| |||||||
| Register | FAQ | Members List | Calendar | Search | Today's Posts | Mark Forums Read |
| Business & Financial Career, work, money, income generation, personal finance, investing, debt, wealth, abundance, entrepreneurship, sales, marketing, SEO, commerce, economics, blogging, podcasting |
|
Welcome to the Personal Development for Smart People Forums, the place for lively, intelligent discussion of all personal growth issues -- physical, mental, financial, social, emotional, spiritual, and more. You're currently viewing as a guest, which gives you limited read-only access. By joining our free community, you'll be able to post your own messages, access many members-only features, see the new messages posted since your last visit, and of course remove this header message. Registration is fast, simple, and free, so please join today. If you arrived here from a search engine, you may want to explore the main site first, which includes hundreds of deep and insightful articles on a variety of personal development topics. |
 |
| | Thread Tools | Display Modes |
07-19-2008, 02:58 AM
| |||
| |||
 I'm 16 and want to make passive income for when im older anything you could recomend? Hey, Im 16 from england. I know exactly what i want to do in the long run, however i want passive income for when im older to help me out when im taking on projects that dont make income. I have started up a website its new not even finished yet i plan to make a few websites. I know unless you have a great idea or work really hard you cant make that much from ads on websites im not expecting too much from them maby £100 a month ($200) but yeah.. is there somthing like an investment i could make now that would pay off in like 5 years time when i move out of my parents house. whats the best kind of investment i should make? Any suggestions? thanks.      |
|
07-19-2008, 11:17 AM
| |||
| |||
 I also want to make (semi)passive income. Not just because it's convenient (I can be old, sick or even dead and I'll STILL get paid), but because I don't like the idea of being paid for time. Time is the one thing you can't buy more of ("yeah hi, I'd like a cheeseburger, some fries and a thirteenth month to go please"), so why on Earth should I sell what I have? Of course you will always need to spend some time, since you have to set up that passive income stream first, but I'd rather be paid for value than hours, and I think the key to passive income, is to deliver value without having to keep spending time. I'm looking for new streams by looking at what I'm doing now and trying to think of ways to automate it. Take painting, for instance. I could make a lot of paintings and sell those, but I could also make one painting, digitalise it, and use a service like cafepress to make that single painting into mugs, coasters, mousepads and so on. Instead of making new paintings and spending time, I could make a single painting that I can sell over and over again. And the best part is: cafepress does all the producing and shipping. I wouldn't have to lift a finger! What do you do now that you could automate? |
|
07-19-2008, 12:26 PM
| |||
| |||
| Write a hit record. Paul Macartney has done pretty well that way. Write a book. Compose a musical. Come up with an idea and patent it then sell the royalties. Develop a piece of software that people need to make their computers work better. There are loads of ways really.
__________________ A student of the science of beauty. www.colinsbeautypages.co.uk |
|
07-19-2008, 01:22 PM
| |||
| |||
|
__________________ Sleep |
|
07-19-2008, 01:57 PM
| |||
| |||
| Yeah Thanks for the advise, and Yeah i want pasive income so i will have plenty of time to write that hit book or song  Yeah anyone know anyting along the lines of investment? |
|
07-19-2008, 03:41 PM
| |||
| |||
| Orange, completely passive investments fall in a very narrow range of return rates and they probably aren't what you're looking for. Instead what you should do is invest your time to build experience and knowledge in a specific area where you can do something useful. Every "overnight success" out there is based on a lot of hard work and a lot of experience or several previous experiments that didn't really work out (some of the people who influence me most have succeeded young, but it's still their 4th or 5th attempt). Don't expect anything big until you've been doing the same thing for 2-3 years. At that point, if you've been working hard to try different things and learn why they do or don't work, you'll probably find it getting easier to make money. Once you have some skills and experience in this area you can apply them either by making your own websites, helping established websites (do things yourself or train people to do them), or simply finding websites that have unrealized potential and buying them at a discount. Eventually there's a lot of ways you can make money, but make sure you start off doing everything yourself. Or you could go the easy way and buy $65,000 of bonds |
|
07-19-2008, 03:45 PM
| |||
| |||
| Quote:
__________________ I am always open for feedback on my posts. That might focused on the argument at hand or on my writing style. If your feedback would go offtopic feel free to send me a Personal Message. I don't believe in Beliefs. |
|
07-19-2008, 05:41 PM
| |||
| |||
 What are your interests? You could start a blog on the topic and add information to help others, monetisation options include:
If you are looking to do stuff online, always do something around your passion  |
|
07-21-2008, 08:41 AM
| |||
| |||
| Quote:
Two Words: Learn Copywriting. Two Names: Dr. Paul (link below) John Carlton. One Tactic: Practice Daily.
__________________ -Nicketas Licensed Personal Coach Personal Development is only hard if you don't have a map.  Click Here, Then on the next page click on the LEFT HAND LINK to MINDOS. |
|
07-21-2008, 11:05 AM
| |||
| |||
| Well, its great that you're thinking about this from now. I wish i was as intelligent as you at 16 I would look into bonds. I'm not an investment banker so I can't tell you any specific types to look at but there are long-term investments where you put a minimal amount today only to have it go up 5x or more (easily, depends on how long you leave the money for) so many years later. This is what a lot of people do for their kids so they can afford college or they will start at your age so they can gather a nice lump sum by the age of retirement. I know some of these investments fall in the bonds category, but not sure exactly any specifics. Why don't you consult a financial advisor who can give you some ideas? I am positive they can give you a couple of different options. But its a nice way of making money if you have a lot of time on your hands. Another way of making money for the long-term would be to invest in property. You're 16 so I imagine you can't afford this. But in light of the recessions hitting the US and soon to follow, Europe, you can find some awesome deals on properties...again, you're 16 but maybe you can pitch the idea to your parents |
|
07-27-2008, 10:49 AM
| |||
| |||
| Quote:
 |
|
07-30-2008, 05:34 AM
| |||
| |||
| Great goal! I believe your very best investment is training your mind to define success, to recognize opportunities, to come up with plans and to make plans happen. I recommend you start with Earl Nightingale's program "The Strangest Secret" from nightingale.com. (I don't get a commission for telling you this.) |
|
08-02-2008, 10:00 PM
| |||
| |||
| I have a customer in Oklahoma City who started a site last year when he was 15. He did all the right things by finding a niche he was interested in and then learning web design and how to drive free traffic to the site. He is now doing very well. Here is his site: Master The Cube.com - Learn to solve the Rubik's cube, one of the world greatest puzzles! The secret is not to just "dream about it". You must take action! I wish you good luck! |
|
08-02-2008, 11:45 PM
| |||
| |||
| Quote:
very encorageing |
|
08-04-2008, 11:52 AM
| |||
| |||
| Quote:
Where would one go to learn more about this? |
|
08-04-2008, 12:45 PM
| |||
| |||
| Hi James, My main focus is teaching my students how to pick a niche area and create a site for it which will rank well in the search engines. I have a lot of free information and free videos you can watch on my site: Start an Internet Business! I hope that helps, |
|
08-05-2008, 01:35 PM
| |||
| |||
| I'm in the exact same position, I'm 17 and would like to live from passive income. The first step I made was today, when I cleaned my room I found some money and took it to the bank, then I thought, "well, why don't I invest in in stocks or something like that" so I had a talk with a bank clark and decided do invest about 2500 € in a save fund, the other 2000 € in a stock fund. I can take the money from the account whenever I want, so if i need it, I have it. The other thing I'd like do do is to make a Blog or Webside, I already made a blog about how to make your life better and adapt some skills you'll need every day, the blog is in german. But it doesn't really work by now. So I need to look for another neeche but I think I found one NOW  , maybe I'll tell something about it later.cheers tom Sorry for my bad english, I'm from austria. |
|
08-06-2008, 08:56 AM
| |||
| |||
| If I was sixteen again, here's what I'd do! Buy rental real estate as soon as you can, maybe even while you're in high school. Be conservative and put 20% down and make the mortgages as short as you can handle. (15-20 years vs. 30). Of course if you're sixteen, you might not have enough to put 20% down, but struggle to get at least 10%. Obviously at your age you'll need to have a parent or guardian involved and this will give you practice "enrolling" them into your vision. The great thing about real estate is that as long as you keep up the payments, and buy at a reasonable price, you'll probably be rewarded richly long term, even if you make a lot of mistakes otherwise. At least half of our financial legacy is due to my Father's house in Key West. He made more mistakes in his life than I could write about, but in the end, his house was worth nearly 4 times what he paid for it and it gave him enough of an income from rents that he didn't have to work if he didn't want to. This was Key West, and you might not get quite the appreciation he did, but I still stand on my conviction. Real estate is very "solid" as an investment and a job. What I like about is that it doesn't lock you into a dead end job. If you don't have much passion for "managing" it, you can have a management company take care of it for you. You won't get as much income from it, but you'll still be building equity. It's like having someone else make payments to a savings account. To oversimplify, say your mortgage is $1,000 per month and roughly $800 of it is principle. You have a four unit and each rent is $600 per month for a total of $2,400 per month. The tenants pay ALL their own utilities and you pay the loan payment as well as repairs, HO insurance, maintenance and taxes - and management fee if you offload that. Let's say that you ONLY break even. Your total income is $2,400 per month and so is your "outgo". Now you don't get any money left over, so you'll need a job or something else to support you, BUT your using your tenants rent to pay the mortage, which is making you $800 richer per month.
__________________ Ken LaVoie Winslow, Maine Creator of Lawn Guru - Lawn Care success eBook and Program. |
|
08-06-2008, 08:34 PM
| |||
| |||
| Quote:
|
|
08-07-2008, 09:04 PM
| |||
| |||
| I had another appointment at another bank today and talked to the man at the Stock office for about 3 hours , I came to the decision to have more risk and so more chances I now bought stocks for the half of my money and for the other halve i bought funds. I also made a blog today, because I realized that many other teenagers are in my situation and want to make passive income in there future. The adress of the blog is themillionair.tk cheers tom  |
|
08-11-2008, 11:01 PM
| |||
| |||
| I'm also 17 years old and have thought of trying to generate more passive income for myself. I am very tech savy and have thought of designing a webpage with dreamweaver. But I have finally come to the conclusion that it would take too much time for my liking to generate passive income as a teenager. What I concentrate on now is learning new skills that I might someday turn into a proficiency. I feel that this is far more rewarding than spending countless hours designing a webpage that may or may not generate any income for me. If any teenager is looking for a job, I think the best one is to detail cars. I charge $100 for a car that usually takes 5 hours. The price goes up with the size of the vehicle. Startup costs were ~ $100, which I made up after the first detail. If you are interested check out Auto Detailing: Secrets Of The Experts |