I am interested in trying to create a revenue stream that is passive via internet or anything. Currently, I have a 9-5 that pays 48k in California, which allows me to conveniently trade the mornings and the last hour. I also have a small business that I run on the weekends. That said, my wife is a housewife, so we live off my income alone. Thus, my interest in passive income, since I am busy with both trading, and my business as well as my 9-5, I just want to find something on the internet or something to provide me passive income for simply building my network. Anyone have any ideas?
There's always Melaluca and Amway!!! Seriously though avoid those like mad!!! My inlaws are all apart of one or the other and all beleive they will become financially independant because of it - total scam. Reality is there is no real easy way of creating passive income unless you're either willing to take a risk somebody isn't or they don't have a competitive advantage that you have. Passive income sources that you may want to look into are: real estate, dividends, flow through shares in different investments (gas wells, golf courses, income trusts, etc). Some have higher degrees of risk than others and alot will come down to what kind of contacts you have and mostly your appetite for risk. I'm involved in alot of the things I stated and some have worked out better than others - the key is to grow your network and always be looking for opprotunitites.
Invest in good people. For example, I had a housekeeper who despite the fact that she was much smarter than that job did it to the very best of her abilities and show an exemplary work ethic and a indomitable drive to better herself. After 1 year of being our housekeeper I set her up in a franchise opportunity that she has now run for 8 years and made me a lot of money and given herself and her children a life they could never have dreamed of without me giving her the opportunity. She spoke poor accented English and now speaks and writes fleuntly, got her GED, and has almost finished her college degree at night school and will be the 1st one in her family to have one. She is a single mom who has also been raising 3 children. Over the years I have helped many people help themselves and only a small % disappointed. People are and always will be the best investment and the most rewarding.
Thanks but really no better than the average Joe, I have found that most people given the opportunity, try and do the right thing. I like to think that there are win-win situations all around us and we just need to recognize them and act on them. In trader speak the risks are small and the rewards potentially exponential.
You must be a better judge of character than I am - I've had pretty much the opposite experience. I've meaningfully backed or financially assisted about half a dozen people, only one has succeeded to any degree, and every single one broke their word and reneged on at least one of the commitments they made at the beginning. I didn't find it rewarding, in fact I found it extremely aggravating, disappointing, and distracting from my trading. There is no reward in being lied to, or seeing people give up at the first sign of difficulty, or realising how lazy most people are - especially when it's done on your $$$. Giving good advice only to see it repeatedly ignored, and then seeing the consequences you predicted turn out as badly as you expected, is also rather dispiriting. If I am just going by my own experiences, I would say "no good deed goes unpunished" and "neither borrower nor lender be". Also, you have to concede that backing/mentoring people is in no sense "passive income". Firstly, it's usually not income, because most people you invest in will fail (unless you are very lucky). Secondly, it takes time and effort. That goes for other fields like real-estate, franchising, internet business etc. The only truly passive income is owning indexed stock funds, bond funds, annuities etc. Even there you need to do a bit of work to monitor them.
It certain does take a lot of time mentoring so in that respect it isn't passive, at least not initially, but I enjoy that aspect and have had a lot of help as well. Ofcourse there have been some disappointments but they pale in comparison I forget them easily. All I can really say is that it also takes time to know someone. I have never offered to help someone I didn't feel I understood completly as a person, someone who had shown time and again that they both respected and acted upon my advice, were highly motivated, and didn't have a defeatist bone in their body. None of those I have helped are relatives and none were born or grew up in a 1st world country (though all are legal as far as immigration stautus goes). The biggest impact I have had has actually been the cheapest financially (monthly mentoring college students in the Phillipines via videoconference, a freind of mine got me involved 3 years ago and we pay some of their tuition and mentor them, the good they do in their communities is humbling). Sorry to hear your experience has been so different Cutten, just as well you are a far better trader than I and don't need the additional income streams
This statement is ridicoules... I don't know Melaluca but I do know Amway because I have an Amway business since 1997. There are many parallels between a trading business and having an mlm business, especially the psychology that you need to excel in both businesses is very much the same...
The guy that said network marketing is a total scam has no idea what he is talking. What a dickhead... his family is trying to better their situation and he takes a crap on the idea. He didn't say they spent 1000s of dollars and lost it all. Or that they have a garage full of products that no one likes. Nope. His reasoning... My inlaws are all apart of one or the other and all beleive they will become financially independant because of it. Since he is obviously an "Elite Trader" I challenge him to give some of his astronomical earnings and help his family so they don't have the need to look for additional income! Network marketing is a completely legitimate business opportunity as long as goods and/or services are exchanged on a retail basis. It is a total scam when the business opportunity itself is the only good and/or service being exchanged or the only goods and/or services exchanged are for wholesale. That said, there are 100s perhaps 1000s of legitimate network companies. Only the publicly traded, well known companies are vitamin, skin-care, and tupperware based! Network Marketing, MLM, pyramid marketing, whatever you call, it is worth investigating based on your post. IMO Osorico