Anyone care to share some solid PASSIVE INCOME ideas?!

Hi all,

I have been looking into setting something up for a while to bring in some passive income but have not had much success. A couple of hundred bucks a week would be really nice!

A lot of people go for property rentals after buying it seems but I amn't ready to go there yet.

Does anyone here have any advice on some tips on making/setting up passive income streams? I am flexible in terms of time I can put into this and am more than willing to do the initial work to get things up and running.

Thanks

Comments

      • This is the best

      • +1

        Did anyone else read this in Leonard Nimoy voice?

        • +2

          I had Morgan Sheppard in mind.

        • +1

          @Scrooge McDuck:

          I read it in morgan freeman voice. infact everything i read is in morgan freeman. does everyone not experience the same phenomenon?

        • +1

          Civ 4 reference?

          Have an up vote

      • Not really. Agriculture requires regular inputs and maintenance to be successful. There are so many things that can go wrong and it only takes one of them to take all your money away.

        My job is actually to make agriculture more passive through technology so maybe it's a future option.

    • I've known people who sell herbs long enough to buy a house with them….

  • +1

    Sporting and Racing arbitrage carefully and wisely

    • 100% agree with this. Not exactly passive though as takes a few hours per night when your live.

      • Do this over 1 yr now. very happy with progress

        Down side to this been limit by two Aus bookmakers since making consistent profits from them.

        Though you know profits is guarantee but you do hope all your winnings is comming from betfair exchange and not from these bookmakers. Limit will come into effect when they know you win well.

        They just want is genuine problem gamblers then losing money from them. Never a fair game dealing with them

        Anyone got suggestions on any bookmakers worth going to?

        • I would be surprised if the WA TAB limited your account for being successful.

          It is still owned by the state government.

          Worst thing is all the stupid Australian laws regarding no live online betting.

        • -2

          Pinnacle.

        • @chill:

          I would be surprised if the WA TAB limited your account for being successful

          I was limited (actually locked out of my account) with NSW TAB. Haha I never thought it would happen. I was shocked because the NSW TAB's vig is huge almost always other bookies offered better odds. Only arbed with NSW TAB when I was limited elsewhere or if they were extremely slow moving, but still it came.

        • @ck:

          Pinnacle.

          He's been arbing for over a year… do you really think he doesn't have a Pinnacle account???? I think he means what soft bookies.

        • @PBG: Limited by Ladbrokes and Tomwaterhouse. on horse racing fixed price

          Used to have awesome FUN with Takeontom markets. Not anymore

          Never find opportunities with TAB. margins ridiculously low compare across the markets.

        • +1

          @PBG:

          I was limited (actually locked out of my account) with NSW TAB

          Yep but they are not owned by the Government that is Tabcorp ASX:TAH

    • What software do you use to find arb opportunities?

      • No software - all online alert services. I used to use BetOnValue but I haven't arbed for a while so they may not be the best anymore. If you want to find out more information Sports Arbitrage Australia has a good guide for newbies

        • good websites..i will check them out….join all the sports bet agencies..they will match your deposit and you can use that free bet money..if you lose your free bet pull your deposit out…if you win you usually have to turn your bets over..$1.50 minimum odds
          http://www.punters.com.au/betting/

        • @sa-ozzie:

          Yeah but most states are excluded from bonus bets nowadays

        • +1

          Im in SA and we are supposedly excluded from most..yet the majority of bonuses go through..don't ask me how it works

        • +1

          @sa-ozzie:

          You just have to call them up and ask if the bonus applies to you. I have literally done it more than 10 times. They can't give you a sign up bonus based on advertisement, but if you sign up and then ask for a bonus, it's not considered a sign up bonus anymore. Weird that they go through with it. I made $2500 profit through all the sign up bonuses, cash back offers, free bets and take on toms last year.

        • +1

          @backno67:

          They can't give you a sign up bonus based on advertisement, but if you sign up and then ask for a bonus, it's not considered a sign up bonus anymore.

          Spot on.

          I wonder how long this will go on for before the licensing bodies realise what's happening and close the loophole though?

        • -1

          @sa-ozzie:

          avoid pinn-acle sports as they make you turn over your deposit 5 times before withdrawing, if you don't believe me then check clause 30 under rules on their website. Ran into this issue myself and no, it's not for bonuses.

        • @banzini:

          You can't be serious. Avoid Pinnacle??? The name of the game is to maximise profit, without them you are taking lower arbs. And I've never had a problem withdrawing after zero turnover and I've put $500k+ through them. Only catch is the first withdrawal each month is free then subsequent withdrawals in that month have A$15 fee.

        • +1

          thanks for the info guys

        • I haven't arbed for a while

          Why? does that mean it doesn't produce much?

        • @Son ofa Zombie:

          Why?

          Because all the bookies kicked me out of their club :(

          Sports arbitrage is a great profit maker for a short period of time. If you hit it hard you can make many thousands (like $5k - $20k per ID depending on how quickly the bookies discover you are an arber) but in 2-3 months every bookmaker you place bets with will put a maximum limit on your bets of $5. It's pretty hard to make decent coin when you profit 2% on $5. Lol. So when you are limited everywhere most of us simply give up and go back to our normal lives.

          The funny thing is if I ever wanted to place a normal sporting bet in the future for a bit of fun (no idea why I would do such a crazy thing) I can't. All bookmakers have identified me as a 'professional player' and won't take anymore bets from me. They can't do anything with my cash or previous winnings like take it away from me, but they can stop taking bets from you if they don't like you. So I came crashing back to normality a few years back. Man those few months I felt like a millionaire - was a great time.

    • Sports betting arbitrage sounds like an existing millionaire's semi-passive income dream (beyond multiple savings accounts…).

      I've heard that some bookkeepers can "cancel bets" so that you may potentially lose your inverse bet (which of course can still be good if your other bet wins but otherwise disastrous). And agencies communicate with each other regarding opposing bets. Sounds a bit suss…

      As someone that's never gambled beyond Meat Tray bingo with nan it's a bit much to jump into (I'm very pro-logic and anti-addiction, but it would be fun to program automatic short-term arbitrages via existing APIs nonetheless - which would also qualify as "passive" if nothing goes wrong - like the power cuts off…).

      • +2

        but it would be fun to program automatic short-term arbitrages via existing APIs

        It's been done many times over. Start now and you are 5-7 years behind the big players in this space. They are arbing sharps only and making a solid income from it. But be warned, the sharps have their own odds tracking bots to eliminate sharp-arbs so you'd need to be quicker than them. It is said to take 2 years full time to map out the team/player naming conventions, and by the time you finish all the bookies have adjusted their names to render your mapping obsolete.

        In terms of the rest of your comment, all arbers are a bit suss at first, then it's a simple matter of paper trading for a few days (there are free alert services so it doesn't cost any money) and you then realise that mathematically its possible and the next thing you know the first real-money arb is on and it's all up from there. We were all in your boat before we started. If it's any encouragement, your attitude of I'm very pro-logic and anti-addiction is 100% the mindset of an arber. I certainly wouldn't recommend anyone with an addiction problem to start arbing.

        • Thanks for extra info. Since Australian betting companies are all "soft" and our international speeds are relatively slow (I heard most new sharps are coming out of Asia) I suppose an Australian-based server wouldn't keep up.

          Ironically I was hoping to get actual gamblers I know (incl. futures traders) to have a go at sports arbing. It feels more ethical robbing the "bank" rather than another "customer".

        • @peterpeterpumpkin:

          There are only 5 sharps in the world and their hasn't been a new one for years. One in USA (Pinnacle) and the rest from Asia. No-one else is close because they are too slow or more likely too stupid. Aussie bookies certainly haven't got the wits to compete in that space.

          And I know what you mean about robbing the bank, it used to feel pretty good when I would take thousands out of the pockets of the real crooks. Of course big picture they didn't care because they were lining their pockets with millions, but it was always a nice little David/Goliath victory :)

          EDIT: 5 sharps + the exchanges of course ;)

        • @PBG:

          Or can just start of doing back and lay method via bookies and Betfair Exchange. this is how I started still doing it but lots of effort. Then more onto more and more bookies. Work out mathematically profits both side after commissions

          It really sound unfair how they limit my accounts because a sequence of wins comming from them. Really reduce the profit Now got limited by 2 of the Aussie bookmaker.

          Outside Pinnacle. Which sharp Asian bookies do you use?

        • @leehungfei:

          SBObet is my other goto sharp. But no sharps have horse racing for you :(

          FYI, I believe your limitations in those Aussie bookmakers will be on horse racing bets only. Check your account for limits on sports bets. If you're still unlimited on sports you should look into sports arbitrage as its much less work and much higher profits than horse arbitrage. Plus you already know your way around the calculators it will be a piece of cake for you

        • @PBG: Can you bet with SBObet on Aussie currency or others? how do they charge on withdrawal and deposits?

          You ever restricted on anything by them? If good, will happy to join them

        • @leehungfei:

          They used to take AUD when I did it. Not sure if still do, I don't see why they they would drop it. Best just check their website for this and the withdrawal fees. Although I remember they had a similar "first withdrawal free per month" like pinnacle.

          I was never limited or restricted by them. Their limits were mostly half pinnacle except on a few random sports where they were higher. Certainly no limits come on winning players accounts. They are a true sharp in that sense.

          They always took and honoured a bet. Didn't use any t&c loopholes to get out of paying.

          I had zero bad experiences with them. Would recommend.

        • @PBG: Thanks.

          So when usually you would tap in to SBObet usually for the Arb opportunity? Is it just 30 mins before a match or a few days before? Scan through the market odds?

          E.g Premier league match Chelsea vs Arsenal… Champs League Barca vs ManCity….
          or NFL final etc…?

          I would prefer to Lay it off the pair with Betfair Exchange if good… Not sure yet

        • @leehungfei:

          If you subscribe to an arb-finding service (I used BetOnValue) then there are so many arbs thrown at you that it's not worth taking arbs more than four hours out. Because you are tying up your money for too long. With arb finding services you can be in an arb, profit 1%-2%, take your cash and be in the next one so quickly. Arb-finding services also pick up back/lay arbs with exchanges, you just select which exchange you use, input your exchange commission fee % in the settings and away it goes and calculates your arbs for you. Saves heaps of time and finds arbs you would never find on your own. BetOnValue has a free sister-service called BetBrain. It is exactly the same as BetOnValue except the arbs it shows are 20mins delayed. BetBrain is a good way to get used to arb-finding services without costing any money. But of course once you start playing with real money if you don't have the live odds service then you are wasting heaps of profits because the arbers with the live service are taking all the big % arbs away before the 20mins is up.

        • +1

          @PBG: Cheers, looking at Betbrain now, feels quite confusing to use…

          errr..just got limited by Sportsbet with UK horse racing fix odds today to $50 only. time for a change to sports

  • +1

    Term Deposits

  • +2

    airbnb your spare room.

    • +1

      Requires work but still a good idea.

    • If you live in a popular area, you can advertise your room for a minimum amount of days (like 4) to make it worthwhile and to reduce the washing … because believe me, that is the worst of it!

  • My Plan- Start a business, work hard for 10 years. Afterwards sit back and let staff run the show.

  • money can be easily converted into passive income by investing it
    the easiest way to get passive income is to spend less/invest more
    but i think when people talk about passive income they usually mean making an automated business

    i would say renting out property is closer to an investment than a business, and its not the best thing to invest in unless you are for tax reasons (or you think house prices are gonna explode)

  • +1

    Spend less than you earn and invest the savings. Term deposits is just barely enough to keep up with inflation.
    Depends on your risk profile. You can invest in shares with insurance (options) so you get all the upside at the same time protection your downside if the market tanks.

    Depending on your age can buy annuity which gives you future income for life.

    • And that above inflation is tacken by taxes….

    • Are you able to elaborate on the annuities. If I'm 21 and wanting to build my income is this something I could be researching? I have foolishly invested in shares without doing the right research and the prices of the company dropped by 65% in a month. So I've just lost 65% of my savings. Trying to pick myself up from this. Wondering if Options and Warrants and Annuities should be where I spend time learning

      • Annuities is like future income insurance. Basically if you give the annuities insurance company say $100,000 lump sum at 45 years old and depending on the annuities contract it will start paying you about $60k per year for the rest of your life. The payment will start at age 85.

        If say you want the insurance to kick in earlier say at 65 years old, then you will only get about $7k per year for the rest of your life.

        So the longer you hold off getting paid, the higher the payment amount.

        If you die before the insurance policy kicks in, the insurance company keeps your $100k. Your dead anyway so who care right!

        80% of the people who invest in warrants ends up loosing as you are not the market maker.

        There are dozens of way to use options to your advantage, can't be ass to type it up thou. I use it as insurance policy when buying or selling equities and use it as rental/passive income.

        You can use options to RENT out your shares to earn passive income using out of the money covered calls. Eg Say you have 10,000 shares of BHP. The current price is $28.00 per share. You are willing to sell/ your shares at $30.00 strike price at the end of the month. The buyer of the call option will have to pay a premium or deposit of $1.00 per share to buy your shares at $30.00 at the end of the month. You keep the $1.00 per share (or $10,000). If the share price goes to $35.00 at the end of the month you have to sell the share to the call options buyer at $30.00 per share, and you loose out the additional $4.00 per share upside. If the share does not go above $30.00 at the end of the month you keep the $1.00 or $10,000. You then do it again the next month. So you can make a theoretical $120,000 per year.

  • A not so close friend of mind who is well endowed and is a part time model for men mag. All I can say is he paid for the large flat in cash in the nice part of Manly.

    • +3

      That's not passive income.

  • -1

    Multi level Marketing

  • Buy a vending machine. Rent it out. Not sure if already mentioned

  • +1

    Tiny Classified Ads. https://www.youtube.com/watch?v=Y6XRz2FR5Kw

    If you don't understand, it's complex.

    • +1

      You see, the adds themselves… generate income

  • bitcoin mining

  • What about driving for Uber over weekends?

    • +6

      Working a second job is not a passive income.

  • The house of hancock premieres soon and i am hoping to pick up some tips from Rose how to build my wealth

  • +1

    Maybe you should check out Richest Man in Babylon. It's one of the older self help books. It involves taking ten percent of any money that comes to you and using this to invest with in areas you know about/can get good advice about. There's a bit more to it but thats the gist of it.

  • This is an easy alternative!!

    http://www.cnbc.com/id/102385027#.

  • how about fix deposite? or maybe doing an ebay business :)

  • +1

    Plant some Phoenix canariensis trees, after 15 years you can sell each one for $5,000. Buy the seeds for $10, plant about 100 of them, in 15 years time, 100 x $5,000 = $500,000 ROI. Of course, if you have a terrible drought then you're screw*d.

  • +1

    breed frogs, sell frogs

  • +10
    1. Rent a room in your house for $250pw cash (easiest thing in the world)
    2. Get Trailer, Chainsaw and Splitter and sell Firewood, its a great passive income, once again, its all cash.
      Sorry, thats not really passive, but i have friends that do it outside their work hours and make an additional $600 to $1000 a week.
    3. If you have spare land, drop some Shipping containers on there and start a off-site storage business
    4. Once again, if you have land, start a Boat/Caravan Storage business
    5. If you have spare time, find under valued items and sell them for top dollar on eBay
    6. Find cheap vans for around $1000, clean them up, build a make shift bed in the back and sell at Back Packers on notice boards for $3000 (i have another friend thats been doing that for over 3 years)
    7. Go to Business Closing Auctions, you can pick up commercial catering equipment dirt cheap, clean it up, on sell for a profit. (its how one of the richest men i know got started)
    8. Buy some Mobile Coolrooms and hire them out.

    The mainstream ways to make money are always there, term accounts, shares, etc.
    But there are many ways to turn a dollar if you think outside the square. Sure it might not be your idea of passive, as nothing comes for free. You will either be giving your time or your money or both.

  • +2

    OP the best advice I can give is to disregard most of the comments here. When I read the well-intentioned advice given on investing, MLM, franchising, property, business startups etc I become certain of a few simple truths:
    (1) 'stereotyping/generalisation' means confusing limited experience with universal truth. Opinions are like sphincters: everyone has one, and they usually stink.
    (2) take advice from people who have already done what you're trying to achieve. Your mum means well when she cautions you off taking a risk, but unless you are trying to achieve your mum's results do your own homework.
    (3) the rare kind of mindset/mentoring you're looking for are probably not the employee/self-employed active-incomers that frequent ozbargain. And probably not your inner circle of friends, or colleagues. Rohn once said that your income will be about the average of the five people you most associate with.
    (4) Invest your capital in what you understand (Buffett). The wealth vehicle of your choice will require ongoing education on your part, and you are certain to lose at times. That's a necessary part of the growth process.
    (5) That's also the reason why the 95:5% rule applies to success (investing, business etc). It takes tenacity, patience, resilience, time, growth, practice - emotional intelligence. Same as success in anything, really.
    (6) You're not going to get a different result doing the things you're already comfortable with. Be prepared to get outside of your (and most people you know's) comfort zone. Read bibliographies of successful people: they didn't get where they got doing the things everyone else does, and somewhere along the way there will be people in your life (family, friends) that alienate you because you're walking a different path. Crab mentality. Don't be an a$$hole, but understand that not everybody truly wants you to succeed.
    (7) Nobody ever saved their way to wealth
    (8) Money is not the root of all evil. The love of money is. Money is just a tool, and how much you have is a projection of your mindset about it. Build your life around principles (not a love of money) and the success you achieve (financial, emotional, physical, spiritual, relational) is yours to enjoy. But there will always be people who earn $15/hour calling people who earn $20/hour greedy.
    (9) Habits. It's not what you do today that determines your success (or lack of). It's what you do every day.

    • +3

      Your number 7 comment is the worst advice given on this whole thread.
      Saving is the most basic and foolproof way to create wealth.
      Compound interest is commonly called the 8th wonder of the world.
      It will also lead to other investments, like property and shares.
      http://einvestingforbeginners.com/2014/04/23/compounding-int…

      • +1

        With respect, I think you and I agree. It's a semantic distinction.

        True, you can put savings into interest bearing vehicles, just like any other capital. You still have to do your homework and choose the vehicle/investment.

        I'm talking about savings in the bank earning the cash rate and no better.

        Now you can raise your capital two ways: increasing/diversifying revenue streams or cutting costs. If you're capital consists solely of pinching a few pennies here and there you're on the slow track. One might argue that at least it is a track.

        So if your disagreement is that being frugal with money, and spending wisely on income bearing assets are good ideas, no need. Of course you're right.

        I stand by (7) from a capital pov. I would rather go $200k
        in debt purchasing an undervalued business/instrument than have $100k sitting in a term deposit.

      • And for anyone still unsure these:
        * http://www.huffingtonpost.com/2014/11/03/saving-wont-make-yo…
        * http://www.sproutwealth.com/cant-cut-your-way-wealthy/
        were written by much smarter people than I.

  • Setup an adfly account or similar. Spam the web with a link claiming to be website that gives you free gift cards but really, all it does is link them to a google image search of a potato. Now sit back and watch that money come flowing in.

    Trust me my friend, my methods have made me the successful man i am today. With a total of $35 from accumulated clicks, you will be a rich man like me in no time.

  • +3

    Yea I got a good one!
    Stop visiting ozbargain.com.au and you have some more money left over from your salary! And less things in the house you don't need ;)

    this site is addictive… I check it more often then my damn facebook now!

  • +2

    Passive income is an income received on a regular basis, with little effort required to maintain it <Wiki> Personally, i think there will be some effort/man-hrs involved to maintain this sort of income. For the general population this cannot be achieved in their 20s/30s or even 40s to replace the active income and subsequently take it easy to get of the bed for active income. Creating passive income comes with its fair share of RISK therefore if you are risk-averse then you have to look at safe options. Personally analyzing real people around me, the people who have managed to create a passive income stream are all in their late 40s or 50s. And they have done this through traditional methods such as acquiring real estate, investing in shares, etc. over decades. Like OP, I am looking for non-traditional method to create this income stream for many years and realized you can achieve this only by taking significant risk. However, I came across a successful single women in her mid 30s with a big pay check in 2007 and her plan was to comfortably retire in 2017 from corporate world. ( Acquire 10 investment properties and in the end 10 year period sell 5 and pay the rest ) To be honest, she is 43 and has managed to acquire 10 already !! With her holdings after selling and paying she expects to generate about 8K income every month which is her target. Very very focused women and she had to fight her way to be in this position. Also has a brain to absorb the RISK.So its worth to have a plan that will work for you and execute it.

  • +1

    Step 1. Collect underpants.
    Step 3. PROFIT

  • Blackjack nor poker is passive income

  • -1

    Car Next Door is a good way of earning passive income renting out my car while I'm at work. I've only been on the system for a couple of months it was a little slow to begin with getting the bookings but peak season now during summer have been earning $500-600 per month. They charge $60 p/m membership fee which covers the full comprehensive insurance. I earn 50% of the commission up to $240 and 75% of commission for anything above that. Also I'm reimbursed 25cents per km for each kilometre driven.

    • Have you calculated how much per month in extra depreciation and repairs/maintenance? Be interesting to know the real cost.

      • I'll take that as a no then :)

        • +2

          Someone's butthurt and I know who. Going to cry to your mummy every time I expose your exploitations? Haha

          😘

      • as well as fuel, you supply the fuel, the renters dont need to fill up at all.
        $5-$7 per hour plus 33c per km, doesnt sound much money will be made.

  • Sit in a room with a mask and play with your cat or dog..charge special shows for money where you take of your mask and have another mask call it the maskerade show

Login or Join to leave a comment