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Sources of Passive Income: Advice for a Newbie

DirtyMiind

Active member
Jan 24, 2019
321
256
43
Hey Terb,

Im a 31 yr old who is tired of working 9-5 (yes, already), and Im looking to get more out of life. The idea of waiting for retirement to be wealthy isnt all that appealing to me either. So, Im looking to start accumulating sources of passive income, and was hoping to get some guidance to start off on the right foot. Im reading Millionaire Fastlane by MJ DeMarco, not for any get rich quick secrets, but for a different perspective on money and making it work for you instead of you for it.

Is there anyone here who has achieved this (i.e. you dont work for a paycheck) to any degree of success and is willing to offer a few tid bits of information on how they got there?

Is my first step to build significant capital? How much? Or should I see an advisor? Assuming theyre not all made the same how do you find a good one? My family is not part of the financial world so I have no connections to reach out to, how do I begin? Any help is greatly appreciated. PMs are always welcomed too! Thanks in advance!
 

Mencken

Well-known member
Oct 24, 2005
1,047
40
48
Hey Terb,

Im a 31 yr old who is tired of working 9-5 (yes, already), and Im looking to get more out of life. The idea of waiting for retirement to be wealthy isnt all that appealing to me either. So, Im looking to start accumulating sources of passive income, and was hoping to get some guidance to start off on the right foot. Im reading Millionaire Fastlane by MJ DeMarco, not for any get rich quick secrets, but for a different perspective on money and making it work for you instead of you for it.

Is there anyone here who has achieved this (i.e. you dont work for a paycheck) to any degree of success and is willing to offer a few tid bits of information on how they got there?

Is my first step to build significant capital? How much? Or should I see an advisor? Assuming theyre not all made the same how do you find a good one? My family is not part of the financial world so I have no connections to reach out to, how do I begin? Any help is greatly appreciated. PMs are always welcomed too! Thanks in advance!
Don't spend all the money you make...invest for the long term with whatever you can save. Other than that...not sure what you mean by passive income...if it means income that accumulates on which you don't have to pay tax (or your taxes are deferred)...about the only option is your RRSP based on the scenario you outline.
 
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