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Thread: Passive income

  1. #11
    my floof is luxury Wind Up Rex's Avatar
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    Quote Originally Posted by Poki View Post
    It bombs and you make almost nothing. How many singers make it rich enough to do that? How scalable is it really? The richest and biggest singers/book writers work their ass off.
    Collecting royalties, insofar as it is a business model, is technically infinitely scalable as you don't have to manage your own distribution. You own the IP and people pay you for the rights to use your content.
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  2. #12
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    Quote Originally Posted by phobik View Post
    Not really, you tried to challenge a broad mix of financial success, scalability and effort ROI. The answer is analysis and implementation to a particular situation/desired goal. You just alluded some kind of unspoken doomed statistical outcome, which is like saying if you do it wrong it won't work, to which one can simply reply, that if you do it right it will work.
    Its called probability or success rate. Its just like if i said investing in a company will make you rich. Its so far incomplete its misleading, not accurate.

    Anyway, its a pointless argument. We have differing opinions of accurate.
    Im out, its been fun

  3. #13
    FRACTALICIOUS phobik's Avatar
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    Quote Originally Posted by Poki View Post
    Its called probability or success rate. Its just like if i said investing in a company will make you rich. Its so far incomplete its misleading, not accurate.

    Anyway, its a pointless argument. We have differing opinions of accurate.
    Would you agree that specific know-how on either/any subject, can significantly change both the vision of the possibility of success, and probability of success?
    To avoid criticism, do nothing, say nothing, be nothing.
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    Music provides one of the clearest examples of a much deeper relation between mathematics and human experience.

  4. #14
    my floof is luxury Wind Up Rex's Avatar
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    Quote Originally Posted by Lark View Post
    What do you think? Is it a thing or is it just snake oil or is it something which has reached peak supply already so with a handful of new media providers, such as insider, unilad, people are awesome, its all more or less covered?
    Couple of points:

    1) Anything that sounds too good to be true--is. The only way that acquiring wealth doesn't require either a significant amount of time or hard work is to either be born hot (and marry well) or be born with a trust fund.

    2) I think it's important to distinguish between something that's truly passive income and something that's more of a side hustle.

    Passive income to me implies that you have some asset that you've set to work to accumulate further value. A lot of things can fall within that category such as:

    I. Income that you've invested in a mutual fund (or other low to moderate risk vehicle of your choice).

    II. A property that you've purchased that you're now leasing.

    III. Or as @labyrinthine and @phobik are discussing, intellectual property that you've created that generates revenue with minimum upkeep on your part. That could be something along the lines of creative content or an app, for instance. As an example, the INFJ I was seeing had designed a pair of pants and was working with a website called betabrand to sell and distribute them. He would receive 10% of the annual sales gross in exchange for betabrands right to distribute the design.

    Options two and three require more significant upfront investments than option one. You don't need a ton of money to start investing and mutual funds are low risk with a decent yield over time. Option two typically requires a major upfront capital investment if you don't inherit the property. Option three requires time (and possibly capital) to create the IP, to find the correct channel to distribute it and then to do any subsequent marketing that promoting what you're selling might require. I'm almost tempted to say that three straddles that line between true passive income (requires no work) and a side hustle, which is work that brings in income over and above your day job.

    Side hustles are pretty rad, imo. It's a path a lot of people I've known have used to parlay their personal passions into a full-time vocation. If you're looking for a side hustle, I'd recommend you skip the bullshit MLM type scams, and think more about what you love. If money were no object and you could do anything, what would you do? If for you @Lark, it's pursuing your studies in philosophy/theology/etc, then maybe becoming a tutor in those subjects on the side could be a cool way to engage your passions in a way that also brings in additional income. Maybe you reach out to a publisher and see if you can get some contract work as an editor.

    Those sorts of things are constructive in a very transparent way, and can create surplus income that you can invest towards becoming a source of true passive income. So within 3-5 years, you're moving from one to possibly three consistent and sustainable sources of personal revenue. As with all things money based, the earlier you start, the more time you give yourself to allow your wealth to accumulate.

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    Quote Originally Posted by ceecee View Post
    I agree, it is misleading. We own some commercial property and that is often considered passive income. Yes a management company handles it day to day but we have a good amount of involvement. We meet with them monthly, oversee the tenants, the taxes, pay for upkeep, improvements and insurance for all of the above. So there is work required. I've often thought about buying a self-storage place or auto-car washes but even those need regular attention.
    I'm a part owner of our family LLC that owns and rents multifamily residential properties in my city. I've worked and my mom currently works in real estate, and the family has a background in running a small business. The income isn't truly passive insofar as there is still a lot of work that has to be done. Passive income takes up front capital. I've thought about buying a property for self storage, but what we are doing in the residential market is already working so why mess with it.

  6. #16
    Wake, See, Sing, Dance Cellmold's Avatar
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    Dong Nguyen.

    Though he didn't enjoy the reception.

  7. #17
    reborn PeaceBaby's Avatar
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    Quote Originally Posted by Lark View Post
    How possible is it really to develop passive income streams?

    I've read about this, often in little articles which I suspect are largely online or offline bait and switch, like the careers fares at which there wasnt anyone recruiting just lots of people selling their services in creating CVs etc.

    Anyway, I do hear, and do not doubt, about cases in which people have derived passive income as a consequence of good luck or good fortune or chance, like the videos of babies which go viral or the video that guy produced raving about his mate's choice in clothes or white vans shoes.

    Good luck to them and I like to hear about luck or good fortune which is entirely attributable to chance as much as the next person but I have read of a number of internet personalities who suggest its possible to engineer this, with a super blog or something along those lines.

    What do you think? Is it a thing or is it just snake oil or is it something which has reached peak supply already so with a handful of new media providers, such as insider, unilad, people are awesome, its all more or less covered?
    I've generated passive income streams for significant portions of time. All of this work has been online. I've run websites that generate revenue through advertising, I've sold ebooks, I've invested in websites and domain names and flipped those etc. So I know it's possible -- of course there's some work to do but it's a wonderful feeling to know that your websites are making you money while you're doing something else or feeling ill or helping a family member etc.

    I am currently setting up an FBA (Fulfilled By Amazon) model to use some of my domains just sitting around doing nothing. That's a goal for me this year, actually, to get better passive income streams going on like I used to have (where I made between 1000 - 5000 a month for a few years ongoing) with very little touch factor on my part. I'm looking into subscription boxes which are wildly popular atm. I've also considered making a comprehensive udemy course on my specialty area in order to support all the other work as well.

    Nothing of course is TOTALLY passive. But there are viable businesses that don't have to dominate your time after the intial setup. It's really putting in the effort to get them going and figure out how to set them up well where most folks fail.
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    When people see some things as good,
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    FRACTALICIOUS phobik's Avatar
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    Quote Originally Posted by PeaceBaby View Post
    I am currently setting up an FBA (Fulfilled By Amazon) model to use some of my domains just sitting around doing nothing..
    How
    To avoid criticism, do nothing, say nothing, be nothing.
    ~ Elbert Hubbard

    Music provides one of the clearest examples of a much deeper relation between mathematics and human experience.

  9. #19
    Cyber Strider Korvinagor's Avatar
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    Quote Originally Posted by Lark View Post
    How possible is it really to develop passive income streams?

    I've read about this, often in little articles which I suspect are largely online or offline bait and switch, like the careers fares at which there wasnt anyone recruiting just lots of people selling their services in creating CVs etc.

    Anyway, I do hear, and do not doubt, about cases in which people have derived passive income as a consequence of good luck or good fortune or chance, like the videos of babies which go viral or the video that guy produced raving about his mate's choice in clothes or white vans shoes.

    Good luck to them and I like to hear about luck or good fortune which is entirely attributable to chance as much as the next person but I have read of a number of internet personalities who suggest its possible to engineer this, with a super blog or something along those lines.

    What do you think? Is it a thing or is it just snake oil or is it something which has reached peak supply already so with a handful of new media providers, such as insider, unilad, people are awesome, its all more or less covered?
    Well by definition, passive income just means using money to earn more money in a fairly hands off way, right? In that case, there are a few things which fit the bill:
    • Sharemarket dividends
    • Rental house revenue
    • Bank savings interest
    • Business revenue
    • Website advertisement payment
    • And more

    For most people, I suppose passive income would be derived via savings in the bank. Unfortunately, out of all the different so-called 'passive' incomes, it's one of the least lucrative as well. The 'how' of the methods I have no idea about, sadly.

  10. #20
    Problem? Grand Admiral Crunch's Avatar
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    Youtube might be a way to make passive income. It'd be great if there were more small cute animal videos.

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