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4 Sources Most Investors Consult for Money Tips
11 Free Things That Used to Cost Us Money
14 Ways To Start Investing Small Amounts Of Money
In 9 Ways to Invest $100 I gave suggestions on how to invest when you have just a few dollars. In this article, I want to take it up a notch, which is to say how can you invest when you have more than a few dollars, but not the thousands that traditional investment vehicles […]
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How Much to Have in a College Savings Account by Age
College can be invaluable, potentially leading to higher lifetime earnings. However, saving for college can be a very long-term goal that youâll need to check to verify your progress. After all, the cost of college has risen rapidly and savings ⦠Continue reading â
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Passive income ideas you can try today
Earlier this week, J.D. wrote about what he calls the biggest truth in personal finance: You can’t get rich through frugality alone. As Liz at Frugalwoods says, “You can’t frugalize income you don’t earn.” Income is one-half the fundamental personal-finance equation, and it’s probably the most important half.
J.D. advocates a three-pronged attack for boosting income: becoming better educated, becoming a more valuable worker, and learning to negotiate salary. But I think he’s missing a fourth important income source: the proverbial “passive income”.
I know, I know. Passive income has a bad reputation. Actually, passive income has a terrible reputation. And deservedly so. The Land of Passive Income is populated by scammers, hucksters, and charlatans. “Hey, little boy, wanna buy my course?” (Sorry, no links. They’re easy enough to find without us helping them.) That’s too bad because legit sources of passive income can be a great way to make more money.
What is Passive Income?
First up, let’s be clear: Actual passive “passive income” (as pitched by the scammers) is a lie. It doesn’t exist. When we talk about passive income, we’re talking about ways to make minimal money with minimal effort. Does that make sense? And it’s a supplement to your main income, not the primary source.
To me, passive income is money thatâs earned, usually on a recurring basis, without a significant time investment.
For example, if you own a rental property that brings in $1500 each month, but only requires two or three hours of time to manage, that’s (mostly) passive income. Most nine-to-five jobs are the opposite of this. The income you earn is tied closely to the amount of time you spend at the office.
Thatâs not to say that passive income doesnât require effort, though.
Often, thereâs a lot of upfront work required before income can become passive. Using the same rental property example, before you can make any money, you have to purchase and renovate the property, and spend time advertising and interviewing potential tenants. All of that takes time and money.
Or, take J.D.’s book as an example. When I asked, he told me that he spent four months working full-time in 2009 and 2010 to write Your Money: The Missing Manual. That’s not passive! But he hasn’t touched the thing since then, and he continues to receive $50 checks every month. That is passive.
Passive Income Ideas You Can Try Today
Some degree of passive income is possible — and without shyster shenanigans. In this article, Iâve compiled 40 passive income ideas for you to consider. Not all of these passive income ideas will be right for you. In fact, maybe none of them will fit you. That’s okay. But I’m willing to bet that many GRS readers will find at least one source of inspiration here that they can use to help increase their income…even if it’s only a few dollars per month.
Where Do Millionaires Keep Their Money?
Ever wondered, Where millionaires keep their money? There are several different ways for millionaires to keep their money. Some will want to preserve the wealth they built in safe and secure investments such as high-yield savings and CD’s. Others like to see their wealth compound so they’ll invest it. According to a Private Bank Study […]
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Savings bonds for beginners: How do they work and where can I buy them?
Savings bonds: before writing for Money Under 30, all I knew about them was that I thought they were a terrible gift when I was little! I remember getting savings bonds as prizes in elementary school, looking at how long they would take to mature, and just thinking: âWhat the heck do I do with […]Savings bonds are an interest-earning investment backed by the government, and they can protect the value of your money against inflation.
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How to choose the best financial advisor for you
Choosing a financial advisor is at least as important as picking a babysitter, yet some people give it less thought. Learn how to select a financial advisor who will protect your money and put your interests ahead of their own.Choosing a financial advisor is at least as important as picking a babysitter, yet many people give it less thought. Here’s how to pick a financial advisor.
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