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Posted on 7/30/13 at 10:55 am to Salmon
quote:
Salmon
quote:
Ok well the OP was a bit misleading then since you have more money than just $51k to work with
My wife wants no part of this so her income is off limits to my possibilities. Therefore I will probably have to find something I can start small and work into over time. Still waiting on any suggestions from anyone.
Posted on 7/30/13 at 10:59 am to ThatsAFactJack
quote:Stop spending so much money.
Still waiting on any suggestions from anyone.
Posted on 7/30/13 at 11:02 am to Broke
quote:By definition passive income shouldn't involve hustle. If you hustle the income is usually active income. The typical methods of earning passive income, as defined by the tax code, are from rents, royalties or investments in businesses in which the investor does not materially participate (no control over business and possibly no influence whatsoever).
If you want more income, you go out and hustle.
Most passive activities report losses when the investment opportunities are available, so investors have to be able to tolerate the complete loss of their investments. Once passive activities become income generators they tend to sell at premium prices.
Posted on 7/30/13 at 11:10 am to Poodlebrain
If you do not want to do real estate or stocks, there really isn't anything else besides investing in a start up business of some kind. Or you could appraoch friends or colleauges who already own a business about buying into it.
Posted on 7/30/13 at 11:15 am to Poodlebrain
quote:
By definition passive income shouldn't involve hustle.
Right, but like I said, money doesn't fall from trees so he has to go hustle, to earn money, to buy a property, or buy stocks or whatever other passive income he wants. Best passive income: Buy $500,000 worth of good dividend paying stock and wait at the mailbox for the checks. But you gotta get that 500 large from somewhere.
Posted on 7/30/13 at 11:18 am to ThatsAFactJack
We did a couple of rental houses when our kids were just toddlers. They were nicer homes that didn't need a huge amount of maintainance and we had good solid renters. We financed each with 20% down on a 15 yr mtg and figured we would sell each to put the kids through college. Made quite a lot off of both and that was back when interest rates were around 8% or 9%. I took care of finding the renters, he might have fixed a toilet or 2, but if something needed to be done, we hired it out. Always had positive cash flow and properties appreciated substantially while we had them.
You may want to look at properties in areas that are still depressed. I went to Florida to visit family and ended up buying a house down the street from my brother because it is 40% below what he paid for his. Both are a little over 1900 LA and he paid about $210,000 when he built his. I just bought this one for $130,000. It is less than 9 years old, great condition - all I'm going to do is buy a new washer/dryer to put in it. I'll rent it out for the next 6 or 7 years, letting him manage it for me and I may land there when I actually retire.
You may want to look at properties in areas that are still depressed. I went to Florida to visit family and ended up buying a house down the street from my brother because it is 40% below what he paid for his. Both are a little over 1900 LA and he paid about $210,000 when he built his. I just bought this one for $130,000. It is less than 9 years old, great condition - all I'm going to do is buy a new washer/dryer to put in it. I'll rent it out for the next 6 or 7 years, letting him manage it for me and I may land there when I actually retire.
Posted on 7/30/13 at 1:56 pm to Broke
quote:
Buy $500,000 worth of good dividend paying stock and wait at the mailbox for the checks. But you gotta get that 500 large from somewhere.
Or let those dividends DRIP for 20 years and probably end up with FU money.
Posted on 7/30/13 at 2:10 pm to VABuckeye
quote:
Or let those dividends DRIP for 20 years and probably end up with FU money.
But he said he wanted income.
Posted on 7/30/13 at 2:20 pm to Broke
Yeah, I know. I'd like to know what he wants the income for. If he has disposable income it makes a lot more sense to me to let the money grow for future but maybe that's just how I think.
Posted on 7/30/13 at 2:23 pm to VABuckeye
I don't think he's actually looking for income at this point - just looking for a way to increase his savings and possibly be a source of income when he retires.
Posted on 7/30/13 at 2:39 pm to Poodlebrain
quote:
By definition passive income shouldn't involve hustle.
Pick good dividend paying stocks. Diversify and continue to add to positions (including reinvesting dividends, at least initially) until passive income goals are reached.
It ain't easy, but it ain't hustling, either.
This post was edited on 7/30/13 at 2:40 pm
Posted on 7/30/13 at 2:42 pm to El Josey Wales
quote:
I'm just glad there's somebody else here that isn't making 6 figures.
ditto
Posted on 7/30/13 at 2:45 pm to TheCaterpillar
quote:
ditto
Speaking of which (and this is directed at some of you youngsters) - I do pick on my son and son-in-law about how much more I make in the military reserves than they do. But, as my youngest pointed out (and she's now in uniform, too, but this was before) - "That didn't happen overnight."
It doesn't.
Posted on 7/30/13 at 2:45 pm to TheCaterpillar
quote:
ditto
Many of us are a lot older as well. It would be disappointing if we weren't making six figures.
Posted on 7/30/13 at 2:55 pm to VABuckeye
Thats true.
I am just impatient about earning money. I have so many things I want to invest in and so many ideas of how to earn money, but I don't have any capital at the moment.
Its frustrating as all get out.
I am just impatient about earning money. I have so many things I want to invest in and so many ideas of how to earn money, but I don't have any capital at the moment.
Its frustrating as all get out.
Posted on 7/30/13 at 3:00 pm to TheCaterpillar
We got married young, waited until our 30's to have children and worked like maniacs in our 20's - putting away everything we could. We both worked a lot of 7/12's doing contract work and lived in apartments with a bed and a couple of lawn chairs. It did pay off - start early, invest, and let it accumulate.
Posted on 7/30/13 at 3:03 pm to Latebloomer
quote:
Latebloomer
quote:
I don't think he's actually looking for income at this point - just looking for a way to increase his savings and possibly be a source of income when he retires.
Basically this.
Posted on 7/30/13 at 3:04 pm to Ace Midnight
As a tax accountant I refer to dividend and interest income as portfolio or investment income to distinguish them from passive income, which is usually associated with results of a business activity.
Posted on 7/30/13 at 3:06 pm to Latebloomer
quote:
We got married young, waited until our 30's to have children and worked like maniacs in our 20's - putting away everything we could. We both worked a lot of 7/12's doing contract work and lived in apartments with a bed and a couple of lawn chairs. It did pay off - start early, invest, and let it accumulate.
Jesus
I want to wait until 30s for kids, but me nor the significant other wish to live like meth heads
I will coupon and be frugal in a lot of ways, but I'm getting HBO, a big arse couch, and a big screen
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