Comment on [US] Looking for some ideas for passive income / freelance work

Tb0n3@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

• PM_Your_Nudes_Please@lemmy.world ⁨1⁩ ⁨year⁩ ago

  Yup. Collecting rent is passive income. But you actually need to be rich enough to own the property before you can collect rent.

  Interest is passive income. But you need to have enough money to actually make the interest payments worth more than a few cents.

  Investment returns are passive income. But you need to have enough invested, in a broad enough portfolio, to reliably pay dividends or return growth. To the point that a market dip in one sector won’t kill your investments.

  And all of these already require a lot of money.

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  • metaStatic@kbin.social ⁨1⁩ ⁨year⁩ ago

    Find an exchange traded real estate investment trust and throw every spare dollar you have at it, now you're collecting rent without owning property. Typically paid quarterly unlike dividends which are usually every 6 months.

    Currency is toilet paper, turn it into assets as fast as you can.

    Time in the market > Timing the market

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• subignition@fedia.io ⁨1⁩ ⁨year⁩ ago

  Maybe that was the wrong choice of words. What would you suggest? I guess I can edit that to "side hustle" instead if that's more appropriate...?

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  • Tb0n3@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

    Honestly the best side hustle is to better yourself and ultimately find a better primary hustle. Side hustles don’t do much more than steal your already limited leisure time.

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    • subignition@fedia.io ⁨1⁩ ⁨year⁩ ago

      Well, you're entirely right, but unfortunately that doesn't help me much in the moment. I appreciate your response regardless. <3

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• hahattpro@lemmy.world ⁨1⁩ ⁨year⁩ ago

  yeah cool. Thank for remind me being rich can also create a stream of income without do anything.

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