What can I do to earn multiple sources of passive income?
 

Hey club,

I'm hoping one of you guys out there can help a guy out like me to put me on the right path with your stories on how you gained your sources of passive income.

Right now I live in Silicon Valley like many of you, but unfortunately that doesn't mean I have money. Infact, I am exactly 15 grand away from owning a new 2017 86. I've wanted an fr-s/brz since it was announced those many years ago and i've been working since with a glimmer of hope that maybe, just maybe I might be able to earn my car.

Even after years and YEARS of working for people who have so much money that they literally burn it in front of my face and won't give me any... I don't have enough to earn my car and it really really bugs me.

I want to be able to earn passive income so that I can wait the same amount of time again and be able to buy my car. Can any of you good people give me some stories about how you got to that place?

Thank you!

Make money...and save it

Move out of San Fran...everything is over priced there.

Take as much money out of that place you can.

Passive income= rental properties for most non-tech people.

Also, with your screen name...quit smoking pot.

It is hard to be successful with blunts, neck tattoos and gauges in your ears...free advice that you didn't even ask for.

Invest, basically. Saving won't do much good as interest rates are extremely low right now.

There's no magic way to make money. Nobody is obligated to give you any of it for doing nothing. You have to work for what you earn, and if you've been working for many years as you say you have then you must not be earning much per year. Either that or you're spending too much on other things.


Is this even a serious post?

Saving to buy a car is a bad way to make money.

take a loan out..go to college..finish college with a degree..get a job ..pay loan back...manage the rest of your finances wisely and be frugal

So far, so good. A worthy goal. Earning something. Kudos.


And.... swing and a miss. Nobody should expect anyone to "give" them anything. I thought you wanted to "earn" your car, not receive it through charity.

The solution? "Earn" money, then buy a car with it. Then you'll feel better and won't be so bugged.


"Waiting" isn't really much of a strategy. If I were you, I'd stop waiting and start earning, as in, work harder, train more, find better paying gigs, and (here's the big secret... shhhh... our government can't figure this out)... spend less than you make. Spend as little as you can, and make as much as you can. Make the difference between what you spend and what you make as big as you can stand it (meaning, make MUCH more than you spend, and definitely NOT the other way around... Dear Government, are you listening?), and start investing the difference, leaving enough in an easily accessible account for emergencies so you don't have to disturb your long and midterm investments.

It takes time, but, on the other hand, if you're disciplined about it, you'd be amazed at how quickly "paying yourself" as part of your budget adds up.

A couple very fortunate and lucky folks DO, occasionally, seem to get fairly rich through amazingly lucrative happenstances, but the vast majority get rich through sheer effort, research, hard work, discipline, and willpower. I wouldn't "wait" until I got lucky, nor would I counsel anyone who didn't already have a pretty good nest egg to try their hand at real estate investments. That can get ugly very fast (and yes, it can get really good fast, too, but.. well... it ain't for the faint of heart).




Sure. I worked full time for 31 years at a job that I trained very carefully for for a long time, and during that time I also worked part-time as a self-employed musician. I put a good portion of almost every paycheck into 403(b) accounts, bought a couple mutual funds outside of my retirement accounts occasionally for family goals and needs that I knew would surface prior to being able to access my retirement accounts, took out as few loans as possible, did everything I could for myself rather than hire people (and, as a result, ended being a pretty decent plumber and mechanic, and below-average but serviceable carpenter, and in pretty good shape due to yardwork, shoveling snow, etc.). When we needed more money, I either worked more gigs that I didn't really want to do, took on more students, or cut back on our expenditures. Don't have a "smart" phone. I JUST got cable TV for the first time in years for football season, but it's gonna go in February. Paid off my house as fast as possible. No car loans. No credit card balances.

Or... you could "wait" and hope someone will "give" you money so you can "earn" your car.

You're more than welcome. All this was said with love and a big smile.. seriously. I wish you well. The world's got me kind of shaking my head in disbelief these days, and there were some trigger words in your post that made my fingers leap to the keyboard, despite my best efforts to restrain them. Let's have coffee sometime. Maybe lay off the blunts until you've made your first million. :)

All my best,

Barry

A lot of great advice here. At 24 I make ok money to afford my own place and pay on my 86. But, not much wiggle room with no degree. I find myself thinking about this a lot.

MuseChaser said it all.

I worked full time and worked my ass off thru college and landed a job as a Chief Technical Designer for a growing company and make decent money. I also work part-time at and autoparts store. Not because I need to but because it fills in time I would be sitting around not making money. I also recently purchased a two-family house which I live in and rent the other side and live "mortgage free".

If there is a way I can be making money, being productive or being a better human being, that is what I am doing.

I feel the drive to make things better for oneself has fallen through the cracks in today's society. Everyone "waits" for a raise or "waits" for someone to hand them something when the real answer is to make it happen for yourself. In Rob Dyrdek's words "make your own luck."

I know its been said before but, your screen name doesn't help your image.

It takes money (and/or time) to earn money legitimately.

Investment can pay off, or hurt horribly. That includes things like rental property, etc. Getting it right takes both time and money.

You have to actually be diligent about how you spend. Drive your car into the ground. Don't keep getting new gadgets and toys... or whatever it is you spend your money on. Learn to cook - it's cheaper than buying microwave dinners.

Oh - and avoiding that thing that's going to cost money but probably should be done? Do it right the first time, and as soon as you know it's needed. Avoiding it always burns money.

Windfalls happen and get a lot of press, especially in tech. A really good idea (or an idea someone with money thinks is good) can do weird things, but in the end it never really feels like you have more money. It's rare, but if you put in your time and have the right idea, it could be you. It probably still takes a lot of time and energy on your part to get rolling, though.

FWIW, my income is all from my day job (and careful spending.) Lost $70k selling the last house according to the IRS (I count it at closer to $18k over the 13 years of ownership, but technically the IRS is right). We drive cars into the ground. Clip coupons, and plan meals strategically. Don't go out to eat a lot. I do a lot of regular maintenance around the house (and on my car...) Two incomes definitely helps, but that alone won't do it.

I typically 'lose' money on side jobs, but I do those because it's work I enjoy, or it's for family (or both). Mostly I don't make money, so no payout on invested time.

It doesn't feel like I have money, but it's there, and I am constantly aware of the difference from when I was younger and really didn't have money... which was still doing better than some of the times growing up... where I didn't notice the lack, but it's very clear looking back.

You can always sell a kidney... or become a donor..

Elaborating more on the go to college get a degree. Start with a tech school degree. Will take you alot farther then you think in terms of real world experience and earning money. The initial cost is also much less then a 4yr degree and alot of times most industries would prefer a tech student over a 4yr grad.

Near San Fran? You could try hooking.

https://static01.nyt.com/images/2007...stro.600.1.jpg


Muse said everything of any real value so no sense repeating it.

I'm a great fan of learning on the job, apprenticeships or even enrolling with the army/navy as it gives a good foundation for future endeavours.

My personal experience, I saved my money, went to a community college and got my associates in a technical subject, applied for a few technical jobs, got a full time position, and at the same time go to a University fully online and peruse a bachelors degree in the same technical subject.

There's no quick and easy way to make money. You start out small, be smart with your money, make logical and valuable decisions, and work hard.

Don't spend your money on blunts and coffee ;)