Possible to earn passive income without investing in stocks?
As above :(
Many many friends and relatives who invested in stocks and were burnt badly in 1997 and 2008. So I don't dare :( Can't even dream of renting out property :( Money never enough, how? :( |
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So first all, perish the thought about receiving income without effort. Even to interest from Fixed Deposits (FDs), you first need that deposit - money which comes from somewhere which is very likely to be from work and savings. For myself I do have the following sources of "passive" incomes: 1. Interest from FDs and Bonds - around $20,000 a year 2. Dividends from shares - around $60,000 a year (before the Covid crisis) 3. Rental income - $36,000 a year (gross, ie still need to deduct the condo fees, property tax, income tax etc...) 4. Interest earned in CPF OA & SA - $29,000 last year (I am above 55 yo, so I could withdraw this interest if I choose to) To reach the above stage, there was a full 30 years of working, saving and investing. It is all active and hard work. And there is quite a bit of risk taking except for FDs and CPF which are secure. So if you were to look at my situation now, you would only see the above income as "passive". And you are not entirely wrong but it would be wrong to ignore the hard work and risk taking that it took to build this up. Having said that, it does feel very good and satisfying to be receiving these other incomes over and above your salary income. At this quite mature and established stage, you will also notice that your wealth growth rate increases. Your networth grows faster. So you need to have right mindset (mental model) about "passive" income. You need to be prepared to do a lot of "heavy lifting" upfront. Once that this is in place, you can then sit back, "chillax" and enjoy the 'fruits". Good luck. |
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Even buy clothes got to think 3x :( $500 minimum for the ssb ish too much to swallow for me :( Never heard of Stashaway, will look at it, thanks for sic :( |
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That's why I'm trying to think of simple ways to earn income that don't require so much thinking :( Hence why I said I dare not invest in stocks, I'm very very afraid of making the wrong call. My parents themselves lost 6-figure sum playing stocks in 2008, despite attending many courses and having a stocks adviser :( |
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Based on what you have provided so far best for you not to touch investments as you have neither capital nor knowledge/mindset. You should focus on increasing your income first. The market crashes from time to time but if you stayed invested throughout you would have made money. My side income strategy is investing and tutoring. Since I only just graduated, I'm slowly building up. Current investment side income only $100 per month dividends. |
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Is chiur name Imran or Dominic? :( |
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No thanks. |
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