Becoming Rich

seashore22

The op has been searching for ways to make maximum money with minimum effort for almost 5 years now. MSE seems to have failed him.

Flobberchops

OP:

There is no get-rich-quick scheme that is all three of 1) simple, 2) reliable and 3) legal. If there was, then logically everybody would be doing it.

If you're a mere mortal like most then your best bet to achieving a level of passive income that affords you a comfortable and/or luxurious lifestyle is to follow a strategy of maximising your income, minimising your outgoings, and saving and investing over a timescale long enough for compounding to take a noticeable effect.

So:
- Work longer hours, or get a job that has a better hourly rate, or both
- Cut out unnecessary expenses
- This leaves you with monthly money that is yours to spend.
- Don't spend it. Instead invest it in a diversified portfolio with a decent balance between security and risk.
- Wait.
- When the monthly interest/dividend/coupon payments are equal to your desired monthly income, stop adding to your investment pot and enjoy yourself.

The problem with this is that people HATE deferred rewards, so it requires and iron-clad work ethic and the patience of a saint.

Plan B is to convert to Hinduism and pray that you reincarnate as a billionaire's son.

MyOnlyPost

I once came up with an idea that I could stay at home and people could just post money through my letterbox for me. The plan fell down when I couldn't think of a reason why they should.

ruperts

MyOnlyPost wrote: »

I once came up with an idea that I could stay at home and people could just post money through my letterbox for me. The plan fell down when I couldn't think of a reason why they should.

Even if that worked I have a feeling it wouldn't be "residual" enough for the OP, what with all the walking to the front door, picking up of the money, sorting of the money required. It needs to be easier than that, he needs to be able to do absolutely nothing for it.




OP, serious advice - invest in yourself. In the time between posting this thread and posting your other threads in 2012 you could have easily learned some sort of skill or acquired some knowledge that would now be allowing you to earn more money. Make sure you don't come back in another five years with the same questions having done nothing to help yourself again.

EdGasket

Start a window-cleaning business. Then when you get enough clients, employ someone to do the cleaning while you collect the money. Repeat this step and become rich.

Eco_Miser

Flobberchops wrote: »

The problem with this is that people HATE deferred rewards, so it requires and iron-clad work ethic and the patience of a saint.

I just love deferred rewards, especially when they increase by over 10% each year of deferral.
No real work ethic required, just find someone to pay you for doing your hobby.
Patience not really required either if you can have fun while you're waiting.

$nake_eye$

You could start a YouTube channel, and make updates as you learn Kung Fu in China and Thailand. You would then get a monthly payment based on views etc. Would only be small amounts but could be a nice passive income stream

Pincher

Search for "send me a dollar" and ye shall find.

Gambler101

Some people have dreams bigger than their limited brain cells can make come true, thats all im saying.

ognum

The key thing you should be investing in at the moment is yourself, become trained in a job that reaps high rewards and is transferable.

You probably don't need too many qualifications but you do need time. A job like plumbing.

When you have the skills you will have the ability through hard work to make money and use it to do the things you wish. You could then work in another country if you want to live there.

An odd concept I know!