About 3 years away from reaching Financial Independence (passive income ideas AMA)

[ashin1]

If I can do it so can you! Srs

Investing in income producing assets to get started really isn’t that difficult.

Money is obviously an important factor but if you have the right mind set and discipline money should just be the product of those efforts.

The second element that has equal If not more impact is utilizing time to do the grunt work for you(compound interest)


Sooner you start the better. And the beauty about investing properly(doesn’t have to be al that difficult) is you don’t need to be rich to get started, the value itself isn’t important nearly as important as the act of starting in general.

I invest in dividend growth stocks which is the easiest way to create a stream of passive income. It’s a method of wealth accumulation that is gets its gas from consistent contributions, and reinvesting the returns. With the obvious results being that you get out what you put in, as well as the longer it has to grow the more you will accumulate hence why starting(regardless of how much) is so important, especially if yo got the time(you are young)

If you are reading this and you are early 20s, I encourage you to highly think about how much impact your time will have if you get the ball rolling on investing wisely at a young age.

I’m working today but will try and answer legit questions.

Bless up misc, lets get this bread

[EgoActor]

never date anyone who doesn't have investments

[ashin1]

never date anyone who doesn't have investments

True, one of the reasons why I broke it off with my ex, she was 21, had disposable income and refused to learn how to invest despite me doing it for her lol

[hendrixfreak70]

Snoball stand. I make bank with mine.

[ashin1]

Snoball stand. I make bank with mine.

Doesn’t sound very passive to me

[Tornach]

OP is right and most of the misc will ignore him.

[Basiliskboy]

I’m on that passive income journey also but not in investing.

I create and sell digital products which in the long term offers more control than just dumping money into a stock. Also the scale is potentially infinite. A digital product can be sold millions of times with no production cost so that is a 100% margin on what ever price you’re selling it for.

I honestly don’t know chit about stock or anything so it’ll be awesome if you could explain some of that sounds interesting

[hendrixfreak70]

Doesn’t sound very passive to me

Hire one person to run it. You would literally not have to do any work.

[ashin1]

OP is right and most of the misc will ignore him.

Well, not everyone can be rich, we need peasants to ensure that the big companies keep churning profits and passive income remains abundant while still growing.

But for the ones who do take OPs advice serious they will def not say hind sight is 20/20 cause they can make the right decisions now

[Basiliskboy]

Hire one person to run it. You would literally not have to do any work.

It ignores the rule of scale. A physical stand can never reach its ultimate potential. How many snowballs can you sell in a day? 30? 50? How many people who want snowballs will just happen to be in the area your stand is located? What about other people all around the world who needs snowballs? They don’t have access to your stand

[DomainMaster]

loIn.

Stuck in rut right now and I would really like to learn how to get started. I have about 2k of disposable income and a couple $1000 locked up in cryptocurrencies (I know...).

I'm also interested in digital product creation.

[ashin1]

loIn.

Stuck in rut right now and I would really like to learn how to get started. I have about 2k of disposable income and a couple $1000 locked up in cryptocurrencies (I know...).

I'm also interested in digital product creation.

If you haven’t started investing at all I highly advise you to now, put your current endeavours to the side and invest in yourself NOW, time is ticking brah.

You have plenty of means to get a nest egg built now you can spend a few years building then after you can go balls deep with entrepreneurship. At least you have a safety net already started that is creating you wealth while you pursue other projects

[Airror]

How long have you been saving? How much do you have?

You're one year older than me...

[FullGluteSpread]

SRS response. Sorry but “dividend growth stocks” aren’t passive income. You are actively selecting a factor to invest in. Stock prices fluctuate, dividends can be cut. You may be too young to have gone through it, but In a recession you may see a combo of massive dividend cuts or suspensions and a 30-50% drawdown in your equity...

Is that passive? Can you handle no income for a year? Can your portfolio survive you taking equity out at peak drawdown because your dividends can’t support you anymore?

[ashin1]

no offense but this is laughable advice

the high born stay rich and us plebs are always kept under their foot. even at best most of us are only making 40-50k a year (35k after tax and deductions). how we gonna get anywhere on that? hard enough to get a mortgage even with 2 person income and even thats 25 years of 1k monthly payments. how you gonna get ahead unless you inherent property free of cost that you can start renting out (as i think what has happened with you).

investing is also a joke on that pleb time. lol at locking 10k away for 1 year just to get 500$.

Depends in which property you are talking about, I own 3.

You need to correct your loser mentality srs

Also the advice in OP is directed to the younger generation. Sorry to hear you squandered your youth. Misc let this ******* be an example of why you should start early

[ashin1]

SRS response. Sorry but “dividend growth stocks” aren’t passive income. You are actively selecting a factor to invest in. Stock prices fluctuate, dividends can be cut. You may be too young to have gone through it, but In a recession you may see a combo of massive dividend cuts or suspensions and a 30-50% drawdown in your equity...

Is that passive? Can you handle no income for a year? Can your portfolio survive you taking equity out at peak drawdown because your dividends can’t support you anymore?

Look into Canadian national railway, or any of the big Canadian banks (like BMO, over 100 years of consistent dividends)

Those are a few from the top of my head

I rest my case.

[LeoThedude]

One of the biggest mistakes people make in life is settling for one income. I have two places I'm currently getting fixed up to start renting out, one is lake front that I plan on renting as an Airbnb. I still have to get new central heating and air installed though.

[demfeelsbro]

OP spent a couple of hours on Investopedia. com and now thinks he's the wolf of wall street

[iwant2beswole]

How much income is your target for financial indep?

[FullGluteSpread]

Look into Canadian national railway, or any of the big Canadian banks (like BMO, over 100 years of consistent dividends)

Those are a few from the top of my head

I rest my case.

Yes you can select some stocks with hindsight bias that have worked. Do you know how many high div yield stocks have gone bust? For reference, take a look at yellow pages or any of the oil and gas trusts. Stocks that have consistent records of divvys aren’t immune to dying... GE just did

I’m an IA in Canada man... listen to me or not.

Not hating on you but these are things you need to think about. Don’t reject people’s advice when it is uncomfortable. Find the weakness in your strategy and figure out how to mitigate it!

[ashin1]

One of the biggest mistakes people make in life is settling for one income. I have two places I'm currently getting fixed up to start renting out, one is lake front that I plan on renting as an Airbnb. I still have to get new central heating and air installed though.

Couldn’t agree more, it’s a fools choice depend on only one source of income. Fuark that would make me feel on edge if I only had one source of money.

OP spent a couple of hours on Investopedia. com and now thinks he's the wolf of wall street

Actually I spent a few days reading a book on dividend grow investing when I was 22, and started the process of setting up an investment account several days promptly after, and let’s just say having time on your side is the biggest investment no stock can compare to in terms of returns.

People like you over complicate something as simple as investing

[Mythenthefang]

Good job brah

[sooby]

so ... how do you get started? and where do you learn?

[ashin1]

Yes you can select some stocks with hindsight bias that have worked. Do you know how many high div yield stocks have gone bust? For reference, take a look at yellow pages or any of the oil and gas trusts. Stocks that have consistent records of divvys aren’t immune to dying... GE just did

I’m an IA in Canada man... listen to me or not.

Not hating on you but these are things you need to think about. Don’t reject people’s advice when it is uncomfortable. Find the weakness in your strategy and figure out how to mitigate it!

I dunno, I think you can try and complicate any investing endeavour and market diversification blah blah blah, but lettuce beef cereal, the failure to start investing in general is the biggest mistake people make.

I respect all strategies as long as initiative was taken.

I don’t like to over think things and live a more set and forget lifestyle. Dividend growth stocks aren’t my own investments, rental incomes are a nice supplement especially when you are debt free.

My situation/personality is different then yours, so invest in a manner that you can tolerate and handle.

I have great rapport with my employer and have very impressive set of employable skills, will own several homes debt free in a few years, safety nets of peace.

Markets go up and down all the time. Common sense is what makes the bacon imo

[Basiliskboy]

loIn.

Stuck in rut right now and I would really like to learn how to get started. I have about 2k of disposable income and a couple $1000 locked up in cryptocurrencies (I know...).

I'm also interested in digital product creation.

A digital product is pretty much what you see most YouTube fitness trainers do.

Build an audience through YouTube

Release a workout routine .pdf for $20

Keep at it with YouTube making sure to drive viewers to your website where they can buy the pdf

Make an average of 10 sells a day which is very attainable.

That’s $200 a day.


This formula can be a plied to a lot of things. The best part is the product is completely digital so you don’t have to worry about printing a physical book or anything.

Game developers make passive income with micro transactions in mobile games.
Music producers make passive income selling sound recordings, snippets, etc online
Artists make passive income selling pre recorded courses on sites like undemy or Lynda.com

There’s many ways to make passive income through digital products you just have to be good at something, and produce something people need.

[ashin1]

How much income is your target for financial indep?

If I can pull $3k month passively while also being debt free I’d live a very comfortable life.

how did you acquire 3 properties by age 28?

i dont have a loser mentality i have a realistic mentality. and i didnt squander my youth. even with saving 100 a month for 20 years its only a bit over 20k.

I’ve been making 6 figures since I was 22, the reason I got into investing is because I was making more money than I knew what to do with.

How long have you been saving? How much do you have?

You're one year older than me...

Been saving/investing for 6 years

I have about $160k worth of income producing stocks, and I have several properties in Canada and one in Central America.

Planning on building one more home for myself and then unplug from the rat race and work casually (love my job)

[Tuga88]

So what books or websites do you recommend OP?

[ashin1]

so ... how do you get started? and where do you learn?

I read a book called the lazy investor and it awared me on the power of compound interest and have how swerve hidden fees and allow you to take full control of your investments.

I was lucky as it was the book that spoke to me the most and was written in a way that was easy and enjoyable for me to read. I’ve read other investing books(wealthy barber returns, walk down Wall Street, millionaire next door) but they really didn’t catch my attention like the first one.

I basically started with calling my bank and telling them I want to start a self direct brokerage account. The bank workers will start the process of opening an account So you can tether your bank account to your investment account I like doing it that was because it’s so much easier as you can do it from your phone.


Based on my reading, I figured it was more important to get started then to worry constantly if I am picking the right stock. Again these moves were made knowing I had time on my side.

So I am reiterating the part of just initiating and continue to increase knowledge and awareness on stock picking and choosing. Time is your biggest assset

[Dan_S]

Snoball stand. I make bank with mine.

[ashin1]

what is/was your job and how did you get into it? highly impressed that you made 6figs by that age. thats basically top 1% chit.

I know lots of people who pull high incomes at a young age, but they are nomadic and travel where the money is. Believe when I say that flexibility is a very important skill to have when finding lucrative work