Developing Streams of Income

[Tony R Fox]

Hey Guys. I just graduated from college with a degree in Engineering Physics. I am 22 years old and a manufacturing engineer for a growing company in Connecticut. I would love to create 8 streams of income. I have no children, I live at home with my parents. This is the perfect time for me to build the foundation for future wealth while having limited responsibilities. Can you guys help me with any and all realistic ideas? No small freelancing tasks, but rather creating streams of income, solid business models, that can grow in the future. I am thinking of a marketing firm, developing apps, becoming a property manager, being a teacher on the weekends. Any feedback is great! Thanks everyone!

[John Acheson]

Have you searched passive income on YouTube? Lot's of youngsters on that platform sharing ideas and what I've noticed is that the lower level gurus preach passive income but the higher level multi-millionaires tend to dismiss it. And if you listen to some $100M advice you find the reality of earning a million per year is hard work all the time, i.e. work 80 hours per week, read 10 books per month, grow your business and brand in the same industry for at least 10 years, cut spending (which you can do), etc.

I've been hustling for over 25 years and have yet to come across any significant passive income streams. They were all small incl. interest, capital gains, rewards, rebates, incentives, etc. The big hit was real estate but it wasn't passive and it wasn't a stream, it was timing and luck!

The other thing is that I believe we're in a downturn and will be for years, so the only passive income stream I see offering low risk and steady return is some select corporate bonds purchased at peak interest rates. Then you can collect passive interest on the way down and sell for a capital gain when interest rates bottom out again.

If the market is head down for let's say five years, I would avoid dividend income from stocks, because the capital loss will probably put you in the red, unless you can hold til the top of the next cycle.

If you find true passive income with low risk and little capital (assuming you have student loans like myself), please LET ME KNOW :)