Lesson Summary

Starting a business is a great way to make money, especially during a recession. Multiple streams of income allow workers to replace lost income. Starting a business costs little to no money when you use a phone for the hustle. Popular online business ideas include social media management, virtual assistant, freelance writing, brand ambassadorship, business consulting, and much more. Additionally, vendors offer dropshipping services, such as clothing, electronic, make up products, hair products, coffee mugs, adult toys, t-shirts, and more. Resources like Mint, Acorns, PocketGuard, YNAB, Prism, and Wally help with budgeting and saving. Lastly, passive and residual income ideas include selling information products, rental income, affiliate marketing, dividend stocks, creating an app, REITs, a bond ladder, investing in CDs/savings accounts, renting out your car/home, and much more.