All Forum Posts by: Cole Simpson

Passive income can be a great way to help you generate extra cash flow, and the economic upheaval largely caused by the COVID-19 crisis is a testament to the value of having multiple streams of income.⁣
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With the pandemic throwing the job situation of many Americans into disarray, passive income helps you bridge the gap if you suddenly become unemployed or even if you voluntarily take time away from work. And if you’re worried about being able to save enough of your earnings to meet your retirement goals, building wealth through passive income is a strategy that might appeal to you, too.⁣
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With affiliate marketing, website owners, social media “influencers” or bloggers promote a third party’s product by including a link to the product on their site or social media account. Amazon might be the best-known affiliate partner, but eBay, Awin, and ShareASale are among the larger names, too. And Instagram and TikTok have become huge platforms for those looking to grow a following and promote products.⁣

Here are some passive income ideas:

Ask for a job - Everyone knows a business owner or two, or a wealthy person or two. Reach out to them and ask them if they have tasks they need done, problems they need solved, projects they don't have time for, give them some ideas, and have them create you a job.

Get your own website - Everyone should have a website in their name. Use it to provide consulting services, speak on your area of expertise, conduct e-commerce, sell finger paintings, or whatever you want.

Create affiliate content - It's hard to get scale here, so you either need a targeted audience that will buy larger dollar items or a big audience on some platform. It's great to just add it to your blog to set and forget.

Sell merch on Amazon - Amazon has a service called Merch by Amazon where you upload your designs and they do all the printing, packaging, and shipping of whatever you design for clothing. They take a cut and you pay no upfront fees.

Would love to hear your thoughts!

House Hacking is a phrase coined by BiggerPockets podcast host Brandon Turner. While Brandon came up with the cool-sounding name, the concept has been alive for a long time. While the idea isn’t new, the popularity of its application is.

House Hacking is a strategy that involves renting out portions of your primary residence to generate income that is used to offset the cost of your mortgage and other expenses associated with owning a home. When done correctly, it allows people to live in expensive areas completely for free, or even generate positive income through homeownership.

It is a way of squeezing every last ounce of value out of a home that you possibly can, in order to benefit yourself financially.

What’s your best tip for House Hacking?

Passive income streams require an upfront investment and a lot of nurturing in the beginning. After some time and hard work, these income streams start to build and are able to maintain themselves, bringing you consistent revenue without much effort on your part. ⁣

For example, if you are a writer interested in writing stories and newsletters, one of the best things about that is that, even when you’re at the gym, working, or sleeping, your writing can still be hard at work, raking in some extra income. The trick is knowing how to play the publishing game. To make a passive income as a writer, you’ll need to plan, have confidence, and have knowledge of your field. Then catch some sleep while your writing catches up!

Here are some passive income ideas for writers: 

Create your own journal - You can create, upload, sell, package, and ship a customer-made journal on Blurb for nothing except a royalty on journals sold. They do all the work you collect the check.

Write fantasy short stories - Using Wattpad you can connect with 80 million readers and find ways to monetize your short stories.

Do a course - Udemy or Coursera allows you to easily do your own course and are the most used.

Newsletters - Essentially you create a newsletter on a niche you are curious about and put it behind a firewall. Subscribe to the Dispatch and a slew of other pay-walled newsletters that are all on Substack.

What are your best and worst Passive income ideas?

Commercial real estate is a fun world if you haven’t considered it. What investments are you learning about? What action steps are you taking?

Would love to hear about your investment journey!

One of my financial regrets was not buying a multifamily investment property in my late 20s. Instead of taking advantage of multifamily investment opportunities to generate more passive income...

Sam Dogen wrote this fascinating article about how to think about real estate investing during a worldwide pandemic. Specifically hitting topics such as Multifamily, AirBnb, student housing, and micro apartments. Definitely worth a read if you are trying to create passive income.

What are your thoughts? Anything you'd do differently if you could do it again?

Have you heard of the F.I.R.E Movement?
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Many people are well on their way to leaving the workforce early. But there’s a new wave of younger workers who are trying to take early retirement to another level. They’re on a mission to blaze a new path toward retirement as part of the F.I.R.E. movement.⁣

This is a lifestyle movement with the goal of gaining independence and retiring early. Being financially independent means you no longer have to work for money in a "traditional" job. You don't have to retire either, this movement gives you the option to do so. Maybe you always wanted to take some time to practice playing the piano? You now can because with FI you just gained back the most precious resource YOUR TIME.⁣ 

They believe it’s possible to retire sometime in their 30s or 40s⁣. F.I.R.E. stands for “Financial Independence, Retire Early.” The goal is to save and invest aggressively, somewhere between 50–75% of your income, so you can retire sometime in your 30s or 40s.⁣

No law says you have to work until you’re 65. That’s a myth!⁣

What are your thoughts?

Here's a quick reminder for vacation rental owners. You need to pay close attention to short-term rental legislation and regulations in your areas. Do note that the regulations are different for every city, so do your research and familiarize yourself. Here are five laws and regulations that property owners should know:

1. Tax laws

2. HOA rules

3. Zoning laws

4. Landlord-tenant laws

5. Building and housing regulations

What are your thoughts?

What are your thoughts on the current market? Do you foresee a pullback in house prices?

Hey everyone, how do you invest out of state and deal with taxes? What are the things you wish you knew?

What, in your opinion, are the most important aspects of the Short term rental evaluation process?