[quote]aznt0rk wrote:
As for real estate I started low by buying cheap leans and deeds for properties.
[/quote]
Did you use a website to find liens and deeds or did you go to your local tax assesor?
I guess I have what most people would call a passive income, although at this point it certainly doesn’t feel very passive.
I’ve put in a shit ton of hours setting it up, and I’m still doing so. My projected earnings for this month are 1250 and so far I’m ahead of schedule, that’s 6 months in. Every month my earnings have steadily gone up. Eventually I shouldn’t NEED to do anything else, but I still will to maximize my earnings.
I can see why a lot of people would give up quickly, it’s not an easy thing to do but if you find something that works and then stick with it long enough it can definitely be worthwhile.
And no, I’m not sharing. No one gift wrapped it for me, and it’ll be a cold day in hell before I start trying to create my own competition.
Making money without working is parasitism.
It’s that fucking twisted mindset “getting rich without working and producing anything” which is killing our economy.
Some methods of earning passive income are pretty sketchy. Tax Lien investing (on a RESIDENTIAL property) is something I could never do from a moral standpoint. You’re basically buying up unpaid debt, getting mafia-like interest on it (often greater than 20%) and forcing foreclosure on a family if they don’t cough it up. No thanks.
Its not true for all sources of passive income, though. Take someone who maintains rental properties for University students. You’re providing a service, and they’re paying you for it.
If you hire a property manager (which you should if you don’t like fixing things), you’re making money without working technically, but I wouldn’t call it parasitism
[quote]Berserkergang wrote:
Making money without working is parasitism.
It’s that fucking twisted mindset “getting rich without working and producing anything” which is killing our economy.[/quote]
Owning stock is not passive in the least. A Stockholder provides businessman with needed capital to produce goods. He pays for future employment. He is taking a risk with his money and he wants to be payed for it. He shares in on the profits of a successful company but he also suffers the losses too.
[quote]Berserkergang wrote:
Making money without working is parasitism.
It’s that fucking twisted mindset “getting rich without working and producing anything” which is killing our economy.[/quote]
I have to firmly disagree with you. Typically if you making money without working you are providing capital i.e. investment. Forms of investment include stocks, banking, bonds etc. Investment is one of the four components of GDP. It’s land labor capital and technology.
By increasing any of these components the economies production possibility frontier is moved outward which means that the economy can produce more goods or services which results in a higher GDP. They arent producing more land and producing more people is long term solution. That leaves capital and technology as the only ways to increase GDP.
People who invest and make passive income aren’t being lazy they are driving force behind further economic development and prosperity.
[quote]PimpBot5000 wrote:
Some methods of earning passive income are pretty sketchy. Tax Lien investing (on a RESIDENTIAL property) is something I could never do from a moral standpoint.
You’re basically buying up unpaid debt, getting mafia-like interest on it (often greater than 20%) and forcing foreclosure on a family if they don’t cough it up. No thanks.
[/quote]
I wouldn’t say liens are immoral. Your paying for someones taxes so that municipal services can continue to be provided to the general community. People ned to be more responsible with finances in this country. You need to pay your taxes before you buy a bimmer
You’re right, liens aren’t inherently immoral, especially if you’re buying liens on non-residential or group investment property. I’m talking about buying up liens against a family who is trying to make ends meet. You can get an indication of this by driving by the property you’re about to bid on.
[quote]Berserkergang wrote:
Making money without working is parasitism.
It’s that fucking twisted mindset “getting rich without working and producing anything” which is killing our economy.[/quote]
You are producing value. Why the fuck should it matter how much actual time you spend on something?
If I can do the exact same job with the exact at the exact same quality with half of the work, should I be punished for being more efficient?
First of all, the whole point of life is work. The fallacy is that you want to avoid work. You might not like your job, but that just means you need to find a better one.
My impression is that people who create passive income successfully are people who happen to own a particular niche. They don’t just set out to generate passive income without a clue as to what the hell they want to do. Instead, they start with an area of interest and find a way to make it profitable. If you don’t have a particular domain, you don’t have much of a shot at successful busines.
[quote]Berserkergang wrote:
Making money without working is parasitism.
It’s that fucking twisted mindset “getting rich without working and producing anything” which is killing our economy.[/quote]
Rich people who don’t work probably contribute more to society then you ever will. What an ignorant comment.
[quote]Loose Tool wrote:
Magarhe wrote:
Shares that pay dividends. You only got $1,000? buy that many shares that pay dividends. It can happen even at low levels. Again, a bit whacky at the moment. But there will be a time in a few years where there are great shares to buy that are devalued and will pay you back good passive income and growth.
Not so wacky. GE, Pfizer (PFE), and Altria (MO) all all are significantly devalued and have a dividend yield over 7%. Reinvest the quarterly dividends. At 7%, your money will double in 10.3 years. Can’t get more passive than that.
If you’ve never heard of the Rule of 72, I suggest you learn it. It tells you how long it takes to double your money given a fixed rate of annual interest.
[/quote]
I have alternatively mastered the skill of exponential equations and the use of a pocket calculator.
[quote]tkisner wrote:
PimpBot5000 wrote:
Some methods of earning passive income are pretty sketchy. Tax Lien investing (on a RESIDENTIAL property) is something I could never do from a moral standpoint.
You’re basically buying up unpaid debt, getting mafia-like interest on it (often greater than 20%) and forcing foreclosure on a family if they don’t cough it up. No thanks.
I wouldn’t say liens are immoral. Your paying for someones taxes so that municipal services can continue to be provided to the general community. People ned to be more responsible with finances in this country. You need to pay your taxes before you buy a bimmer
[/quote]
In order to show that they are not immoral you would have to be able to prove that taxes are ethically justifiable in the first place.
[quote]orion wrote:
In order to show that they are not immoral you would have to be able to prove that taxes are ethically justifiable in the first place.
[quote]Fiction wrote:
orion wrote:
In order to show that they are not immoral you would have to be able to prove that taxes are ethically justifiable in the first place.
Good luck with that.
What do you mean by ethically justifiable?[/quote]
He claims that it is immoral to not pay taxes.*
That implies a moral duty to pay taxes.
Hence, the government must have a corresponding moral right to demand taxes.
If a government has NO moral right to demand taxes, you are no more obliged to pay taxes than you would be obliged to hand over your money in an armed robbery.
So, I think that everyone that argues that people act “immoral” by not paying taxes must first produce an ethical justification for the governments demand of taxes.
And, just as a little addendum, why is never asked whether politicians do not have a moral duty to use the taxes they collect carefully and efficiently? If they do not do that, are they still justifiably demanding more money?
[quote]MarvelGirl wrote:
I guess I have what most people would call a passive income, although at this point it certainly doesn’t feel very passive.
I’ve put in a shit ton of hours setting it up, and I’m still doing so. My projected earnings for this month are 1250 and so far I’m ahead of schedule, that’s 6 months in. Every month my earnings have steadily gone up. Eventually I shouldn’t NEED to do anything else, but I still will to maximize my earnings.
I can see why a lot of people would give up quickly, it’s not an easy thing to do but if you find something that works and then stick with it long enough it can definitely be worthwhile.
And no, I’m not sharing. No one gift wrapped it for me, and it’ll be a cold day in hell before I start trying to create my own competition.[/quote]