It was at that moment that I realized that I am not in control of my career or my financial well-being. In our group, shifts and hours equated directly to money. I was a highly-paid hourly worker, but the job was only as good as the hours I was given. To acquire additional hours, I would have to scramble, hustle, and pick up extra hours when other people were willing to give them up.
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I would like to feature your video(s) on my site, especially the one where you are talking about living and working in the Philippines. Could you log in and become a member of my site and possibly post some content there. I will upgrade you to an editor or something higher to add your own posts and videos. My site is mainly an informational site on the subject of Retiring Philippines. I want to place your video on the main page where everyone will see it. My blog in on a page called “Blog” I need help finding ways to make money here,can you help with that? And I sure would like to meet you some time since you are so close to me.
Whether you take a “distribution” (aka free-cash-flow) in the form of a dividend, interest payment, capital gain, maturing ladder of a CD, etc, you are still taking the same amount of cash out of your portfolio. Don’t fall for the trap of sub optimizing your overall portfolio’s performance because your chasing some unimportant trait called “income”.
Another way to generate passive income is to invest and be a silent partner in a business. This is very risky, but with risk comes the potential for high returns. For example, several years ago both Lyft and Uber were looking for private investors to invest in their companies. Today, they are worth billions - but you as an investor would only reap that benefit if they go public via an IPO, or get acquired. So, it's risky.
The terms on private money loans can also vary from very short (a couple of months or even weeks) to years. Once the money is loaned to an investor the passive income will come in as long as the investor can meet their obligations. The work with private money lending comes in the beginning when choosing a private money lender and if the loan ever goes into default.
"Rental properties are wonderful for building wealth ... [but] they're not going to produce a lot of income on the front-end — at least not consistently — because you might make $200 a month on a rental property, but then what happens if a year and a half from now, the heating and the air system goes out on that rental property? That's a $4,000 to $5,000 hit," Carson said. "And so really, the rental property game, as opposed to flipping properties, is all about generating big chunks of cash that you can use to pay your bills, and hopefully, to save money."
The age old argument of total return versus income has been, incorrectly imo, categorized as an either or proposition. We are going to do both. Right now I have a lot cash in an on line money market. I also have investments in 2 passive Index funds in a taxable account. We then have substantial 401ks/IRA’s which we won’t touch for at least 10 years. My wife will continue to max out her sep and we will continue to invest in the index funds although with a smaller amount. We have already factored that in. I looked at how to cut into the monthly deficit. Here is what I observed.
Thanks for the great article…although I have to point out many of the items listed are not passive but active, such as selling bodily fluids, writing blogs or resumes, and collecting bottles and cans. To be truly passive, the income source must require no effort on your part (after initial setup). Real estate, dividends, P2P lending…these are truly passive income sources.
Consider refinancing your mortgage if you haven’t done so in a while before interest rates go up further. Or consider leveraging cheap money responsibly to acquire hard assets. LendingTree Mortgage has one of the largest lending networks online, and they will contact you immediately with their offers. You want lenders competing for your business, and get hard quotes so you can pit them against each other.
When most people think of investing opportunities, they think of stocks, bonds, and precious metals. While these are still some of the most common ways to invest, the platforms have evolved, and there are more options than ever. Gone are the days of mountains of paperwork, high brokerage fees and unattainable account minimums. Now you can invest on your own terms.
If you’re familiar with the phrase “don’t put all your eggs in one basket,” you know that it applies to just about any area of your life including—and especially—your finances. In addition to retirement becoming an ever-elusive goal, no one has guaranteed job security so by diversifying your income you can feel more secure about saving for your future. You’ll be less likely to find yourself in credit card debt and happier as a result of being financially secure.
I make a little bit of money off of referring people to services I truly believe in. I never recommend things I don’t personally use, but if I’m going to refer friends to Shopify, products on Amazon, or Udemy courses besides my own, I have no shame making a couple bucks off it. In most cases, these referral sales come from older links within my podcasts or courses, and therefore, are completely passive.
Skillshare is more of a social learning platform where you can teach real-world skills. The range of skills that you can teach is only limited by your imagination - from board game strategies, garment construction, cooking tutorials, travel hacking, and relationship tips. I even saw a course on how to build a grown man's wardrobe. Creating a class on Skillshare is free. For each student who enrolls, Skillshare takes a 30% fee (Similar to Udemy). You are also provided a unique teacher referral link that lowers the fee to 15% for students who enroll via your referral. Note that all online courses on Skillshare go through an approval process based on specific criteria. https://image.slidesharecdn.com/passiveincomepromoslideshow-171117120611/95/passive-income-pros-and-cons-1-638.jpg?cb
John has a daily (yes, daily) podcast where he features an interview with a successful entrepreneur. Now, John enjoys many hundreds of thousands of downloads per month, he’s written a book, has products and has opened up a ton of opportunities for sponsorships and partnerships that wouldn’t have come otherwise. He’s not the first person to have a show dedicated to interviewing rock star entrepreneurs—not even close—but he’s definitely the fastest to see these kinds of results.