What is the best way to increase passive income?

[Tommy]

I have been trying to increase the amount of passive income but I’m not sure what’s the best method out there. I have been thinking about different investments such as index funds, robo-advisors or a high-interest savings account. I have seen good robo-advisor options such as Acorn or Wealthfront and I’m still deciding. I also came across Ally or Beam giving the best interest rates out there. 

But since there is always a risk to investments, I am planning to use either Beam or Ally as a high-interest account. Looking for any advices! Thank you!

[Key Elements]

I wasn't familiar with these two terms until recently:

OPT = other ppl's time

OPM = other ppl's money

It is impossible for most ppl to save up, let's say, a million dollars. It's probably going to take a lifetime working in a job, whatever job that is.

The biggest question is, what are you going to do to earn a million dollars? Is working at a job the only way? How do you apply OPT and OPM in entrepreneurship? This is the part where you have to do your homework (research).

What does it mean to sign a due diligence? What does it mean to network in an official startup group? How does OPT and OPM fit into these.

[JustThinkingAloud]

The higher the risk, the higher the reward. One way to reduce risk is to diversify. That means to put your money into a mixture of investments. I’d contact a financial advisor to help you with that or you can just put your money into a managed fund with a respectable investment company and that could give you enough security. Talk to a respectable professional to get a proper advice.

[RichardY]

1) Rent Seeking. Although that's Evil and parasitical.

2) Plant trees. Or look for assets that mature with age.

[Key Elements]

Just a note:

The term passive income applies to entrepreneurship, not paper assets, such as stocks, bonds, mutual funds, hedge funds, etc.

Entrepreneurship is when you start a business and take it through stages--idea, self-employment, early stage, organic growth, growth, exit. Passive income is totally hands-off. It's automatic. You don't go and earn the money, like in a job or self-employment.

Another note:

If you don't know the definitions of entrepreneurship and passive income properly, how can you apply it to your life purpose?

[universe]

This guy has some good ideas I think

 

 

 

 

Edited July 24, 2019 by universe

[archi]

On 7/22/2019 at 8:15 PM, Tommy said:

I have been trying to increase the amount of passive income but I’m not sure what’s the best method out there. I have been thinking about different investments such as index funds, robo-advisors or a high-interest savings account. I have seen good robo-advisor options such as Acorn or Wealthfront and I’m still deciding. I also came across Ally or Beam giving the best interest rates out there. 

But since there is always a risk to investments, I am planning to use either Beam or Ally as a high-interest account. Looking for any advices! Thank you!

https://www.reddit.com/r/personalfinance/comments/cggw73/best_way_to_increase_passive_income/

(wo)man you got your answer ... 

From my life-time experience the best seems to be the real estate.