Thread: Passive income
01-04-2017, 01:57 PM #11
01-04-2017, 02:02 PM #12Take what I say with a grain of salt, because that's all it is compared to the ocean of complexity when it comes to actions and real life.
01-04-2017, 02:07 PM #13To 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.
01-04-2017, 02:48 PM #14
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.
01-04-2017, 03:24 PM #15Your representative owes you, not his industry only, but his judgment; and he betrays, instead of serving you, if he sacrifices it to your opinion.
- Edmund Burke
01-04-2017, 03:30 PM #16
Though he didn't enjoy the reception.
01-04-2017, 04:39 PM #17
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."Remember always that you not only have the right to be an individual, you have an obligation to be one."
― Eleanor Roosevelt
"When people see some things as beautiful,
other things become ugly.
When people see some things as good,
other things become bad."
― Lao Tzu, Tao Te Ching
01-04-2017, 04:49 PM #18
01-05-2017, 08:00 AM #19
- 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.
01-05-2017, 09:37 PM #20
Youtube might be a way to make passive income. It'd be great if there were more small cute animal videos.