I started this site over 6 months ago and have given countless ideas on how to earn a passive income. While I know that quite a few of my passive income plans have been well received, I would love to hear some interaction regarding your plans for passive income!
What have you done so far that is yielding a passive income, and what are your plans for the future?
I’ll get this conversation rolling. In the near future (in the next 3 years), my wife and I will have our house entirely paid for and then we’ll be pursuing larger streams of passive income. She’s always wanted to start her own clothing business (it’s more specific, but I don’t want to give it away), so we’ll most likely put some of our savings toward a storefront as well as the inventory to fill it up. At first, we’ll be working this business ourselves, but after the training wheels come off, we’ll start to hire some folks to take our place in the shop. With a few good employees, we’ll turn that self-employed business into a passive income investment.
In addition to the store, I’ve always wanted to invest in real estate – single houses mainly. I suspect that we’ll purchase one at a time and pay off the mortgage before investing in the next one. Over the course of 10 years, I expect to own at least 5 properties with a cash flow of $4,000+ per month.
Ok. Your turn. What have you done that is yielding a passive income, and what are your plans for passive income in the future?
I think you have some interesting ideas, I don’t think they are very passive though, in that if you create a business, its hard to good help
… You hear this all the time. I do like the idea of the properties, but you will have to actively set this up so that someone is collecting rent repairing the property, getting the tenants..
I have to get out of debt before I start buying property, but I’ll probably do that later in life. Presently, I have been having fun reselling stuff from e-bay, working on my blogging (evil blogger deleted my original blog about e-books for kindle), so now I have to rebuild my audience *sigh*
Keep giving us good ideas, thank you!
Good help is hard to find, but it’s out there! I’ve seen it time and time again, especially if you treat your employees fairly and give them an incentive to grow your business.
Excellent point. Good help does exist, and if you treat employees fairly and give them incentives you are more likely to keep that good help for a long time!
Yep yep. It’s not always easy, but those loyal employees can be found!