Passive Income Assets

[WORKEROUTER]

^the stuff you reference is cultish non sense. You have absolutely no right to be condescending. You don't even make any money, and you're lecturing others because of what a few snake oil sales men sold you. If you're so smart and hard working, why aren't you at an Ivy League college where you can easily network and get access to capital? Oh, that was too hard. I see.

Wutang I came from a position in life that required me to build up everything I have today.

I'm 21 and have been supporting myself for over a year now by running my own business and am in the process of closing my first real estate deal. This deal provides the "shutup check" for people like yourself. And it took a lot of hard work and drive to actually do it.

What I'm saying is not cultish non-sense. I'm making it a reality, and I can assure you that it really was not easy. There were times where I was in the negatives financially, but I've dug myself out. And it's not easy to really form success when you don't have a lot of support helping you out. Sometimes those books that you might say are bullsh*t are the only sources of motivation to keep pushing on and closing the deals that you know you can close.

They say the hardest thing to change is your own self. That's true. You can't change what you receive in the external until you change your internal potential. I think working beyond mental constructs is the biggest barrier people can face.

I don't go to an Ivy-Leage school. Then again, I don't need it.

 

[WORKEROUTER]

^the stuff you reference is cultish non sense. You have absolutely no right to be condescending. You don't even make any money, and you're lecturing others because of what a few snake oil sales men sold you. If you're so smart and hard working, why aren't you at an Ivy League college where you can easily network and get access to capital? Oh, that was too hard. I see.

Wutang I came from a position in life that required me to build up everything I have today.

I'm 21 and have been supporting myself for over a year now by running my own business and am in the process of closing my first real estate deal. This deal provides the "shutup check" for people like yourself. And it took a lot of hard work and drive to actually do it.

What I'm saying is not cultish non-sense. I'm making it a reality, and I can assure you that it really was not easy. There were times where I was in the negatives financially, but I've dug myself out. And it's not easy to really form success when you don't have a lot of support helping you out. Sometimes those books that you might say are bullsh*t are the only sources of motivation to keep pushing on and closing the deals that you know you can close.

They say the hardest thing to change is your own self. That's true. You can't change what you receive in the external until you change your internal potential. I think working beyond mental constructs is the biggest barrier people can face.

I don't go to an Ivy-Leage school. Then again, I don't need it.

 

[WORKEROUTER]

Sal/Workerouter,

If the "get-rich-quick" schemes with little to no work, actually do pay off big someday, do you guys promise to come back and tell us the success stories?

I have to tell you, I'm totally inspired by you 20-something's passion to be better than the 9-to-5'er such as myself. You guys got the stats right; 95% fail at it. The only stat you failed to mention was that 100% think they're going to be in that 5% that makes it. Everyone thinks they're the exception.

Don't take this as me crushing your dreams. Your 20s is the perfect time to take big risks at making it big in life. All I would say is don't create a lot of financial debt in that process.

If its any consolation and you guys end up being in the 95% group, the 9-5 isn't all that bad if you have a job you like and it pays well. I find that working 40hr/week (less really, counting my leave) isn't so bad at all. I have all kinds of things going on outside my work life that provides me plenty of enjoyment. And since I save over 20% of what I make, I'm in the process of becoming wealthy to boot.

I think the better secret to latch onto is learning how to build wealth. By that, I mean that if you make 1million a year, but spend 1 million a year, you're broke. The real competition going on is not how much you make, but how much you keep. 95% of people fail to grasp that concept fully too. If i want to know someone's financial clout, my first question will always be "What is your net worth". I'm far less interested in one's annual income.

Noone ever says that they require no work. You have to work your ass off. Right now, all of my free time days weekends, mornings, nights goes to studying real estate and investing. I wake up in the morning, and the first thing I do is begin doing my daily fianancial tracking. The second thing I do is defining the daily goals for myself and the most important thigns to get done. Yeah, I'm beginning to see the results now, but it didn't come without lots of determination. You can take my word on it there were never any quick riches my way with no work.

I'm finally closing my first deal. It took me over a year to do that.

If you want do be in the 5 percent of people then you need to what the other 95 percent wont..

 

[ready123]

I'm finally closing my first deal. It took me over a year to do that.

wondering what your business is and whether you're an agent/broker, residential/commercial?

 

[GQ_Confidence_1]

I'm 30.

I first got interested in stocks in the big boom of the late 90's. Not sure if you guys remember Wade Cook, he was a big guru of the day (similar to kiyosaki or the 4 hour work week guy now). He presents the big hot concept. His deal was options trading. Here's my "system" and then go out and make a million.

To save yourself a lot of time, eliminate all the "systems", sort of, here's my system in a box. Listen to these 10 or 20 cd's. Then go out and make a million.

Systems are too simplistic in a competitive, ever changing world. Remember Don Lapre in the 90's. The "tiny classified ads"? The 1-900 lines?

I guess those were "pre passive income", but the world changes. You could have made money from 900 lines, but who uses them now? They're too short term, quick, simple, basic. The world is going to run you over if you stay with simple concepts.

Not to say that they don't work. Some people made money. But any "system" is bound to fail.

All the easy, obvious things are taken. I'd start with that premise.

It's similar to real estate. California has 300 days of sun shine, great beaches, mountains, etc. But 30 million people have already figured it out. Thus it's crowded, home prices are high, etc.

Coming from experience, you'll save yourself alot of time and hassle just starting with that premise, that the obvious things are already taken.

Like the real estate bubble a few years ago. People got killed. To you it may seem like a good deal, but 10 million other people see the same thing.

I think the trick is to get into a niche, and then not do anything else. Study people that are successful. Jim Rogers for example is very successful in investing. Charlie Munger is Warren Buffett's partner, he wrote a book, "Poor Charlie's Almanack". It's extremely dense, 500+ pages. It'll take a year or two to go through, but that'll get you further than anything online.

-You have to know what your game is and what it isn't

-What are you doing that no one else is doing? What did you do today that no one else is doing?

-Also, things aren't what they seem to be.

For example, when I was a kid in the 80's, malls were very popular. Video stores were popular. You'd think at the time...I've found my way to riches. It's a sure thing. People want to watch movies. They want to go to the mall.

20 years later, they all got wiped out. There are alot of things (trends) that go on in the world that you won't read about in any book (motivational or other).

Or video arcades. Every kid went to an arcade in the early 90's. 10 years later, they went bust. Online gaming, more powerful home consoles, etc. Something to think about with a candy machine, game machine.

Just some things to think about from personal experience.

 

[WORKEROUTER]

wondering what your business is and whether you're an agent/broker, residential/commercial?

Currently an agent. More of a private investor though--residential right now though learning more about commercial (it's a bigger game, bigger numbers, professional). Specialize in pre-foreclosures.

 

[WORKEROUTER]

I'm 30.

I first got interested in stocks in the big boom of the late 90's. Not sure if you guys remember Wade Cook, he was a big guru of the day (similar to kiyosaki or the 4 hour work week guy now). He presents the big hot concept. His deal was options trading. Here's my "system" and then go out and make a million.

To save yourself a lot of time, eliminate all the "systems", sort of, here's my system in a box. Listen to these 10 or 20 cd's. Then go out and make a million.

Systems are too simplistic in a competitive, ever changing world. Remember Don Lapre in the 90's. The "tiny classified ads"? The 1-900 lines?

I guess those were "pre passive income", but the world changes. You could have made money from 900 lines, but who uses them now? They're too short term, quick, simple, basic. The world is going to run you over if you stay with simple concepts.

Not to say that they don't work. Some people made money. But any "system" is bound to fail.

All the easy, obvious things are taken. I'd start with that premise.

It's similar to real estate. California has 300 days of sun shine, great beaches, mountains, etc. But 30 million people have already figured it out. Thus it's crowded, home prices are high, etc.

Coming from experience, you'll save yourself alot of time and hassle just starting with that premise, that the obvious things are already taken.

Like the real estate bubble a few years ago. People got killed. To you it may seem like a good deal, but 10 million other people see the same thing.

I think the trick is to get into a niche, and then not do anything else. Study people that are successful. Jim Rogers for example is very successful in investing. Charlie Munger is Warren Buffett's partner, he wrote a book, "Poor Charlie's Almanack". It's extremely dense, 500+ pages. It'll take a year or two to go through, but that'll get you further than anything online.

-You have to know what your game is and what it isn't

-What are you doing that no one else is doing? What did you do today that no one else is doing?

-Also, things aren't what they seem to be.

For example, when I was a kid in the 80's, malls were very popular. Video stores were popular. You'd think at the time...I've found my way to riches. It's a sure thing. People want to watch movies. They want to go to the mall.

20 years later, they all got wiped out. There are alot of things (trends) that go on in the world that you won't read about in any book (motivational or other).

Or video arcades. Every kid went to an arcade in the early 90's. 10 years later, they went bust. Online gaming, more powerful home consoles, etc. Something to think about with a candy machine, game machine.

Just some things to think about from personal experience.

The system is always change. You need to be able to react to the environment. Whenever someone is losing, there's tons of potential for people winning. The housing crisis is a perfect example. The market can be great for the right investor right now.

 

[GQ_Confidence_1]

Some other experiences, observations...

-Short term, basic thinking keeps people poor. Or it keeps them below their full earnings potential.

For example in the 90's....I had relatives that wanted to get on gameshows (The Price is Right for example), thinking they're going to make "big money". Win $20 or $30 or 40 k.

Some other people I knew in highschool wanted to be actors, some had agents, and wanted to get into commercials and stuff.

It's great if it works out. But if you step back from it....even if you make $40 k on a game show or do commercials and make $80 or $100 k, after taxes, your agents cut, time spent on auditions, etc. You're left with half that. And the money will be gone in 2 or 3 years. And you're sort of right back where you started.

And in that time, you could have worked on a skill, read, gone to seminars, something. You'll be far better off in 2 or 3 years.

There's a quote, I forget who says it...."the mind of man at one and the same time is both the glory and shame of the universe". People are brilliant in some ways, and in some ways they completely self destruct. I.e. real estate a few years ago. Some people took everything and gambled on a refi or a rate cut. Or X market price.

There's alot of scams and junk out there in the business op, money making, passive income, stock world. Lots of shills and frauds. And lots of cults, cults of personality.

 

[WORKEROUTER]

Some other experiences, observations...

-Short term, basic thinking keeps people poor. Or it keeps them below their full earnings potential.

For example in the 90's....I had relatives that wanted to get on gameshows (The Price is Right for example), thinking they're going to make "big money". Win $20 or $30 or 40 k.

Some other people I knew in highschool wanted to be actors, some had agents, and wanted to get into commercials and stuff.

It's great if it works out. But if you step back from it....even if you make $40 k on a game show or do commercials and make $80 or $100 k, after taxes, your agents cut, time spent on auditions, etc. You're left with half that. And the money will be gone in 2 or 3 years. And you're sort of right back where you started.

And in that time, you could have worked on a skill, read, gone to seminars, something. You'll be far better off in 2 or 3 years.

There's a quote, I forget who says it...."the mind of man at one and the same time is both the glory and shame of the universe". People are brilliant in some ways, and in some ways they completely self destruct. I.e. real estate a few years ago. Some people took everything and gambled on a refi or a rate cut. Or X market price.

There's alot of scams and junk out there in the business op, money making, passive income, stock world. Lots of shills and frauds. And lots of cults, cults of personality.

Lots of those ideas about real estate really do work. I have personally made them work, and I work with people who are wealthy because of them. But most people are seeking an easy way out. From what I've noticed trying to make it as a self-employed individual can be very difficult at first.

 

[StevenR]

I haven't read through this entire thread so forgive me if this has already been mentioned. You said you are a filmmaker? I assume then you know how to use video and photographic equipment to make a film, correct?

You may want to look into submitting video stock footage to stock photo agencies. I can refer you to a couple I know about, PM if you have any interest. But I am making a passive monthly income from both stock photos and stock illustrations, basically you put them with these agencies and companies license their use, and you get a cut of that, once you have it up you just wait for it to hopefully get sold. If is it good you can license it repeatedly, my best images have earned my $1000s a year once I created them an uploaded them, and I understand that good video footage can make even more.

Lots of those ideas about real estate really do work. I have personally made them work, and I work with people who are wealthy because of them. But most people are seeking an easy way out. From what I've noticed trying to make it as a self-employed individual can be very difficult at first.

My parents are into commercial real estate and it took them 20 years before that income was truly passive, and it still really isn't, they still spend time managing it even now that they are semi retired. My father started off being an architect and started building "spec houses", eventually moving up to owning apartment buildings, then started a self storage facility in 1980 and expanded that and now has a chain of these, along with a bunch of business parks. It took my parents a long time to build up the capital to expand like this, and a lot of work. I remember being envious of kids in school whose dad had an ordinary 9-5 job and could spend more time with them. Now my parents have a 5000 square food waterfront house on several acres of land on the waterfront, and two vacation houses, one in Hawaii, a nice sailboat, travel the world, private African photo safaris, etc. but it took them a long time to get there. I suppose my dad may be old fashioned in his thinking, he said he thought it was stupid what some real estate speculators were doing, but it turns out those are the ones who got mostly screwed in this latest downturn. It is late I hope I am making at least some sense here lol.

I have read some of Kiryosakis books, It would be interesting to show them to my dad. I wonder what he would think of them, if he would think they are a bunch of get rich quick B.S. or if he would agree with the guy.

 

[WORKEROUTER]

I haven't read through this entire thread so forgive me if this has already been mentioned. You said you are a filmmaker? I assume then you know how to use video and photographic equipment to make a film, correct?

You may want to look into submitting video stock footage to stock photo agencies. I can refer you to a couple I know about, PM if you have any interest. But I am making a passive monthly income from both stock photos and stock illustrations, basically you put them with these agencies and companies license their use, and you get a cut of that, once you have it up you just wait for it to hopefully get sold. If is it good you can license it repeatedly, my best images have earned my $1000s a year once I created them an uploaded them, and I understand that good video footage can make even more.




My parents are into commercial real estate and it took them 20 years before that income was truly passive, and it still really isn't, they still spend time managing it even now that they are semi retired. My father started off being an architect and started building "spec houses", eventually moving up to owning apartment buildings, then started a self storage facility in 1980 and expanded that and now has a chain of these, along with a bunch of business parks. It took my parents a long time to build up the capital to expand like this, and a lot of work. I remember being envious of kids in school whose dad had an ordinary 9-5 job and could spend more time with them. Now my parents have a 5000 square food waterfront house on several acres of land on the waterfront, and two vacation houses, one in Hawaii, a nice sailboat, travel the world, private African photo safaris, etc. but it took them a long time to get there. I suppose my dad may be old fashioned in his thinking, he said he thought it was stupid what some real estate speculators were doing, but it turns out those are the ones who got mostly screwed in this latest downturn. It is late I hope I am making at least some sense here lol.

I have read some of Kiryosakis books, It would be interesting to show them to my dad. I wonder what he would think of them, if he would think they are a bunch of get rich quick B.S. or if he would agree with the guy.

Kiyosaki's book rich dad poor dad is the first book that helped change my thinking. I read it when I was 16 and remember taking it with me and reading it straight through many times. What he was saying clicked and it made sense. He offers a perspective shift, and that's why so many people get pissed off from the guy or call him a scam b/c he doesn't offer any get rich quick ideas.

Most of the stuff he says in his book is basic. Then again, a lot of times the most important things we can learn in our lives are things that we already know deep down.

 

[OzyBoy]

Get into currency investing. It will take a bit of work but it will make you a $hitload of money. I am just getting started on it soon. I may go full time in a couple of years when i have a lot of cash and perhaps start buying some businesses to make even more.

 

[WORKEROUTER]

Get into currency investing. It will take a bit of work but it will make you a $hitload of money. I am just getting started on it soon. I may go full time in a couple of years when i have a lot of cash and perhaps start buying some businesses to make even more.

Currency trading is awesome. I'm getting into it too. What are you studying right now? What kind of trading plan are you thinking of utilizing?

 

[theunflushables]

I haven't read through this entire thread so forgive me if this has already been mentioned. You said you are a filmmaker? I assume then you know how to use video and photographic equipment to make a film, correct?

You may want to look into submitting video stock footage to stock photo agencies. I can refer you to a couple I know about, PM if you have any interest. But I am making a passive monthly income from both stock photos and stock illustrations, basically you put them with these agencies and companies license their use, and you get a cut of that, once you have it up you just wait for it to hopefully get sold. If is it good you can license it repeatedly, my best images have earned my $1000s a year once I created them an uploaded them, and I understand that good video footage can make even more.

Stock video footage, is that like those videos of fat asses when they have an obesity story on the news, or the cigarette machine when they are talking about smoking issues.

And to whoever mentioned Amway/Quixtar, its not a pyramid scheme, its a triangular shaped pattern. Seriously though I live about a 15 minute driver from their corporate headquarters and I've worked in their factories as a temp, its a crappy company. But the people who actually work at HQ make bank. My mom works there as a "graphic designer" (quotations because she doesnt have the degree, qualifications, or job description to be an actual graphic designer), basically she sets the lay out for the HQ company news letter and makes at least 75k a year, for a fvckin news letter. Yet they pay their temps in the factory 9 an hour and will not hire any new regular employees in the factory.

 

[StevenR]

Stock video footage, is that like those videos of fat asses when they have an obesity story on the news, or the cigarette machine when they are talking about smoking issues.

you got it, that and other things, even something as simple as a plane landing when talking about air travel, or video of someone filling up at the gas station showing the high gas prices. These is what they call editorial footage, but there is also commercial footage. I am not in the video part of it, but a commercial photo may be something like a pretty girl using a laptop in a meadow, business people shaking hands, various conceptual advertising stuff, etc.

 

[iqqi]

Bump.

What's up with that machine, Sal?

 

[Night Owl]

Get a niche and master it I was told by a old guy....

... and I have done just that. Over the past twenty years I have build up a collection of articles i have wrote. Now, as with everything, fashions and fads go around in circles, so I all I do is pull up an old article, updated it slightly which takes a matter of a few minutes and sent it off to a suitable magazine which publishes it - simple and kinda of a passive income asset.

This generates me on average over $1,200 per month every month for a very little work (an hour or two maximum per month). Okay, its not a kings ransom or taking me closer to being a millionaire, but about $14,500 per year for doing very little I think is fantastic. I also live (and born) on a tax haven, so the amount of tax I have to pay on the above is minimal too....

I carry on writing new articles as well, but I know full well that the subject will come around again in a few years time and the article can be recycled again (and again) with minimum effort. Some people say its cheating, but as they say 'there is nothing new in the world' and there is always another generation coming up that develops an interest in my niche subject - its all new to them.

The great thing about this type of work is that I can carry it on well in to my retirement years, as it requires very little work, and I can even pass it on to my son or daughter too...

To tell the truth, I didn't deliberately set out to create a passive income, it just happen that way simply as I realised that fashions and fads travel in circles albeit taking several years to run circle.

To get a passive income you need to find something that people want over and over again - perhaps for new generations. Okay, it takes time to build up a stock, but once you have it, you only need to do a little work to produce a maximum profit.

BTW: I am very green and environmentally friendly too - I recycle old articles hehehe !!

 

[speakeasy]

It would seem to me that the first thing you have to have bottom line is be smart. Not everyone was born smart, but you'll get rich working smart faster than you will working hard. And if you both work smart and work hard, you'll be unstoppable.

 

[Teflon_Mcgee]

It would seem to me that the first thing you have to have bottom line is be smart. Not everyone was born smart, but you'll get rich working smart faster than you will working hard. And if you both work smart and work hard, you'll be unstoppable.

I don't know.

You ever here the saying that goes something like, the "A" students go on to be managed by the "B" student and both are working for the "C" students?

I think for the most part this is true. And maybe it's because being "school smart" is different than being smart in other ways.

My field (engineering) requires a decent amount of intelligence. Yet most engineers work for somebody else.

It's funny because a companies depend on the products that engineers design.

And I always ask, why do you spend all your time working for a company to design a product that makes the company millions of dollars when you're getting paid a paltry $30-$70 an hour when you could just make the product yourself and take all the profit?

It's a perfect example of the "A" student making money for the "C" students.
(And yes, I know a lot of business owners are not stupid or "C" students but rarely are they super-educated or even super-smart)