Working without working

[ZarParticipant 5]

Do any of you have experience building a passive income?
Methods you suggest? and any other related advice?

[ForeverDoneParticipant 2928]

You need $$ to make $$$. If you have $$$ then invest in a few index funds such as the S & P 500, S & P Bond Fund, S & P 500 International Fund. Sit back and watch it grow. If you use credit or debit cards, you can use an app called acorns.com. It invests spare change into the market for you and you can withdraw it at any time, If you have a charge for 1.50, it deducts an extra .50 and invests it for you in a portfolio. It costs a dollar a month, but it’s another form of forced savings for me that requires zero work from me.

[hmskl’dParticipant 6406]

Over the past few years I’ve gotten into authenticated non-sports and sports autographs as a hobby, encapsulated PSA/DNA and JSA, BGS and BAS cards and things. I’ve attended some conventions over the years as part of my interest. It’s not really passive .. but I enjoy it so I don’t see it as work of any kind.
The values on some of the more sought after items have noticeably moved up at recent auctions. For example, I bought a multi-signed card late last summer for around $400, a similar virtually identical one which now just sold at auction a few days ago for just under $900 .. but I haven’t been selling as they are part of a collection.
I guess what I’m saying is that even though, for me, collecting is a hobby I enjoy .. if someone is looking for alternative investments, both sports and non-sports collectibles can be somewhat lucrative if you know which ones are sough after .. and, likewise which ones to avoid.
Like it is with collecting any kind of artwork, try and buy the best you can and if you can limit yourself to the more desirable pieces .. it seems much easier to make money at auction than messing around with lots of lower priced pieces.
It’s the same way collecting paintings and coins. I’m also a coin collector and have enjoyed this since I was a kid.
Whether it’s numismatic coins, paintings or autographs, try and stick with the rarer aspects of the hobby (even if you collect far fewer items) which seem to appreciate faster, and easier to put up for auction if you do plan to sell .. just plain supply and demand .. fewer available so willing bidders are usually always there.

[SandalsParticipant 4253]

Zar wrote:

Do any of you have experience building a passive income?
Methods you suggest? and any other related advice?

Yeah, it’s called studying and working your ass off, failing, trying again, failing, and trying again and again and again, until you make all the necessary adjustments to succeed.

hmskl’d wrote:

For example, I bought a multi-signed card late last summer for around $400, a similar virtually identical one which now just sold at auction a few days ago for just under $900

Bubble economy? Get rich quick? School of hard knocks, baby – get yer degree. At the end of the ride is a certificate called “intrinsic value”.

A smart man learns from his mistakes. A genius learns from the mistakes of others.

Good luck.

[ForeverDoneParticipant 2928]

Our failures are our best teachers. I know this is/was true for me; and I do not handle failure very well.

[CarnageParticipant 22113]

Yeah passive income is great but hard to execute.
Expending machines.
Those game machines in malls.
Parking lots (you have to do nothing basically after is set).
I been checking the market, but I don’t like it. I see too much manipulation and I don’t wanna be the patsy in this game.

So I decided to go with savings.
And I created the FUNDS:
DF: Desaster fund: a few gold coins and silver in case you got to flee to another country or something like that.
EF: emergency fund. 2-3 months worth in cash stored in home.
USF: usual saving fund: in my case 10-15000€ in an account in the bank. Untouchable unless you see an investment opportunity or something like that.
Retirement fund: in this case I won’t open an retirement plan with banks or bulls~~~. I’m just taking my money and saving it to buy land in caribean, far up in the mountains where the land is cheap, not for comercial purposes just my own garden of eden.

I don’t trust retirement plans, f~~~ I don’t trust even my shadow.

I hope to be in the caribean when I’m 50, 33 now and counting.

What you guys think?

To those following me, be careful, I just farted. Men those beans are killers.

[BeerParticipant 11832]

I think the big thing is its going to take time, discipline, and hard work. My ultimate goal is to get 1.5-2m invested in dividend paying stock and just live off the dividends without ever touching the principal…but the path to get there isn’t easy.

The way I look at it is if you need 20k a year to live off, and you take home 30k a year after taxes…the most you can save is 10k. If you save 10k a year and average 8% gains a year its going to take you 27 years to hit a million dollars. Now lets say you take home 80k a year after taxes and still live off that 20k…you can bank 60k a year. With the same 8% gains you hit that million dollar mark at year 10 instead of year 27. If you make 80k a year and want to live off 70k a year…you aren’t any better off in terms of growing wealth than making 30k and living off 20k.

I guess the way I look at things is I only need so much money in life…the more I can save when I’m young, the larger % of the money will have come from investment growth compared to spending it all and having a larger chunk of it come from punching a clock. To get there though…you simply have to be willing to make your sacrifices when you are young, and if you ever find a deal that is going to make you a ton of money that sounds too good to be true, just remember, it probably is.

[KeymasterKeymaster]

I know a woman who has a very cheesy website (girly stuff) and she makes a S~~~ LOAD of money off the ads. But even she will tell you she works CONSTANTLY so it’s not really “passive” income and hasn’t been for years. She can afford to take a day off and make her own hours though… but she’s always writing news letters and trying to bring more traffic to her site etc. She makes GREAT money with it, but it’s not exactly “passive”.

If you keep doing what you've always done... you're gonna keep getting what you always got.

[hollowtipsParticipant 681]

Assets: Stocks, Land, housing, books, businesses, bonds, royalties, parking spots, food trucks. Pretty much anything requires a considerable amount of time and or effort.

[Daryll55Participant 2950]

in my opinion: there are 2 laws and 2 facts everyone needs to know about money/Income.
First the laws, (which will require quite a bit of detail,I won’t explain here.)

1- The law of supply and Demand
I say this because I see so many good businesses go out of business for the wrong reasons.
An example: A retire gentleman with a Culinary background decided to open an upscale restaurant/bar. Despite others failing at the same location;he would be different. He hired an Australian chef, and a friend in the food business to run the place for him. He had a stellar menu,and many premium as well as micro-brew beer/wine. The first 6 months was a total success. mainly because it was new. He did no advertising,no specials and raised his prices @10% on everything. He closed after 15 months of business. (I personally ate there twice, and stopped for a meet’n greet with others maybe 6 times). He forgot that there weren’t a lot of people living in this area, AND Winter traffic is nil as no-one wants to go out in a snowstorm.

2- The law of risk and reward
As an investor, this is taken into calculation before anything. The reward for the event/item, ALWAYS needs to outweigh the risk. Something worth $20 bought for $20 and resold for $25 has less chance of something worth $20, bought for $10 and sold for $25. A wise used-car salesman makes money when he buys cars,as well as when he sells them.

On to the 2 Facts:

1- Time & money have an INVERSE relationship
Ever notice that you never seem to have both at the same time? This is no accident. IF you do have both, you are either RICH,or you are doing something Illegal. (I won’t comment on the correlation between the two)

2- Inflation & Taxes are how Governments regulate and control money
I wish someone would have told me this in my early years! Adjust your lives/finances to minimize both.

There is easy work, and there is hard work,but there is never work without working……
That is called a HANDOUT

Marry again, Hell NO ! ( Even JESUS was hung on a cross just once)

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