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I don’t think it’s even spin, it’s just the jargon the IRS uses. And wanting to make money while you sleep has been a thing long before 2015.
The "Passive Income" trap ate a generation of entrepreneurs
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Re: The "Passive Income" trap ate a generation of entrepreneurs
#12Re: The "Passive Income" trap ate a generation of entrepreneurs
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"Rent seeking" has a specific definition* and it is not "I use large capital investments to generate regular payments". Buying housing with the intent of renting it is not rent seeking. This is Wikipedia, which is as good as most other definitions: Rent-seeking is the act of growing one's existing wealth by manipulating public policy or economic conditions without creating new wealth
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Re: The "Passive Income" trap ate a generation of entrepreneurs
#14Got trapped in an Amway pitch in my teens and have been inoculated against such things ever since.
Re: The "Passive Income" trap ate a generation of entrepreneurs
#15>But zoom out and what you had was just an enormous machine converting human ambition into noise.
Ah, the story of a generation
Re: The "Passive Income" trap ate a generation of entrepreneurs
#16Isn't passive income a cornerstone of of the Rich Dad Poor Dad Books? This long predates 2020. I would say selling masks and only being $800 in the hole is a lot better than starting a "regular business" and down $80k-800k.
Re: The "Passive Income" trap ate a generation of entrepreneurs
#17Met a guy that ran some dropshipping thing in a bar once, once he found out i was a programmer he kept on trying to get me to fix his website for free because it was easy, would not take no for an answer. I just kept upping how much money i would charge him till i got sick of it and left. I knew a few guys like that in crypto too, before crypto came along and they got into that, this guy told me he’d written a twitte…
"My nephew makes websites, and he's 14... I could just have him do it"
- Every client of mine during my contracting days. It took me way too long to reply with, "Oh that's great news! I wasn't sure of my availability, and was certain I was going to be way too expensive. Glad you got it figured out."
Re: The "Passive Income" trap ate a generation of entrepreneurs
#18This article has a narrow definition of passive income, limiting it to these low-barrier-to-entry schemes. Other parts of the FIRE world have emphasized being a landlord or flipping houses, for example. I personally made it happen by working a FAANG SWE job for 13 years, not getting sidetracked by the startup cult, saving and investing 70% of my after tax income, etc. And no I didn't get into crypto, but I still mana…
This is the way. There is huge survivorship bias when it comes to start-ups, even AI start-ups. When it comes to wealth creation, it's hard to beat a 20-30% CAGR with big tech stocks since 2010 or so, which was doable.
Re: The "Passive Income" trap ate a generation of entrepreneurs
#19Isn't passive income a cornerstone of of the Rich Dad Poor Dad Books? This long predates 2020. I would say selling masks and only being $800 in the hole is a lot better than starting a "regular business" and down $80k-800k.
You’re right. Books like the Four Hour Workweek and Escape From Cubicle Nation were guides to passive income twenty years ago.
Re: The "Passive Income" trap ate a generation of entrepreneurs
#20> Free to do what? Sit on a beach, apparently. Quite the opposite for me. I'd like to have freedom to work on things I want to work on without "paying rent", "paying medical bills", or "short term profitability" being a constraint.
Yeah, I'm a musician and a certified audio engineer. I'd rather be writing and recording music than working for healthcare/mortgage costs