Increasing Income Part 2

quitejaded · 01-13-2008, 12:31 AM

Does anyone have an online business or any other form of passive income to help bring in the money?

I was thinking of buying a house with a small percentage of down payment and renting it out or something, but I'm feeling discouraged.

A better idea would be network marketing, but I'm not sure if I should or not. Sometimes things sound too good to be true, so there must be a down side.

Miss Rosie · 01-13-2008, 12:45 AM

I'm a writer, so I get royalties and occasional payments for stories. The advantage is that the start-up costs are extremely low. The disadvantage is that the time involved is high, and the skills required are diverse. I can't just write, I also have to be a good editor and web developer. Graphic design skills are a plus.

Passive income is a myth. Everything requires some effort, including network marketing, which I failed at several years ago. I have a friend who sells Mary Kay, and she has to invest a fair amount of time and money. I also have friends who are landlords, and it involves a fair amount of time and money, too. They have to handle structural maintenance, plus any difficulties involving the tenants.

Having said that, all kinds of people have side businesses of one kind or another, but I think the key issue is commitment. You won't make a success of anything you can't commit fully to, because there is a fair amount of work involved. There are aspects of writing that I'm not 100% thrilled with, but my commitment to the process can usually get me through. I'm a language nut with a vivid imagination. My landlord friends are property nuts, if you can imagine such a thing. My Mary Kay friend's bathroom is full of the stuff.

Is there something you like to do? A product or idea you're passionate about? Do you have a skill you enjoy that's languishing? That's probably your best place to start.

lucille · 01-13-2008, 08:12 AM

Sometimes the best sources of extra income is doing what you already do for a living but doing it on the side freelance or moonlighting. Depending on the skill or industry some of those have become harder to do. Some web sources for freelancers are being over run by people or small companies in India who will work for a few bucks. So anything you can do that you enjoy but has a local component might help.

I have run into many co-workers who do Mary Kay, Tastefully Simple or one of those other home party type businesses and I usually end up trying to avoid them because they are always trying to sell me something I don't need.

01-13-2008, 12:31 AM	#1
quitejaded Member Join Date: Jan 2008 Posts: 34 Thanks: 0 Thanked 0 Times in 0 Posts Reputation: (15)	Increasing Income Part 2 Does anyone have an online business or any other form of passive income to help bring in the money? I was thinking of buying a house with a small percentage of down payment and renting it out or something, but I'm feeling discouraged. A better idea would be network marketing, but I'm not sure if I should or not. Sometimes things sound too good to be true, so there must be a down side.

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01-13-2008, 12:45 AM	#2
Miss Rosie Senior Member Join Date: Jan 2008 Posts: 100 Thanks: 0 Thanked 0 Times in 0 Posts Reputation: (27)	I'm a writer, so I get royalties and occasional payments for stories. The advantage is that the start-up costs are extremely low. The disadvantage is that the time involved is high, and the skills required are diverse. I can't just write, I also have to be a good editor and web developer. Graphic design skills are a plus. Passive income is a myth. Everything requires some effort, including network marketing, which I failed at several years ago. I have a friend who sells Mary Kay, and she has to invest a fair amount of time and money. I also have friends who are landlords, and it involves a fair amount of time and money, too. They have to handle structural maintenance, plus any difficulties involving the tenants. Having said that, all kinds of people have side businesses of one kind or another, but I think the key issue is commitment. You won't make a success of anything you can't commit fully to, because there is a fair amount of work involved. There are aspects of writing that I'm not 100% thrilled with, but my commitment to the process can usually get me through. I'm a language nut with a vivid imagination. My landlord friends are property nuts, if you can imagine such a thing. My Mary Kay friend's bathroom is full of the stuff. Is there something you like to do? A product or idea you're passionate about? Do you have a skill you enjoy that's languishing? That's probably your best place to start.

01-13-2008, 08:12 AM	#3
lucille Senior Member Join Date: Dec 2007 Posts: 673 Thanks: 0 Thanked 3 Times in 3 Posts Reputation: (38)	Sometimes the best sources of extra income is doing what you already do for a living but doing it on the side freelance or moonlighting. Depending on the skill or industry some of those have become harder to do. Some web sources for freelancers are being over run by people or small companies in India who will work for a few bucks. So anything you can do that you enjoy but has a local component might help. I have run into many co-workers who do Mary Kay, Tastefully Simple or one of those other home party type businesses and I usually end up trying to avoid them because they are always trying to sell me something I don't need.