Why Most Passive Income Ideas Are Terrible and How to Actually Make a Passive Income Yourself

make a passive income

Passive income – we all crave it and can’t wait to make a passive income source of our very own. I mean c’mon – make money while we sleep? Bring it! Give me some of that! In fact, I’ll take a double-portion! This topic has always been intriguing, but you know what? Now with all of this craze around FIRE (Financial Independence/Retiring Early) and extremely early retirement, passive income has become even more mainstream and perhaps the most sought-after money topic out there on the web today.

Basically, millions of people want to earn money without earning it…which leads to countless scams and misinformation…

Why Most Passive Income Ideas Are Terrible

I’m sitting here on my porch during a peaceful evening, trying to think of a great topic to help my readers in their financial walk (or run, rather, for all of you that are dead-set on getting out of . . . → Read More: Why Most Passive Income Ideas Are Terrible and How to Actually Make a Passive Income Yourself

7 Great Ways to Find and Keep a Great Tenant

find a keep great tenants

People love the idea of having rental property and collecting all that money each month. So, what’s holding so many people back from actually becoming landlords? I’ll tell you what.

Tenants!

The proverbial “I don’t wanna deal with phone calls about a backed up toilet at 2 am!” is what comes out of people’s mouths when you ask them why they haven’t taken the plunge (no pun intended!) into real estate investing.

Or the another common concern goes something like this: “Didn’t you read that story the other day online? These renters had sheep, goats, chickens, & who-knows-what-not else living in the house! They completely destroyed the place & then disappeared. No thanks! I don’t need the headache.” And they walk away from one of the easiest ways they’ll ever have to make serious money in their lifetime without hardly having to lift a finger.

If you want to become . . . → Read More: 7 Great Ways to Find and Keep a Great Tenant

How to Make a Passive Income with Wealthsimple

passive income with wealthsimple

Are you interested in earning a passive income? Well heck yeah, who wouldn’t be?? I mean, if you had a chance to hand someone $1,000 with the agreement that they’d come back to you in 6 years with $2,000, we’d probably all hurry up and scrounge up $1,000, right? Actually, I’d gather up $100,000 to try to get $200,000! 😉

This is what passive income does for you. It allows you to invest either time or money up front, and then kick back and watch the money flow in while doing absolutely nothing. An easy example to comprehend is writing a book. Once you print the thing and put in on the shelves, the work is done.

All you have to do after that is sit back and ask your publisher how many you’ve sold and what your royalty check is. Sounds pretty sweet, huh?

Related: Ready to Invest? Earn . . . → Read More: How to Make a Passive Income with Wealthsimple

Rental Properties – Are They a Curse or a Blessing?

are rental properties a smart investment

“You’re going to buy a rental property??” …my broke friend exclaimed. “I had a buddy that tried that… The tenants didn’t pay the rent, they trashed the home completely, and he lost tens of thousands of dollars. You won’t see me buying a rental property any time soon.”

More often than not, this was what I heard from people when I let them in on my investment plans a few years back. It wasn’t very encouraging to say the least…and it honestly took some of the air out of my sail for a while…

Are Rental Properties a Smart Investment?

Ignoring all of the “wise advice” from my friends and neighbors, I went ahead and bought a rental place anyway.

So what’s the verdict? Has land-lording been a complete nightmare? Has my rental house been burned to the ground? Or are all of my friends just complete idiots that knew . . . → Read More: Rental Properties – Are They a Curse or a Blessing?

How to Earn an Unlimited Income With Your Blog

unlimited income

Very rarely do I lay awake at night, but last night I was on my back…eyes wide open…staring at the ceiling…so I started thinking about my website. And I had a eureka moment. I immediately grabbed my phone, opened my notes, and quickly messaged myself the outline for this very post.

How to Earn an Unlimited Income With Your Blog

I started my blog at the tail end of 2010. Since then I’ve earned over $100,000 online…but after last night’s epiphany, I figure that I’ve left at least $400,000 on the table. Maybe even more than that.

I’ve lost all of this money because my views on earning a blog income have been completely wrong. My opinions of business have been skewed. What I thought I knew about growing an income has actually placed a glass ceiling directly above my head all these years.

My Glass Ceiling Experience – and . . . → Read More: How to Earn an Unlimited Income With Your Blog

8 Ways to Earn a Passive Income Without Rental Properties

earn a passive income without rental properties

Rental properties. People either love them or absolutely hate ’em.

Personally, I love rental properties and wish I had ten of them right now. Our rental is fully paid for, its value has already gone up considerably since 2015, we get our rent on time every month, and we do absolutely nothing! In my opinion, rentals are one of the best forms of passive income ever!

But, many of you don’t share my enthusiasm when it comes to rental properties. You can’t stand dealing with people, you hate making multiple repairs a year, you’re no good at running background checks and finding good tenants, and you’ve probably had 101+ other bad experiences when you tried to make a buck in rental properties back in the day.

You simply don’t. want. to mess. with rental properties. any. more.

Got it.

So let’s look at some other fantastic ways to earn a . . . → Read More: 8 Ways to Earn a Passive Income Without Rental Properties

Rental Income: A Headache or a Dream Come True?

retiring extremely early

“Going to be a slumlord, huh? Have fun with that!” “My brother tried that for 10 years and lost money every year.” “My uncle owned a multiplex once. All the units got trashed and he constantly had to evict people for not paying.”

For whatever reason, when I started getting excited about buying a rental property (for that oh-so-nice rental income), the above reactions are what I got from my family, friends, and co-workers. Maybe they were just trying to be helpful – trying to protect me from a future disaster – but I think there was more to it than that.

I wanted to do something great – earn a passive income, create options for my future life, and grow my net worth to huge sums! Many people have these dreams. Few people take the first step to achieving them. The “advise” I received was basically their excuse . . . → Read More: Rental Income: A Headache or a Dream Come True?

Financial Independence: It’s Not the Final Chapter

financial independence

Financial Independence – what is it really? Is it when you finally rid yourself of all debts and can actually afford to buy some bling with cash? Or is it when you finally have enough money socked away for that inevitable future emergency?

There are many different opinions about financial independence. Some of them are blatantly wrong (like the emergency fund statement above), while others are close but are stretched a bit so that financial independence becomes more achievable for them.

A little advice for you. Don’t dumb down financial independence just because you’re not even close. Learn what it truly is, decide if it’s for you. And if it is, then work your butt off to get there in the least amount of time possible!

What is Financial Independence?

Surprisingly, I think Wikipedia did the best job defining financial independence:

Financial independence (FI) is generally used to describe the . . . → Read More: Financial Independence: It’s Not the Final Chapter

Let’s Be Real. Are You a Financial Disaster?

Have you ever heard the saying, “If you don’t have a goal, then you’ll wind up hitting it with amazing accuracy.”? In other words, if you have no idea where you want to be in your future life, then it really doesn’t matter what you do because wherever you end up will match your goal…which apparently was never important enough for you to think about in the first place.

While I believe that’s certainly true, I think many people need to step back even further. They need to question their starting point.

It’s quite often that I hear people tell the story of their financial destruction, and somewhere in the mix they typically say something like, “I always heard of people living paycheck to paycheck and thought they should change their ways. It never occurred to me that I was one of them!”

If you don’t get real with yourself . . . → Read More: Let’s Be Real. Are You a Financial Disaster?