest for financial freedom, building passive income in 2024 stands as a pivotal strategy. This approach transcends the traditional active income model, offering a pathway to financial independence through smart, minimal-effort income streams. Let's explore the essentials of becoming a micropreneur and how to effectively harness passive income for a more secure and liberated financial future.

• Definition: A micropreneur or microbusiness operates on a very small scale, typically with no more than five employees.

• Common Scenario: Many micropreneurs, like the author, often relate to larger small businesses but operate on a much smaller scale.

🔍 Understanding the Micropreneur Landscape

• Prevalence: A staggering 95% of small businesses are microbusinesses, yet they often receive less attention compared to larger small businesses.

• Unique Needs: Micropreneurs seek practical advice tailored to their scale, focusing on cost-effective marketing, networking, and managing tight cash flows.

🎩 The Micropreneur's Life

• Wearing Multiple Hats: Micropreneurs juggle various roles – from client interactions and accounting to mundane tasks like restocking office supplies.

• Personal Branding: The business and the owner are often intertwined, making the owner's passion and expertise crucial for the brand's success.

• Cash Flow Challenges: Unlike larger businesses with substantial reserves, micropreneurs often navigate from one financial commitment to the next, emphasizing the importance of regular personal salary.

🏖️ Work-Life Balance in Micropreneurship

• Vacation Dilemma: Taking time off can be challenging as the business's operations heavily depend on the owner's presence.

• Solution Strategy: Planning ahead, completing tasks early, and communicating with clients can ensure smooth operation during absences.

💪 The Micropreneurial Mindset

• Resilience and Dedication: Success for micropreneurs often hinges on their willingness to invest significant effort and embrace the entrepreneurial journey.

• Community Support: There's a growing need for micropreneurs to connect and support each other, acknowledging their unique business dynamics.

🌟 Why This Matters: Micropreneurs, often overshadowed by larger small businesses, play a vital role in the economy. Their unique challenges and aspirations deserve recognition and tailored support. As a community, micropreneurs can thrive by sharing experiences, resources, and encouragement. 🚀🤝

Read the full article here.

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@jaclynforbes

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Machino Donuts

@jordshore

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🔌  NOTABLE PLUG

🎙️ Get Into It: Dark Poutine - True Crime & Dark History podcast. True crime, legends, folklore, dark history and other creepy topics from the perspective of real live Canadians. Listen on Apple or Spotify.

📄 Notable Hires: Senior Marketing Manager @ Live Nation (on-site, Toronto)

🎓 Hope This Helps: TikTok published a Valentine’s Day marketing guide full of gems to help your small business harness engagement ahead of the day of love. ♥️

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Dates: April-June. Click on this link to see the deal. Pro tip: you can find flights to China from Tokyo for $150-$300.

🧠 Today We Learned: With all the talk about web3 and AI, you might wonder, “What is a blockchain?” Well, fear not. We’ve got the full rundown for you.

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ABOUT NOTABLE
Notable Life is Canada’s hub for young professionals, entrepreneurs, and culture generators operated by The Notable Group. Notable Daily inspires ideas and sharpens the minds of over 40,000 top-tier professionals in competitive industries.

Disclosure: While we utilize artificial intelligence (AI) to assist with certain aspects of content development, all information provided in our content is thoroughly vetted and edited by our team of humans. We strive to ensure the accuracy and reliability of all information. However, we recommend that readers conduct research or seek professional advice to make informed decisions. This email may contain sponsored content.