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?