Financial Plans / Digital Cards / Investment / Passive income

hey guys, whats up on the financial front? been recently looking into information ETF-s (500it) and learning diff types of skills from opensource projects of top universities, looking for ways to create streams of passive income while getting immediate money on the side, like business dev manager in a crypto firm or similar Hopefully this thread can help with individualization since there are lots of 20 year something something olds here Here are some general questions: Have any of you opened digital cards? Did it work? Did you benefit from storing money in crypto (trc)? Does America afford ways to cash it down w/o stripping yourself down from abhorrent commission? Do you actually use cold wallets? what's the best way to store money? is the SEC about to mass close a bunch of wallets? What are some of the US financial shortcuts / cultural idiosyncrasies? What courses should we watch and books to read to understand? Is there a cool crypto x venture capital crossover in terms of working in a "crypto sphere" where you could give opportunities to people?

Passive income is a meme and a fairy tale. Work hard, motherfucker! (This doesn't mean work as a wageslave, of course work for yourself and be your own boss if you can)

>>84056 First of all, a $ not spent is a $ earned. Invest in making yourself capable to run on small money. Own your home. Have 500 square meters of garden exposed to the sun so you can grow some food. Second, a man can not own material goods. It's an useful lie so we repeat it often but it stay a lie. The only wealth you can own is immaterial. Do you want fat passive income? Simply have a good network. Boom, set for life. Wherever you live and whoever you have, get to know people. Make them worthy of your trust and make them trust you. Family would be a great start. If you have a strong family, nothing can happen to you. You will never be homeless, or hungry, or even alone. Third, SPY is a good reliable ETF and will stay this way until America collapse and China raise, which will happen in a few decades.

>>84065 why do you choose Spy over Voo

>>84058 unironically being a landlord. Buy a house to live in, then buy another house to rent out, then put 80% of the money from rent into the mortgage 10% into maintenance and 10% into your pocket, then use that money as a down payment for another house, do this over and over until you own a number of houses. After about 10 years, you will have stable passive income if you expand enough to hire managers.

>>84203 i think the trend is reverse - financial elite uses regulatory capture to push private landlords out of markets, west is basically moving back to feudalism as we see private ownership abolished. Just this month came news of new regulatory hurdles for uk private landlords. They wont they it straight but they simply down them slowly making it unaffordable while selling it as for the tenants good. >>84058 investments are passive income. Its not a fairy tale but its unsexy to wait a decade to cash in on save returns and it also means you would have needed to invest at 16 to make it by 26.

>>84204 yes this does seem like a certain level of risk, here landlords can get screwed over bad, impossible to evict even bad renters without very slow processes, the covid stuff basically let people refuse to pay rent for many months if they want, anti discrimination laws make it tricky to properly discriminate to whom you rent etc etc. There are tricks to make it safer, but it seems like possibly a headache.

>>84204 Passive income means you make money without having to work. Realistically, that means that you do the work up front, and then live off of whatever work you did. In the sense of real estate, it's easy to become a millionaire. It will probably take around 20 years if you don't have a high paying job. On the other hand, it might look something like this: Buy a house (10 years to pay off, or you could live with your parents etc. so that you have no personal liabilities). Your biggest hurtle will be managing both having a job to provide feeder income (pro tip, avoid unnecessary expenses delivery meals, or vacations in the beginning). If you either start a company, or put your house up as collateral then you can take out a large loan. In some cases, you can get million dollar loans for first time buyers, but these can be risky. Next, get a property. It can be in slight disrepair and you intend to recuperate the cost by improving it to repair. Next, find someone to rent it too. This is important... DO NOT DO SHORT TERM VACATION RENTALS LIKE AIR BNB the increased profit margins are siphoned by the company, and you increase the risk of partygoers, criminals, and in some cases might find yourself without tenants. The ideal tenants are planning on moving soon, or are saving up for a house of their own. Stay in contact with them. Help them out. Treat them well, and they will take care of the property. You could realistically do something like find a house for 120,000 (after interest on a 10 year loan, if you spread this out over a 30 year loan you can potentially charge a lot less while still paying it off sooner) this would be a smaller place. Good rental properties include warehouses and prefabricated homes with good road access. With no money down payment you would have numbers like: >Mortgage 1200 x 12 = 14,400/year You might get an even lower cost with a 30 year loan like 450/mo but obviously interest will drive up the price long term and we will disregard. Feel free to recalculate if you want... >Property Tax (assume 5%) 6000/year = 6000/12 = 500/mo >Insurance 2500/year = 2500/12 = 210/mo (rounded) >Add 10% for maintenance = 120/mo Total out of pocket per month = 1200+500+210+120 >Expenses 2030/mo or 24,360 year Now consider that charging rent at this price would still put you in the hole. Assuming you want to make profit, you would need to then assume that by adding an additional 16.4% Surplus (4000) you could theoretically make a little money that you could save (Do not spend this at this point). Here you would charge 28,360 per year rent, costing your tenant 2363 per month. However, you would need to pay taxes on this income, which we will assume to be 10% earned income. Assume that you will owe around 3000 for simplicity sake. So your take away is 25360, or you are only netting around 1000 per year. This might seem low, but bear with it. By adding a down payment, say 10,000 you can also reduce the burden, which increases you profit margin. Also keep in mind that you still have a job, which means after 10 years this same 2363/mo is all gross income which you can then use to supplement your full time job. After about 5 years, you would have 5000 and you should have been able to save some additional funds (if you save 250/mo, after 5 years you will have 15,000) which you can total to another down payment of 20,000 to get another property. Once you hit 4 rental properties generating an average of 1000-2000 per month, you will have 4000-8000 [i]net profit[i] every month. This is a livable or even decent income in most cases with your only work being occasional repairs you can either do yourself, or if you want to take that money out of your funds, you can pay someone to do it and manage it. This would take about 20 years total to achieve, assuming you get a new property every 5 years. Keep this up for 30 and you can look at 6000-12000. At the upper limit, that's 96000 - 120,000 per year for you doing nothing. If you start at 18, this would be doable by 38-48 respectively.