Quote (hasteful @ Apr 11 2021 11:26pm)
I don’t believe more education will gain me better biweekly pay. I have a construction engineering degree and with that I am paid well by construction standards and community. Changing my field doesn’t make much sense either. It would take several years to become a doctor/lawyer - and for what a 50%-75% salary increase vs how many more years school and tuition costs (USA)
Depending on the idea I have capital to start it. Something I can build on monthly instead of a single large initial capital investment would be preferred.
Purchasing rental properties seems like a poor choice right now; housing costs are ballooning; I don’t want to buy and get upside down on a loan.
If rentals is a good idea is highly dependent on your local area. For real-estate of any kind the local market forces will always be more important than the national forces. In my area, it would be a great idea, but I'm also in an area with an extreme level of rental demand, lots more college students coming in even with the pandemic, and lots of areas that are being targeted for gentrification in the next 5-10 years which will cause them to massively appreciate no matter what the national situation is like.
But that might not be the same for where you are. If you aren't confident in your area then I'd say avoid rentals, since they're a lot of work and a high risk for a high return.
Quote (SBD @ Apr 10 2021 12:43pm)
Almost all passive income sources take significant upfront input be it generating initial capital or your own time. Blogs don't start with sponsors, or viewers you have to write all those initial articles that get close to no views before anything starts accumulating and old articles begin generating passive income after you get a following for instance. There's no free lunch unless you inherit one or get some other type of windfall gain.
I have a big gripe with how people spend their time. People for instance invest all this time into trading, but they're trading such small amounts. That time would be better off invested into actually progressing in a career or advancing education to get additional letters next to your name that will allow you to generate a significantly higher bi-weekly pay cheque. What does it matter that you make 100% gains on your $500 dollar investment when your net pay cheque is less than 5K a bi-weekly. Spend the initial time logging education hours or whatever to get a high rate of return on your time then start logging the hours on researching investments to make that return on your time generate return.
I'm just remembering my work gives me tuition benefits. I really need to take a statistics class and maybe some biology classes. I'm trained as a computational chemist and I'm running an oncology lab. Even a year later it's still a bit outside my wheelhouse, so I think I should maybe take this advice lol.
Although it won't be because I want to increase my income. Higher income jobs in my field will suck so much ass lol. I like working efficiently and as a result only having to work ~35 hours a week. Gives me time to develop other projects and spend time with my wife. Although there are times, like what's coming up, where I'll be doing a mouse experiment where I'll be doing really weird shifts treating mice twice a day 7 days a week. Feels bad man. But outside of that, great hours. There's a lot of value to having free time if you are otherwise comfortable. There's a lot of quality to life in chasing those gains, even if it's a fleeting high from basically gambling. As long as you're otherwise monetarily stable.
This post was edited by Thor123422 on Apr 11 2021 10:49pm