Ideas for 'passive' income streams?

[AbsentmindedWoman]

Curious about this! It looks like there will be lean economic times ahead on a global scale, so it might be useful to consider having a passive stream of income - however modest that may be, every little helps.

Do you have any passive income? Or any ideas about them for the future?

What is a 'passive income stream' when it's had a bath? Sounds like you want $$$ to pour in with minimal or no input? Would that be right?

Sounds pretty scammy to me.

Passive income is a myth on which MLM businesses are built.

The only truly passive income that DH and I have comes from having invested a huge chunk of money with a wealth management company. That huge chunk of money came from 18 years of building up a business and selling it a couple of years ago.

Passive income typically requires a capital outlay, eg the funds to but the property that generates rental income or the money to buy shares that generate dividends etc.

Have a couple of BTL - but you need capital for those. Do you have any to invest, OP?

Even our BTL properties aren’t passive income. They still involve some work on our part.

Yeah, definitely not MLM which is a massive, unethical scam.

More along the lines of BTL - but not that specifically. Along those lines though. I dunno! That's why I'm posting, because I don't know

Yes, I am aware that capital is required...

Please don't get hooked onto an MLM.

Friends of ours make some money by having an advertising board on their property.
My sister and her DP live on the outskirts of a city and rent out their drive as they don't own a car.

I'm not interested in MLM, it didn't even cross my mind to think of it as a viable source of income, passive or otherwise

Ok, so how much capital do you have to start with?

I do think BTL can be an excellent option depending on your area. Some areas have a better yield than others. Round here you can get a 3 bed semi for £170k ish and rental income is roughly £750 per month.

@Kottbullar

Friends of ours make some money by having an advertising board on their property. My sister and her DP live on the outskirts of a city and rent out their drive as they don't own a car.

That's interesting, thank you!

Now i think of it, I've seen other people renting out parking spaces in our (very urban and total pain in the arse to find a spot) neighbourhood

You need capital to generate passive income. The two main ways are property or stocks and shares.

In relation to the latter you have to have a significant amount to invest in order to reap the rewards (although that’s not to say you shouldn’t start now with a smaller amount, from tiny acorns and all that!).

In relation to property, traditionally that would involve BTL however you could also rent out a room, move out of a property you own and rent it and live in a house share etc etc.

Beyond that businesses are an option but you usually need (again!) capital outlay e.g. buy a dry cleaners that is managed by someone else or an area of expertise that you can monetise through provision of advice, eg you are an expert in dry cleaners so sell books on how to run fabulous dry cleaners.

You don't need capital, but here are loads of other passive income streams, one of my friennds sells quite niche craft patterns, once it's uploaded it's there for ever and generates money every time it's sold, they sell about 300-500 a month at a tenner each, art prints, affiliates, etc don't need capital, there's also match betting.

Passive income is how most people become wealthy or maintain their wealth. The main ones I know are:

Owning property (resi or commercial) and receiving the rent, and paying someone to manage it.

Intellectual Property like composing music, songs or writing a book and then receiving the royalties for life. Or even computer software or games.

Patents for inventions/ inventing something. (Also IP).

A franchise business that you license out.

Financial investments eg stock market, unit trusts, hedge funds, gold.

That’s the main ones I think.

Rent out your drive, garage or loft for storage. Rent out a room on AirBnB or get a lodger.

I believe you can get your car wrapped in advertising and get paid for it

Well apart from people who inherit!

Don’t know if it’s really what you are after but if you have any kind of hobby there is normally a community of sorts on social media. Mine is books and I have an Instagram account that is now of a size where I earn a little bit of money from mainly self published authors asking me to promote their books. Although this definitely takes up a lot of time for not too much in return.

there's also match betting

MB is a decent earner but it's anything but passive!

I did it for about a year. The first 3 months or so was incredibly hard work and a lot of learning, practice and research. Then plainer sailing for the next 6-8 months but still most definitely not passive. Then you start getting gubbed and it becomes more difficult again.

I reckon I netted about £10k over 12 months but it wasn't passive income at all and I decided I'd had enough after a year.

I follow a 'passive income coach' on Instagram. It tends to revolve around selling courses, but it sounds a bit scammy as all the courses are on 'how to launch your course' or 'how to market your course" to people to then launch their own course on how to launch courses. She charges 19k for membership and the level of insight from what I've seen are tips such as "have a clear plan" "know your market" - sorry bit of a tangent, but mind boggles how that's become a viable business plan.

Anyway in terms of passive income or semi passive

-youtube or social media channel
-write on medium
-investments - stocks, properties, angel investments
-e books
-create templates such as organisational systems/ mood diaries for people to download and use
-create educational booklets or presentations, audio books / training courses (only if you actually have a specialist knowledge of something)

all the courses are on 'how to launch your course' or 'how to market your course" to people to then launch their own course on how to launch courses

This seems quite pyramid shaped 😂

Morning, @AbsentmindedWoman - just letting you know that we've moved this over to our Chat topic now.