So, let’s say you have some savings just sitting there, would you leave it, or would you make it work for you?
What would you invest in? Stocks? Real estate? Or would you borrow money to invest? I’m really curious to know what most of you would do if you had some extra cash lying around.
How would you use 5k, 10k, or even 25k to create some passive income?
I’ve already built enough passive income to live off. I get money from crypto, index funds, and high-yield savings accounts. Honestly, it’s all about earning, investing, and repeating that cycle.
I wouldn’t suggest just saving up then investing later. Instead, start investing monthly right from the beginning. It’s simple, but most people make it more complicated than it needs to be.
@francoismitterand
How old are you, and how long did it take to reach that point? And how much were you investing monthly?
Tracy said:
@francoismitterand
How old are you, and how long did it take to reach that point? And how much were you investing monthly?
It took me around 20 years. I’m in my 50s now. I can’t say exactly how much I invested, since it was spread out over different times and investments. For example, when I had 20k, I used it as a deposit for a rental property. I bought 8 houses over the years and sold them at different times.
Looking back, I’d skip property and just keep adding monthly to index funds and crypto.
I run a water filter business. At one point, I was making about $1,000 a month selling fridge filters. Eventually, I focused on commercial filters and didn’t put much time into the fridge filters.
I’d be happy to sell some of that side of the business if anyone’s interested. Back then, it took just 2-3 hours a week. Feel free to DM if it sounds like something you’d like.
SarahLays said:
@SHEE
I’ve seen you mention this before. I’d love to know more—I’ve got some time on my hands.
Sure thing! DM me, and we can chat. Happy to answer any questions.
Alex said:
@SHEE
Dude’s making passive income by sharing the idea on this forum! Respect!
Haha, thanks man. We all help each other out!
I always keep some savings for emergencies—you never know when you might need it. But if you have extra money that you don’t mind risking, I’d suggest buying a business that earns passively. I bought one last year, and now it brings in over $2k a month. I hardly do any work on it and can manage it from anywhere! Best investment I’ve made.
For context, I also invest and trade crypto, stocks, and forex, but my digital businesses are where I see the best returns.
@JamesHenry
How do you find a profitable business to buy? And how do you make sure it’s really doing well?
Dany said:
@JamesHenry
How do you find a profitable business to buy? And how do you make sure it’s really doing well?
I found mine through a newsletter called Digital Sniper, which sends out weekly updates on businesses for sale, along with analyses of them. You can check for a business’s success by doing what’s called due diligence. There’s plenty of info online about how to do it since it’s a bit involved.
Also, when you buy a business, the sales contract can include a clause that holds the seller responsible if they misrepresent the business. If things go south financially because of issues that weren’t disclosed, you can take them to court and win with that contract.
@JamesHenry
Would love to hear more about how you found this business and what you’re doing with it now.
Leeland said:
@JamesHenry
Would love to hear more about how you found this business and what you’re doing with it now.
I already answered the finding part above. As for what I do with it now, I mostly use YouTube to learn marketing and edit my website’s content to help it rank better on search engines. It’s been a steep learning curve, but totally worth it.