I am fascinated by the idea of passive income. I am planning on writing more about it after completing some research. The idea is that I build a system that will generate income for me without much ongoing effort.
I started a page on this site called Project $1k, where I will document my progress on the goal of creating $1k/mo of passive income. It’s similar to the concept of owning a fast-food restaurant, for example, that generates income after the initial investment. In order for it to be passive a store manager would be in charge of running it – not an easy thing to do.
I don’t want a fucking fast-food restaurant, of course… not that there is anything wrong with that, just not my cup of tea. Nor do I want a Ponzi scheme, an animal farm or some other concept which only pollutes the world. It needs to be something that is positive and something that I can become passionate about.
Currently, I have index funds which are generating me truly passive income. I have also had passive income from peer-to-peer lending. I used to have 3 cars on Turo which made me decent cash. I’ll even include the auto mechanic shop in this – the reason I started it is because I was already working on my car, why not bring in a mechanic and not only have him/her help me on my car but also work on customer cars. I realize that the definition of passive can get muddled, I’ll try to keep my project as passive as possible.
So, follow my progress there if you’re interested. Share your ideas on there, I’m willing to be the guinea pig and try them out.