Becoming Rich

soulman247

Hi


I am looking to make some residual income and other types of income

Residual income
-Renting Houses this takes a lot of capital which I don't have
-Savings account you get pants interest
-Bonds you need loads for money not as much as renting a house but still load 4-6% on 10 000 is not much
-Peer to Peer investing you still need loads like with bonds (Thoughts)

If there is any other ways to make residual income let me no one. I don't mind doing the above but I still need to raise enough money for them to work

Normal income
-If your gonna say start a business or something not directly linked to residual income please state that so people no

Let's talk

HappyHarry

How much income are you looking for and how much capital do you have to put towards your final strategy?

Just going by a few of your previous posts, I am not certain of your awareness of the reality of investing.

https://forums.moneysavingexpert.com/discussion/5191001

https://forums.moneysavingexpert.com/discussion/5181776

soulman247

I do know about investing theses are old post by the way and what are you saying?

I have investments all ready one being a share save at work I earned 3 thousand on that but 3 thousand is not much in the grand scheme of things

I am planing to
-Go train Kung fu in China
-Train in Thailand
-Go live and have fun in LA

But I don't want to take 2 steps forward in terms of experiencing life but then take 2 steps back financially and come back struggling with money hence my post on residual income

bowlhead99

soulman247 wrote: »

I do know about investing theses are old post by the way and what are you saying?

Saying you don't know much about saving or investing, which is what this forum is all about? The reality is, if you want to make money off your money, passively, then you need a decent amount of money to start with - whether you're using p2p based investments or share-based investments or property-based investments or just cash savings.

You can get 5% a year on money saved in a Nationwide 'flex direct' current account or 'flexclusive' regular saver. So, start by making sure your cash savings are earning a decent rate of interest while you add to them.

Keep looking out for ways to get extra money at low risk. Back in 2012 for example it was suggested that you put a good bit of your salary into the company pension scheme because the company would give you a large amount of free money on top which would be invested for you and managed with very low charges, which would help you a lot when you retire in a few decades.

soulman247 wrote: »

Decades come on live in the real world, be smart and it could be 5-6 years

soulman247 wrote: »

You are so defeated, come I can and will find a way to earn more money and quit my job. If you have this mindset ur defo do 45 hours for 40 year LOL not me bruv

So, did you succeed in 'being smart' and increasing your pay while reducing your hours like you planned so you would be ready to retire in 5-6 years from 2012? That would be 2017-18, right? I think not, because you are saying you still can't afford to buy any property or have enough savings, bonds, or p2p to get any meaningful income from those things. So it doesn't seem like you hit your targets.

I am planing to
-Go train Kung fu in China
-Train in Thailand
-Go live and have fun in LA

But I don't want to take 2 steps forward in terms of experiencing life but then take 2 steps back financially and come back struggling with money hence my post on residual income

'Residual' income implies your money is at work being invested in something serious for big returns and there is some little residue left over that could perhaps be doing something for you. But you don't seem to have any serious amounts of money to invest in anything. You can't just magically make money out of nothing.

How much will you have left for investing and to live on, after you have done all your travel to Asia and after living and having fun in the US? Ppresumably not working in LA if you don't have a working visa, which is quite hard to get without any particular technical skills that are in high demand? LA is one of the more expensive parts of the country to live in.

Are you planning to maybe monetise that kungfu training by setting yourself up as a wing chun sifu, running classes here when you get back? You probably need years rather than days of instruction to be ready for it. The training business is a tough one to make any money in, but if you have serious cash to start it up and absorb all the initial losses and training costs and travel, you might enjoy it more than retail and customer service. Doing a job you love is the next best thing to being retired.

In other threads in the past it was recommended you get some more skills or training to help you get a better job and more pay. Investing 'in yourself' with training courses and qualifications can pay you very good long term returns. Ultimately, you want more money, and you want enough spare income to invest in stuff to make even more money, so really you need to start getting paid more for your day job. If you're still struggling with maths and English have you considered doing GCSEs or A-levels as evening classes in your spare time?

lpgm

'Residual' means leftover.

BananaRepublic

I must admit I was wondering what 'residual' meant. I guess as lpgm indicates it means 'spare' or 'leftover' in this context.

A couple of 'secrets' to investing are invest early, and stay in for the long term. Even modest amounts can become large nest eggs if you choose the investment wisely. You do not say how long you can invest for,. For the short term savings accounts may be the safest route, albeit pants. But if you can stay in for a at least 5 years, then a collective investment such as a unit trust is in my view the way to go. And a world index tracker is not a bad choice, and is very much fire and forget.

£3,000 is a decent sum, it could grow quite a lot given a decent choice of fund, and a willingness to sit it out while it grows (subject to possible market crashes requiring you leave it in longer than intended).

MisterMotivated

www.national-lottery.co.uk

Potential for incredible returns, but your capital is at risk.

Pincher

From the lack of finesse in natural language, I assume you are an Artificial Intelligence that is seeking interaction practice to pass your upcoming Turing Test.

http://filmescape.com/royalties-vs-residuals-whats-the-difference

Royalties vs Residuals – What’s the Difference?

In the world of TV, a royalty is a fee one receives!for every episode of their show!that gets produced. This is usually reserved for the show’s creator and/or the pilot director. For example, even though Martin Scorsese never directed any other episode of BOARDWALK EMPIRE except for the pilot, because he directed the pilot and created the overall look and feel of the show, he gets a royalty fee for every episode that gets produced. Same goes to Terrence Winter, the show’s creator. Unlike royalties,!residuals!are fees that writers, actors and directors receive every!time their episode airs on television. A royalty is only based on whether episodes of your show goes into production, NOT whether or not it airs on television.!


I further assume your patten matching algorithm scored a high correlation between residual, royalty, rent, annuity, dividend and interest, which are all income streams, but you do not understand how these income streams operate in the real world.


You write a novel, preferably a trilogy or more.
Sign a book deal with a publisher, so you get a royalty for every copy sold, say 50p.

Next, get a TV or movie deal, to make your novel into a film.
Insist on a speaking part for yourself, so that you get a residual payment every time the film is repeated.

I look forward to the day you demonstrate the ability of machines to beat humans at writing novels, as well as Chess and Go. I certainly hope the programmer remembered to put in a backdoor, so he can switch you off before you get too uppity and take over the world. Joshua.

bowlhead99

Maybe he would like a game of tic-tac-toe. There's only one way to win.

Wobblydeb

I have always called this recurring income.

soulman247

Residual income (also called passive, or recurring income) is income that continues to be generated after the initial effort has been expended

I have made money and to just shut me down does not help anyone. I'm basically asking for advice

even if i had 70 000 spare 4% on that from a bond is poor hence the reason i made this post so no its not about how much money i have but ways i can stretch my money and get more from what i have Residual income is the goal

Also to say i don't have enough money to go to LA is a jokes because why would i go there is i had no money? I'm just again asking for ways to make extra money on a system that requires you to put some work in at first but them u get paid multiple times if not more before you have to do anymore work

If you don't wanna help or give any advice don't reply to this thread i really wanted and still do want to help people by people all submitting there ideas

Plus u can't retire if you own your house u still need income hence the reason i said Residual income (also called passive, or recurring income)