Tagged With "income"
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Re: Marketing Without Money
TIP: I have collections of price shopping tools in my wheelhouse of wheels. My favorite resource for books is Bookfinder.com. Most of my "keeper" books are around $3, delivered.
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Re: Is Your Life Taxing?
I also have been doing my own taxes for well over 20 years. It's a money saver if you know what you are doing. This up coming year will be a bit different due to tax changes but probably simpler for those who know how to do them.
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Re: Is Your Life Taxing?
What tax changes will be different this upcoming year @Lisa Eichinger ?
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Re: Is Your Life Taxing?
There are no more exemptions for each person, the standard deduction has increased, the tax rate has decreased, and W2 employees can no longer deduct unreimbursed work expenses, to name a few.
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Re: Is Your Life Taxing?
My pleasure! I prepare taxes as a second job so I have to keep up the changing laws
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Re: Is Your Life Taxing?
In Florida and maybe other states AARP offers free tax prep/filing for anyone in the community. We have used this service for years.
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Re: Marketing Without Money
Thanks for the suggestion. I will add it to my list. I personally like purchasing my books from Thrift Books, you get free shipping if you spend $10 and you can get several books in good condition for less than the price of a new book.
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Re: Is Your Life Taxing?
I have only ever done my own taxes. IRS website has great resources if you need assistance and I pay a minimal fee for Turbotax for extra guidance.
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Re: Passive Income Strategies
You could invest in a REIT like Fundrise. Here's the Pennyhoarder article: https://www.thepennyhoarder.co...ney/fundrise-review/ . Real estate always seems to have good returns, historically.
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Re: Passive Income Strategies
I'm very interested in this thread topic, but it appears that maybe a definition is needed. Passive income, as I understand it, is income you make without working for it. I've been researching and thinking a lot about this. It's how rich people stay rich/get richer and how poor people stay poor. Again, as I understand it, there are basically two categories of passive income (unless you count inheritances, then there's three, or winning the lottery, there's four): investments and cash-back...
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Re: Passive Income Strategies
I'm planning to turn my house over to a property management company as a rental in a few years. I'll have the management company expenses, but the proceeds should still be able to pay for the rent of a small apartment in a lower cost area. By then, I'll be retired and won't want to maintain a house and yard.
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Re: Passive Income Strategies
Check out my latest post I have 4 easy ways to try and make some side income.
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Re: Passive Income Strategies
Side income is not passive income. If you work a side hustle or gig, you are still working for pay. This thread is asking about Passive Income. Passive Income is where your money sits somewhere and just increases without you doing anything.
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Re: Passive Income Strategies
Your plan sounds great. We've been thinking about this also, but we have a large house in a sought-after area, which would make it hard to rent the whole house (the rent would be a house payment and most people don't want to rent in our area, they'd rather just buy, I think). We've been thinking about whether it would make more financial sense to keep the house and pay it off quicker by renting half of it (which would mean we could charge a cheaper rental price but still make a good chunk of...
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Re: Passive Income Strategies
Yeah I would like to hear more a about this topic also. Looking at creative ways to earn passive income also.
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Re: Passive Income Strategies
Rentals are considered passive income, but it is not absolutely passive. There is work involved.
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Re: Using LinkedIn to build interested audiences and gain credibility
I ignored LinkedIn for quite some time but about a year ago I started focusing on it more. It really is a good tool for building an audience and connecting with people with very specific interests. When it comes to sales, while you can get them on LinkedIn, some people take things too far and just spam people with messages trying to sell their product or service. In my opinion this is a waste of time and makes me even less likely to buy. As with any social media platform, once you start...
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Re: Using LinkedIn to build interested audiences and gain credibility
Same here @Moore Income , but once I realized LinkedIn's potential I started digging deeper. I find that the tool works well for attracting group members, and I use it only to send a welcome message to new connections. Automation can be a great tool, but moderation is really important. And with Linkedin especially one need to be extremely cautious with automation. Because not all automation tool content is accepted by LinkedIn. And may in some instances result in getting suspended or even...
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Using LinkedIn to build interested audiences and gain credibility
Although it is nice to make a few extra dollars on the side. But most people however do work toward the " quitting your day job " Kind of online income. The effort requirement however is exponentially more demanding. Making a few extra dollars online require a lot less effort and can in most cases be fairly easy to achieve. But if you are thinking of working toward the quitting your day job kind of income, then be prepared to apply maximum effort. Which primarily involves building interested...
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Is Your Life Taxing?
One of my neighbors was heading out last year to drop off a folder with his taxes at a Tax Prep office when I asked why he didn't do his own. "Well, I have the condo mortgage to claim," he said as though that made a difference. I explained that I, too, have a mortgage although the interest does not even make a dent in the standard deductions for our property values. He was intrigued. "I can show you how to do your own and save that hundred or so dollars." He was even MORE intrigued. :) There...
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Marketing Without Money
For the group members who are rocking it with profitable full and/or part-time businesses, you are probably well aware that keeping expenses as low as possible in your personal and professional lives has had the biggest impact on your success. This post may not be of much interest to you. For the rest of us looking to attract more followers and/or clients and customers, I just want to offer a book suggestion, "Marketing Without Money" by author Nicholas E. Bade. The most recent publication...
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Passive Income Strategies
Hello, Penny Hoarders! My long-term financial goal is to build multiple passive income streams. Do any of have strategies, experiences, aspirations to share? Would love to learn from you!
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Re: Passive Income Strategies
I use some of the following for passive income: -FundRise -DiversyFund -Prosper and LendingClub All passive income streams I created and are not active income like a side hustle/job or traditional real estate which is active income.
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Re: Passive Income Strategies
Any recommended books or resources I could read to see how to invest in these?
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Re: Passive Income Strategies
Just seen this thread. I totally agree with this. The best form of rentals is housing or apartment types. You may only need to work once or twice a month to collect payments. Something that I would also enjoy doing. If you're not yet on that scale, you can do so by renting your own stuff that you don't use much. My best bet are on heavy tool equipment, event collaterals like chairs and holiday costumes.
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Re: Is Your Life Taxing?
Usually, I would agree. I have an Accounting degree and used to do other people's taxes as a side gig. The Deluxe versions of tax programs walk you thru everything with options and explanations. I buy the Premium by Intuit when working with others' returns. It's worth the $129. However, 2020 will be a different beast as so many laws and credits and interest due. This will make it a bear and I would recommend not going it alone for Trump's surprises that are coming upon us. Taxes should not...
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Re: Passive Income Strategies
Yes, @My Garage . I was speaking about rental housing. The hard work is getting it up and ready and then finding and keeping the right tenant(s). After that, the work is minimal. Also important is getting a team in place--handyman, plumber, electrician, real estate agent--and then there is insurance, taxes, property management (though I manage myself)...you get the picture. I'd like to get into one of those programs like Fundrise that was mentioned above though. I like that idea about...
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Re: Passive Income Strategies
I briefly rented out my house after I moved, and it was hellish. The tenants called what seemed like all the time. I am wishing I held onto it though, since it was near the beach. I bought it for $110,000 in 2010, and it just sold for $245,000 this year. I put a lot of money into that house. Oh well. If I were to purchase something again (probably an apartment or a condo), and rent it out, I would definitely hire a property management company. But things are so uncertain with COVID, maybe...
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Re: Passive Income Strategies
https://community.thepennyhoar...7#515998684783171167 Great call out. And I've noticed there is a lot of gray area in during passive income depending on who you talk to and what their ideas are for creating it. I read a great article on thebalance.com and the write described it as "income you generate by spending very little time and/or money getting started and continue to collect from in the future without putting in extra hours" specifically he was giving instructions on how to set up...
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Re: Passive Income Strategies
Amy_patt, could you post a link to that article? I would really like to read it. I have started selling some things on eBay, and my daughter wants to make custom T-shirt designs. I'm curious as to how to do t-shirt sales online.
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Re: Passive Income Strategies
@Zach Filstrup, You mentioned Fundrise and Diversy Fund. What has been your experience with them? I've been to both websites, but got bogged down in all the small print.
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Re: Passive Income Strategies
Hi Brigat so my experience overall has been pretty good with both platforms. I will say there are a few caveats to both. The expense ratios are pretty comparable in terms of costs/fees on both platforms. I will say that to get started in Fundrise is cheaper then Diversyfund. The minimum to get started is $500 which is equal. However, the monthly minimum if you want auto-investing is much pricer with a minimum of $500/mo. at DiversyFund and around $100/mo. you can do auto-investing with...
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Re: Passive Income Strategies
I have a blog which isn't technically passive since you have to put a lot of work into it up front BUT it can become a very good passive income stream eventually. A lot of people sell printables and create their own products and set up funnels.
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Re: Passive Income Strategies
We are now retired, but when we were in our 30's we used my income to purchase rental property and stocks we could purchase with out a broker. It is important to have a good relationship with your banker. We got our best real estate on divorce or the owner died and both groups need a quick reasonable offer. Our property is all paid for. I all ways reinvested my dividends. We now have dividends sent to us. Monday, We deposited a check for $599.00 from a bank stock we bought and reinvested the...