1. Rental Income - Check 2. Dividend Income - Check 3. Credit Card Points - Check 4. 401k - Check 5. Individual stock investment - Check What else I can do to completly get off the Rat Race? Don’t Recommend these 1. Not going to drive Uber 2. Weekend Part-time job at retail However, I am willing to invest time if it’s going to help me grow that income stream in a long term. #sidejob #gig #startupidea
Credit card fraud
Have you done that before? If so share your experience.
Add tax evasion to this list.
More of 1 and 5 plus start or buy a small business
Do you have any trusted source / site list where it’ll allow me to buy small business?
Nope, just have to look for listings on Google, fb, craigslist etc. Or get a broker.
When you say check, do you mean you have these active income streams from other sources?
Yeah, All checks are active income stream.
You could buy a small business.
Pay off your mortgage.
Never ever! At 3% for 30 years anyone paying off is not the smart one. I know there are reasons like piece of mind and so on, but my primary focus is to generate multiple income stream and for that I need cash. It take money to make money!
Why not? You're still paying 3% on whatever on your primary home that thanks to trump is capped less than the standard deduction on taxes. How does that help you? On a 500k balance, that's 1000$/month you give for free to the bank. Now if it were a rental, then a different story.. plus last time I checked we're still in a pandemia. High risk that both stocks and rental might plummet. You might want to work that monthly overhead or be ready to shovel out cash. This is how Americans lost their homes in 2010, "businesses".
There are many more, I have tried or working on growing these: Blogging: Ads income Mailing lists: ads income / sponsors Ebooks: Sales income Video courses: sales income Turo/GetAround: car rental income Airbnb: short rental income SaaS biz: subscriptions income YouTube/Twitch: ads income / sponsors Podcasting: ads income / sponsors Open software with pro/hosting option: subscribers Patreon: subs Mentoring: teaching income Social media influencer (100k+ followers): selling, sponsors
Now that’s a good list. Thanks! Which one of these that you think, are proving to be successful (Income > Investment in x Months)?
The key point is to provide value to others. You can do that with money (investing/stocks), goods (car/house/room rental), content creation (blogging/videos/audio), etc. There's always to share and help someone else in the process. You got into Microsoft! You can talk about that, a lot of people would like to hear that (including me). I usually blog about tech I'm learning or how I figured certain problem. If it was useful for a "regular" guy, it may be useful for thousands of other regular guys. Being regular makes you more relatable
I don't want to be a downer but: 1>Rental income (after maintenance/hoa and prop tax plus the mortgage, you get taxed on the equity + profit) it's no bueno, depending if you pay it off, you looking at maybe 1K 2>Dividend, gotta play big to win big 3>CC points, they will run out, so do your airline and hotel points 4>401K...not sure how old you are but you get taxed, great way to play the market and grow income and then take it when u r 65...and than get taxed. 5>Stock....risky. I try all the above, it's not yielding me much positive cash-flow. Looking to learn though, what else you got? I was thinking 2 or 3 rentals (say $3k) might afford me a chill lifestyle in indonesia/thailand or argentina but you know..i got responsibilities
Make a YouTube channel and document your FIRE journey. YouTube Checks can really start to add up if you're good
How much?
How much
Invest in restaurant or buy small restaurant... or grocery place!
Food Truck!
Restaurants is worst business to be in as investment...unless you are passionate about it. Lot of cash burning...
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Women, help me understand why this is inspirational
P2P lending? You got a comprehensive list so can’t think of much more
Do you have trusted source or site list?
There are a few platforms. Prosper and Lending Club are the top 2.