31–40 of 180 posts
Passive income isn't. Lots of little projects may look like passive income but almost all of them (not saying it can't be done but I just have not seen any) have some kind of overhead. It may be better to search for something that can be started small but that you can eventually scale.
1. Identify a very niche pain for businesses. 2. Make phone calls every day to the people making buying decisions for that pain. Try to close the deal, even without a product. 3. Start building after your first deal closes. 4. As you build, keep calling and closing. 5. Script out common support issues as you encounter them, and offload to VA. My previous startup generates many times more passive income than $1k/mo, a…
On that subject, stay away from "free" plans, unless you really need freemium marketing - the support for free users is usually the most.
Save $200k and buy a 33% leveraged muni bond closed end fund, which are currently yielding approx 6% tax free at a 10% discount due to the recent bond selloff. Disclaimer: if interest rates rise you will be unable to reclaim your principal but, generally speaking, this income stream should be pretty safe for the foreseeable future. And of course, $1000 a month today is not going to be as much in the future if inflati…
I made a lot of passive income by coding trading bots for bitcoin. Its a steep learning curve but if you are willing to learn, it can be very profitable. Like you, I can code confidently so during my morning commute I would read books about trading and economics. In the evening I would play with bits of code interfacing with broker API's. Within 3 months I had a working bot that automatically traded away as I slept a…
If there was some method of turning a skill into passive income with any reliability, people would replicate the idea again and again and so get 1,000,000/month eventually. You're asking for the impossible.
False. Imagine you had a magic formula to create businesses that make $5,000/month and only take up 10 hours/week of your time. Wave that wand once and you have a $60k salary and a thoroughly leisure class lifestyle. Wave it twice and you're living quite nicely without really breaking a sweat. Most of us stopped there. Notice that every time you use your magic formula, you take away another chunk of your free time. B…
A business is a business; the amount of labor you'll have to put into it will be proportional to the supply and demand that exists in that specific market.
Sorry, but there's no free lunch.
If you want to be sold a "passive income mega business", go and have a look at Blackhat World, the scummiest place on the internet.
I made a lot of passive income by coding trading bots for bitcoin. Its a steep learning curve but if you are willing to learn, it can be very profitable. Like you, I can code confidently so during my morning commute I would read books about trading and economics. In the evening I would play with bits of code interfacing with broker API's. Within 3 months I had a working bot that automatically traded away as I slept a…
What did your bitcoin bots trade?
No such thing as "passive income" except maybe buying securitized debt (bonds, etc. but then you got inflation to worry about). A business is a business; the amount of labor you'll have to put into it will be proportional to the supply and demand that exists in that specific market. Sorry, but there's no free lunch.
Also, while I sort of agree about the "no such thing as passive income" point, I think he just means 1-2 hours a week level passive.
An audience is a more valuable asset than a product. Once you have an audience you can launch anything you want.