Loading...
Answers
MenuHow do you get out of the rat race and build passive income?
This question has no further details.
Answers
I'd suggest investing in a business (or businesses) of your own.
A successful business will provide you with the greatest return on investment you will likely ever come across.
There's no blueprint on how to do this - but there is definitely wisdom, strategies and tactics you can use to significantly increase your odds of success and maximize your ROI.
If you're interested in learning more - give me a call.
In any case - Best of Luck!
I agree with Naeem. Do some research in companies that you believe in, and invest in them. Invest directly or through good growth stock mutual funds. A gradual increase in your saved money every year will start generate that passive income that people talk about.
The stock market's average since inception has been around 11.5%. For example, if you were to have $500k saved up, and you are earning 11.5% annually that could yield $57,500 (500k x .115) which would be considered passive income.
Slowly, patiently, and gradually. Building up a passive income takes a good deal of upfront investment.
An asset is something that you own, that produces income for you. Your body, your energy are inherent assets. So, the amount of income you can produce with your own body and physical toil or effort is limited. So, the type of assets you want to focus on are assets that you can acquire, to produce an income stream for you without you yourself expending any energy. An asset produces income for you. So, they are the opposite of an asset since they remove money from your pocket instead of putting money in your pocket. If you use 100% of the money that you make, then at the end of the day, you have $0 left over. This is what keeps people in the rat race of life. There is absolutely no way out of this scenario if you keep using 100% of the money that you make with zero left over to buy assets with. To take it even further, a lot of people use more than 100% of the money that they make. If you did not have money, you could not easily get a hold of more money. It will only dig you further in the money pit and it will take you longer to climb back out and be at $0. You basically need to use less than 100% of your money. The less you use, on liabilities and consumables, the more money you can put towards assets that will produce income for you. And the more of these assets that you accumulate, the bigger your snowball gets over time.
You can read more here: https://tubofcash.com/escape-the-rat-race-with-passive-income/
Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath
Related Questions
-
How do I get $500k - $1m in capital for marketing expenses for 3-6 months?
If your looking for financing and not wanting to give up equity you could try to get venture debt. Check out Hercules http://www.htgc.com/ and their competitors these companies can provide big loans. Be ready to provide a lot of info on your company and your financial health. Be aware these companies exist to make money so make sure you end up with payments you can handle. You'll also have loan covenants which will outline certain financial performance metric you'll need to hit. If you miss covenants your loan terms will change for the worse and it can even end up with bank taking control of your company. Obviously a worst case scenario, but you need to be aware and make sure you are very comfortable with the covenants you agree to. - mikeMW
-
Payroll is killing me/wasting my time. What inexpensive small businesses can help consultants manage payments to freelancers/consultants?
In normal cases each subcontracting partner is self responsible for its accounting. Depending on the country you are and kind of business you running, you need to find out what possibilities are possible. For sure there are services you can use, check out payroll.intuit.com for example. There they offer accounting/payroll services for small businesses. Hope I could help you! If any further help needed, let me know! Regards BehzadBD
-
When recording income for a marketplace startup, is it typical to use the gross transaction or just the fees collected per payment?
You usually only recognize the commissions as revenues and use the term "Gross Merchandise Value" (GMV) to describe the size of the marketplace (value of all transactions going through the site)BW
-
I'm in debt. How do I get out?
I do understand the problem that you are facing. There are several ways to help you out for instance: 1. Pay more than the minimum payment. If you carry the average credit card balance of $15,609, pay a typical 15% APR, and make the minimum monthly payment of $625, it will take you 13.5 years to pay it off. Whether you’re carrying credit card debt, personal loans, or student loans, one of the best ways to pay them down sooner is to make more than the minimum monthly payment. 2. Try the debt snowball method. If you are in the mood to pay more than the minimum monthly payments on your credit cards and other debts, consider using the debt snowball method to speed up the process even more and build momentum. As a first step, you will want to list all the debts you owe from smallest to largest. Once the smallest balance is paid off, start putting that extra money toward the next smallest debt until you pay that one off, and so on. Over time, your small balances should disappear one by one, freeing up more dollars to throw at your larger debts and loans. 3. Pick up a side hustle. With sites like TaskRabbit and Upwork.com, nearly anyone can find some way to earn extra money on the side. 4. Create (and live with) a bare-bones budget. One tool you can create, and use is a bare-bones budget. A bare-bones budget will look different for everyone, but it should be devoid of any «extras» like going out to eat, cable television, or unnecessary spending. While you are living on a strict budget, you should be able to pay considerably more toward your debts. 5. Sell everything you do not need. If you are looking for a way to drum up some cash quickly, it might pay to take stock of your belongings first. Why not sell your extra stuff and use the funds to pay down your debts? Otherwise, you can consider selling your items through a consignment shop, one of the many online resellers out there, or a Facebook yard sale group. Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonathJB
-
Angel Investors & VCs: What inspires you to invest?
As an angel, what I look for is founder/market fit. Does this entrepreneur have a fire in their belly to solve a problem and a really unique and inspired look at the market they are attacking? The motivation to angel-invest for me as an active entrepreneur is to build a strong network of founders who can help each other and share commonly applicable experiences.TW
the startups.com platform
Copyright © 2025 Startups.com. All rights reserved.