Hello! I’m currently 16 trying to learn from people on how I can make passive income legitimately. I’m willing to invest my time in order to achieve my goals. So with that being said I’m asking the many talented people on this Reddit on how I should start my passive income journey! : passive_income
There are arguably 3 main sources of passive income: rent from real estate, dividends from your business, or dividends and interest income from paper assets.
There are other types such as royalties from creative assets, affiliate marketing, YouTube videos, blogging, annuities, blogging, app development, etc. However, these still involve either a business entity, paper assets, or real estate.
More important questions are how much passive income do you want, why you want it, and how do you intend to get it.
Do you intend to set up a business? If so, learn about business outside of school and occasionally from textbooks. Do you intend to go into real estate? Look up property investment and real estate laws in your country. Do you intend to go into paper assets? Understand financial instruments and learn about basic finance (does not need to be through university or school).
I would also throw in accounting, corporate law, and marketing for good measure. None of which usually require a university education, unless you’re in a country where it requires you to have a degree in order to learn the material.
Getting mentorship is almost a must if you want to fast track everything. Finding a suitable mentor is another Herculean task. It’s key to find someone who has legally and successfully achieved what you want to achieve. There are too many people preaching theory.
I wouldn’t try to learn everything for free on YouTube or Google. The information on there is usually too brief, but they sometimes give good overviews.
My standard go to answer would be to have a cash rich business where you can channel funds from the business sustainably into investments. I sometimes refer to it as the Warren Buffett strategy when he first acquired Berkshire Hathaway and used it to build the corporate portfolio.
Note, none of the above is intended as financial, legal, or business advice. If you want such advice, speak to a qualified and suitable professional.