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Ask HN: How to Make Passive Income?

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Re: Ask HN: How to Make Passive Income?

#61

Post by robocat »

jessetemp wrote: post #40
cjhazard wrote: post #35

I live comfortably on passive income at 34 years old with my diverse portfolio of income producing assets, which include but are not limited to: 1. Businesses I founded & own that are managed & operated by my employees. 2. REITs & other dividend paying stocks. 3. Real property that I own that is managed by property managers. 4. Music that I have published and receive streaming royalties on. 5. Personal loans (this is…

So basically, be wealthy. All of your solutions require money up front, except maybe #4 if you're skilled and lucky, and #8 but the cc rewards for day to day spending is like 1 or 2 bowls of raman.

The people I know that founded their own small businesses were not wealthy: they were mostly middle-class. Software businesses in particular mostly just require time and skill.

Re: Ask HN: How to Make Passive Income?

#62

Post by sifar »

I would recommend you to read the Richest Man In Babylon. It is a small book that explains how one can go about building wealth. Briefly,

1) Save some money regularly (min 10%). 2) If 1) seems difficult, figure out a way to increase your earnings or reduce your expenses till you can do 1). 3) Invest the surplus wisely. Trust it to people who are trustworthy and seem to know their stuff.

Overtime, you will have enough passive income.

Re: Ask HN: How to Make Passive Income?

#63

Post by gutitout »

sifar wrote: post #62

I would recommend you to read the Richest Man In Babylon. It is a small book that explains how one can go about building wealth. Briefly, 1) Save some money regularly (min 10%). 2) If 1) seems difficult, figure out a way to increase your earnings or reduce your expenses till you can do 1). 3) Invest the surplus wisely. Trust it to people who are trustworthy and seem to know their stuff. Overtime, you will have enough…

At this inflation rate saving money makes no sense.

Re: Ask HN: How to Make Passive Income?

#64

Post by mettamage »

lnsru wrote: post #20
shp0ngle wrote: post #8

Money don’t grow on trees. If there was a magic way to make money without work, everyone would be doing it.

I am with you on this! I know a lady with some 20 rental apartments. Income is far from passive, managing (and suing not paying) tenants takes some serious time. Some tech workers have huge stock portfolios, however taking care of stocks takes some time. I met many people in my life, rich and poor, but nobody was lying on the couch and enjoying rain of 500 euro banknotes. Maybe it’s an American thing.

Taking care of your own trees also takes time. For one, you need to put them in good soil, water them perhaps, keep them clear from pests, trim them, etc.

Re: Ask HN: How to Make Passive Income?

#65

Post by mettamage »

I don't know much, but I'd try 10 different things as rapidly as possible and see what sticks.

You're in Berlin. Why not have some tutoring business specifically to Berliners? Then after you've done some tutoring, anticipate whatever next-level skill they need and upsell those online courses.

Just brainstorming

Re: Ask HN: How to Make Passive Income?

#66

Post by ChuckNorris89 »

gutitout wrote: post #63
sifar wrote: post #62

I would recommend you to read the Richest Man In Babylon. It is a small book that explains how one can go about building wealth. Briefly, 1) Save some money regularly (min 10%). 2) If 1) seems difficult, figure out a way to increase your earnings or reduce your expenses till you can do 1). 3) Invest the surplus wisely. Trust it to people who are trustworthy and seem to know their stuff. Overtime, you will have enough…

At this inflation rate saving money makes no sense.

Yet, those who put their entire savings in the stock market last year are now significantly worse off than if they had just left it in cash.

Sure, their portfolios might bounce back at one point, but who knows when.

Just because we had a 13 year bull run thanks to printing money and dumping it in the stock market, does not always guarantee this can go on forever. The war certainly didn't help either.

Sometimes stocks are just gambling, and it's best to only gamble what you're not afraid to lose, instead of your entire life savings.

Re: Ask HN: How to Make Passive Income?

#67

Post by amai »

You live in Berlin? By an apartment and rent it out! But given the prices nowadays in Berlin this is probably unrealistic for you. You might want to have a look at Magdeburg though. Intel is going to build a huge factory there and probably 10000 employees will soon search for some place to live there: https://www.mdr.de/nachrichten/sachsen-anhalt/magdeburg/magd...

Re: Ask HN: How to Make Passive Income?

#68

Post by [deleted] »

ChuckNorris89 wrote: post #66
gutitout wrote: post #63

Earlier quoted context omitted.

At this inflation rate saving money makes no sense.

Yet, those who put their entire savings in the stock market last year are now significantly worse off than if they had just left it in cash. Sure, their portfolios might bounce back at one point, but who knows when. Just because we had a 13 year bull run thanks to printing money and dumping it in the stock market, does not always guarantee this can go on forever. The war certainly didn't help either. Sometimes stocks…

[deleted]

Re: Ask HN: How to Make Passive Income?

#69

Post by ChuckNorris89 »

amai wrote: post #67

You live in Berlin? By an apartment and rent it out! But given the prices nowadays in Berlin this is probably unrealistic for you. You might want to have a look at Magdeburg though. Intel is going to build a huge factory there and probably 10000 employees will soon search for some place to live there: https://www.mdr.de/nachrichten/sachsen-anhalt/magdeburg/magd...

>You live in Berlin? By an apartment and rent it out!

How the hell can OP buy an apartment if he's already struggling to get by?!

I swear, sometimes I feel like the HN userbase live on another plane of entitlement.

Re: Ask HN: How to Make Passive Income?

#70

Post by sifar »

gutitout wrote: post #63
sifar wrote: post #62

I would recommend you to read the Richest Man In Babylon. It is a small book that explains how one can go about building wealth. Briefly, 1) Save some money regularly (min 10%). 2) If 1) seems difficult, figure out a way to increase your earnings or reduce your expenses till you can do 1). 3) Invest the surplus wisely. Trust it to people who are trustworthy and seem to know their stuff. Overtime, you will have enough…

At this inflation rate saving money makes no sense.

Stress leads to bad decisions reducing your options. What I have experienced is that savings help you tide over life's uncertainties. Yes I am letting go of a few % in returns, but I gain something far more valuable - peace of mind and optionality.
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