Today’s blog will cover five creative ideas I have thought of that can become funding sources for universal basic income.
I have created this blog to help busy full-time professionals master investing and get high returns long-term.
My goal is to help you save thousands, or tens, or hundreds of thousands from investing.
UBI RECEIVERS FUND THEMSELVES
The first creative idea is for the people who receive UBI to fund themselves.
This can be done if the people who have received UBI before later become alumni, then contribute a part of their salary back to the UBI program.
In this way, the next person gets helped too because at some level once they get a new job, they will not UBI anymore. Then they can donate and reroute that wealth back to other people who are in need of UBI.
For example, let’s say the average income is $50,000. For the first year after you get out of the UBI program, you give 10% back.
That is $5,000 and already enough to cover 40% of UBI for somebody else, which is quite significant. In the second year, you could give a little less like 5%, which will cover 20% of another person’s UBI, and the next year 3%, and so on.
This would allow UBI alumni to give back and contribute to the program. If nobody is giving back then it will be hard to sustain the program.
The second idea is to host a GoFundMe campaign.
This is actually quite interesting because there are quite a few scams that take place on GoFundMe in which people try to raise money for cancer kids but actually use the money for a vacation, or other people who lie about themselves to raise money on GoFundMe.
Besides that, if you think about the poverty ratio, 1 out of 10 people are below the poverty line. That means that if you’re a person below the poverty line and 9 other people are willing to help you out, you can get out of poverty. Let’s take a look at the math.
If you’re under the poverty line and have 9 friends to help you out, let’s say you want $1,000.
Divided between 9 friends, that is about $111 per friend which is $3.70 per friend, and let’s round that to $4.
What if you could use this on multiple income sources and not only your friends for 100% of the income?
Let’s say you rely on them for only a portion of it, and you only want $200 from friends.
This reduces the amount to $1 per day, which can still help significantly if you are below the poverty line and struggling. I think $1 is totally possible and doable.
RECORDING A YOUTUBE VIDEO
My third idea is that people below the poverty line can pay for themselves through recording YouTube videos to generate awareness.
I searched this up and on average, the CPM for YouTube is around $6 to $8 per 1,000 views.
This means that if you make a YouTube video and you get a thousand views, assuming you get monetized, then you will get around $5 per 1,000 views.
So if people who get universal basic income are required to record videos of their journey and publish it on YouTube, if it gets enough views it can potentially become an income source for them and pay for their universal basic income.
For example, they might need to record one hour of video per week to document their journey, which is quite reasonable. If they get a thousand views per video, that is $200 per month, which can cover 20% of a person’s UBI.
SELLING YOUR DATA
The fourth and fifth idea is selling your data for income.
In the past, companies that have made profits from data include Google, Facebook, Amazon, Netflix, and so on. However, there is no way for the general public to make money from our own data.
What if instead, if you are willing to sell your own data you could make some money from advertisers looking to buy your data?
This way, they would understand who you are so they can understand what your typical day looks like, and which ads to show you.
For instance, let’s say I am looking for a male between the ages 30 to 45 who likes playing video games. You would be surprised how much advertisers would pay for your data, if you identify in this category.
Take a look at the amount of revenue annually from Facebook, for example.
They make a lot of money because advertisers are willing to pay Facebook. In this way, they can become very precise when it comes to targeting the right people.
Now what if there were a platform that allows advertisers to track your credit card spending and in return, they would be able to understand who you are?
Then they would be able to show you ads that are more specific to you, and they could pay you for that data. If they could pay you $200 per month and give you access to that data as well, that would be fantastic because now you would have the option to sell your data to advertisers at a cost.
Now obviously, not everyone will be willing to sell their data but those below the poverty line may value money more than a little bit of privacy, especially because most of these companies will be tracking you regardless.
If this is the case, why not make some money out of it?
The final idea is centralized around community work.
In San Francisco, there is a startup called the task rabbit where many people can complete small tasks around the neighborhood and get paid for it.
For example, you can pick up some food, deliver mail, do laundry, and it could be a $5, $10, $15 task. By doing so, you can earn a portion of your universal basic income.
Let’s say you complete 10 tasks worth $10 each, you earn $100 a month which is quite achievable for people under the poverty line to earn some extra money.
When you think about all these different types of income sources from the alumni, GoFundMe, YouTube, selling data, to Task Rabbit, you can easily get over a thousand dollars a month, plotted in the chart above.
If all of these ideas can be simultaneously implemented, you can actually exceed a thousand dollars a month, which is fantastic.
When you think about the future, there’s a lot of automation that is going to be happening.
The work of ten people will be reduced to five, or three, or even one person. There are two main perspectives when viewing the economy.
The first view is that everyone will be out of a job. A lot of people actually have this view and it instills fear into society, which actually slows innovation.
On the other side of the coin, innovation is fantastic because if you are able to do the work of ten people, you are so much more efficient and powerful, and can produce so much more work and make changes to the world.
You would also be able to make more money because the work of 10 people can be done by a single person.
INNOVATION IS GOOD
This can actually be very advantageous because the economy can grow much faster.
These are both sides of the same coin when it comes to innovation.
For example, Amazon is one of the biggest start-ups in the world. Within each of their departments, they are always trying to automate and out-innovate themselves.
For example, let’s say you are in a purchasing department. You might develop an algorithm to determine the purchase price for many goods like Amazon Basics.
After 3 to 6 months, you will have automated this part and will no longer require staff to be working in this department because a computer will be doing this job.
Now the staff is free to move into a different position within the company.
Because they are always innovating and always automating, they are always moving ahead.
People may be tired within Amazon, however they are also innovating in such a manner that their staff do not become obsolete, and that is a key factor.
If people are not changing themselves and if people are not improving, over time they will become obsolete.
This can be a huge problem for an economy if they are not growing.
In the future, our society will be much more agile and will be learning a lot of new skills.
This is where our future is headed so you can either put your head in the sand and ignore this reality, or you can start learning and automating your tasks as well.
In this video, I'm going to talk about five creative ideas I thought of which can become the funding sources for universal basic income. So if you're interested in knowing five alternatives to find universal basic income that is not within the government, then stay tuned to this video. So this channel is really dedicated to helping busy full-time professionals in master investing and get a high return long-term. So these videos are designed to help you make an extra one K 10 K or even a hundred K from investing. So if you want to get notified when the next one comes out, that hit on the subscribe button. So before we start, I just want to celebrate another success story where Mike exited his tech shares for a hundred percent profit in six months, his chef shares for 35% profit in six weeks to five months. And finally his 3m call options for 31% profit in six and a half months.
So congratulations, Mike, you did a fantastic job and I look forward to your next success story. And if you are interested in joining investing accelerator, then this month, I'm looking for a 15 individuals with photo financial background to help them master investing. And a goal is to make 30% a year. And you will find more details in the description, which is the free case study. So first creative idea is really the people who have gotten UBI before becomes alumni, and then they can contribute a part of their salary back to the UBI program. So to the next person gets helped too, because as some level, once they get a new job so on, they don't need a UBI anymore. So then they can kind of donate and reroute that wealth back to people who are in need of UBI. So for example, in this case, let's say the average income is $50,000.
And for the first year after you get out of UDI, you give 10% back. So that's $5,000 and that is ready enough to cover a person's 40% of their universal basic income. And that's quite significant. And in year two, you might want to give a little bit less like 5%. So that will cover 20% of another person's UBI and the next year 3% and so on. So then that allows people, that alumni of UBI to give back and contribute to the program. Because if nobody is giving back, then it will be hard to sustain the program. Now, the second idea is really to host a goad fund me campaign. That's actually quite interesting because when you think about gold fund B, there's actually quite a few scams there where people try to raise money for cancer kids, and they used the money for a vacation or people lie about themselves and they raise money on GoFund me.
But anyways, when you think about the poverty ratio, one out of 10 people is below the poverty line. That means if you're a person below the poverty line and you know, nine other people who are willing to help you out, they can get you out of poverty. That is it. If you are a person below the poverty line and you have nine friends that will help you out, you can get universal, basic income from them. So how does the math work now? Let's say you want a thousand dollars a month from nine friends. And so he divided that by nine. So it has $111 per friend, which is $3.70 per day from your friends. And that's, it is round $4 a day from your friends. Now, what if you can use this on multiple income sources? So you don't rely on your friends on a hundred percent of the income.
You only rely on your friends on a portion of it. Let's say you only want $200 a month from your friend. Then they can reduce that amount and it can be $1 a day. And I'm quite sure for $1 a day, and if you are below the poverty line, if you're really struggling, they will be willing to help you out. So this is totally doable and possible as well. Now the third idea is what if people that are below the poverty line can pay for themselves through recording YouTube video. Now I searched this up and on average, the CPM for YouTube is around $6 to $8 per 1000 views. And that means if you make a YouTube video and you get a thousand views, assuming you got monetized, then you will get around $5 per a thousand views. So if the people who get universal, basic income are required to record videos of their journey and publish it on YouTube.
And it gets enough views that can potentially be an income source for them and pay for their universal basic income. So for example, they might need to record it one hour of video per week to document their journey. So that's quite reasonable. And if they get a thousand views per video, so that is 200 bucks a month. So that can cover 20% of a person's universal basic income. And the four or five idea is really what if they can sell their data. And that is very interesting because historically, people who make money from data are like Google, Facebook, Amazon, Netflix, so on and so forth, but there's really no way for the general public like me and you to make money from our own data. But what if we are willing to sell our own data because advertisers will often want to buy your data.
So then they understand who you are so that they can understand what our day you want to show you ads or not. So let's say I'm looking for a male between 30 to 45 years old, who liked video games. Okay. I can do that. If you are willing to tell me who you are, which is selling me your data, and you'll be surprised how much advertisers pay for it, just look at the amounts of revenue. Facebook make each year, they make a lot of money and that's because advertisers are willing to pay Facebook. So then they can become very precise when it comes to targeting you. And what if there's a platform where you allow advertisers to track your credit card spending in return, they get to understand who you are. So then they can provide with better ads and pay you for that data.
And what if they are willing to pay you $200 a month, do you get access to that data? And if that is the case, that is fantastic because now you have the option to sell your data to the advertisers at a cost. Now, obviously not everyone is going to sell their data, but for the people who are below the poverty line, you might value money more than a little bit of privacy or about yourself, because the truth is all the big tech companies are tracking you anyways. So why don't you make money out of it? Now, the fifth idea is really around, you know, what can people below the poverty line do for the community? And recently there's a San Francisco startup called the task rabbit. So basically you can do a lot of little things or people within the neighborhood and you can get paid for it.
So for example, you can pick up some food, you can deliver mail, you can do some laundry and it might be a $5, $10, $15 task. And by doing so, you can earn a part of your universal basic income. And let's say it's $10 a task and you do 10 task. Then that's already a hundred dollars a month. So that can be quite an achievable thing that people below the poverty line can do to earn some extra money. So when you think about all these different types of income sources from the alumni to goat, fund me to YouTube, to selling our data, to task rabbit, you can easily get over a thousand dollars a month and you can actually see the chart here where I plotted it for you. And after four or five ideas, you actually exceed a thousand dollars a month. So that's fantastic.
So when you think about the future, there's a lot of automation that's going to be happening. The work of 10 people will be reduced to five. People will be reduced to three. People will be reduced to one person. So when you are looking at this economy, there are two views to it. The first few is that, Oh my God, everyone is going to be out of a job. And a lot of YouTube videos, dicey, Ashley have this view and this instills fear into society. And this actually slows down innovation. And when you look at the other side of the coin, this is actually fantastic, because if you are able to do the work of 10 people, you're so much more efficient, you're so much more powerful and you can produce so much more and you can change the world faster. And you can also make more money as well because the work of 10 people is now done by one person.
So when you think about that, this is very positive because now you have an extra nine people that are willing to help you to do other tasks, to grow your economy faster. So there's both sides of the same coin when it comes to innovation. And in this case, I just want to share an interesting example from a book I read called always stay one. I don't have it with me, it's in my other house. And basically it talks about how Amazon is one of the biggest start-ups in the world. And basically within each department, they're always trying to automate and out innovate themselves. So for example, let's say you're in a purchasing department. You might want to develop an algorithm to determine the purchase price for a lot of goods like Amazon basics or whatnot. And then after three to six months, you have automated this part.
Now you can't even do purchasing anymore because the computer will do it for you. So now as a person within Amazon, they wouldn't fire you, but you need to think about what you want to do next. So then you innovate within the company. And then once you start doing that, let's say you're managing different robots. Then you will try to automate that. So then you create a system to manage robots. And then after that, then you might want to develop a new product. And then you develop a system to create a new products so on and so forth. So because they're always innovating, they're always automating. And they're always moving ahead. You can see that people can be tired within Amazon, but then they are also innovating in such a manner so that they don't become obsolete. And that is the key points. And if people are not changing themselves, if people are not improving, then over time, they will become obsolete.
And this will be a big problem for an economy because they're not growing. So when you think about that in the future, the entire society will be a lot more Hagell. The entire society will be learning a lot more new skills and it will require more time to develop an automate and learn new skills and it go backwards and basically optimizing the system over time. So that's where I think we're heading in the future. So you can either put your head in the sand and ignore this reality, or you can start learning and automating your task as well. So that's the end of this video and I'll see you in the next one.