by Hope
As you may have noticed, I have been giving myself a different challenge every month towards this debt payoff journey I am on. They help keep me motivated and more importantly focused. We’ve had several no spend months, a decluttering challenge, no eating out and so on.
In some sense, they have all been about saving money, spending less. But this month’s challenge is a bit difference and one that is very important to me as far as getting ahead especially as I age.
Develop a Passive Income Stream
I’m all about the side hustle – I’ve been a personal shopper, substitute teach and other things that don’t seem to last or bring in much money. But as my primary income stream grows…I am a tech Virtual Assistant (my business website is here in case anyone needs a Virtual Assistant,) I find myself butting into the ceiling of my abilities at times.
This is specifically related to time. There is just so much time in the day, in the week, so there is a definitely ceiling on my income potential. (Yes, I know I could outsource, etc. but that is just not my style and I’ve found it to be more a headache the few times I tried it.)
So my goal, this month is to grow a passive income stream. Well, maybe not to grow it yet…but to build it out. I’ve had the concept in my head for about 6 months now. And with May upon us, it’s time to flesh it out a bit.
Why Passive?
I’ve shared my idea with a few friends and they get it. But they don’t get how and why a passive income stream. Especially when they see all the “work from your phone, a few hours a day and make millions” ads and Facebook friends post.
And frankly, this would be very new to me as well…so here I am BAD community. Anyone here developed a passive income stream? Care to share any words of wisdom to getting started or resources to look at.
My goal is to do this with little monetary investment and more of a sweat equity type development time. And I am blocking off time daily to put in some work without it taking over. All open ears for guidance and advice…
Hope is a creative, solutions-focused business manager helping clients grow their business and work more efficiently by leveraging expertise in project management, digital marketing, & tech solutions. She’s recently become an empty nester as her 5 foster/adoptive kids have spread their wings. She lives with her 5 dogs in a small town in NE Georgia and prefers the mountains to the beaches any day. She struggles with the travel bug and is doing her best to help each of her kids as their finish schooling and become independent (but it’s hard!) She has run her own consulting company for almost twenty years! Hope began sharing her journey with the BAD community in the Spring of 2015 and feels like she has finally in a place to really focus on making wise financial decisions.
It is prudent of you to think about this carefully as there are so many get rich ‘opportunities’ out there. Research is a valuable tool. I’m sure many have more experience than I do but, from my experience the only truly passive income is interest or market earnings on a large investment. Second to that is real estate. Obviously there is still some effort, finding tenants, dealing with maintenance issues etc but, can be lucrative long term. This may be something to consider as you aim to buy a property in the future. Perhaps a duplex or something similar would work for you.
So what *is* your concept for passive income, and how are you fleshing it out? In my experience, passive income requires some up front investment. Investment is either monetary, or hands-on work (which is not passive). Interested in what you have in mind.
I think this is a conversation for another time. Once you have all your debt paid off, have a big EF/6 months of salary saved up and a car secured then I think you can look at other ideas to add on some other ventures. Right now you have your “day job” which is doing very well for you, as well as the ability to sub and make a few hundred a week. Just subbing 4 days a week should get you $1000 month if I am correct that you said it was $69/day. And you have children at home who require time and attention. I would focus on the job, the subbing and the kids right now before spreading yourself even more thin. You are so very close, just stay the course!
I think most passive income streams require an investment of time and money upfront. Owning rentals and buying profitable businesses are the main two that I can thgnk of. You are not in the position to do either. Have you thought of any others?
Just chiming in to agree with the others. If passive income was that easily earned, everyone would be doing it. Just keep doing what you’re doing, paying it off a little at a time.. you’ll get there
Passive income by definition – you don’t do anything. Stocks, bonds etc. Anything else is either going to require work or you put up a lot of money. If you can find anything where you don’t put up any money, and don’t do anything – and you make money take it! haha.
I have a small passive income, a couple hundred bucks a week. I am a graphic designer and I designed a bunch of wedding templates – table numbers, reserved seating signs, and other party signage and sell them on Etsy. They offer automatic downloads, so once they are loaded, I don’t have to do anything else (unless a customer has an issue). It started slow, but now it just runs itself and it is kind of like ‘free money’ for myself and my family.