TheRedArchive needs help
With 700,000+ posts and 16,000,000+ comments archived, and new Red Pill content being added every week, keeping TheRedArchive alive and discoverable to everyone is starting to become very costly. As a 20-year-old student who just moved out and is living independently for the first time, keeping TheRedArchive alive is beginning to cost me much more than I thought.

Therefore, if you appreciate the website, have gained a lot of knowledge and insight from it, and want to show your appreciation, you can do so by donating any amount that you want via the options below. The money will be used on the expensive monthly host bill and any future maintenance of the website.
Thank you, and I wish you all a successful 2021 and a good luck with achieving your goals and dreams!

Best, /u/dream-hunter

What skills can I start learning now that I can use to build a passive income in the next 5 years?

Reddit View
Facebook Twitter Reddit Email Copy link
PDF EPUB TXT PNG
LopsidedLemon
September 12, 2019
93 upvotes
askTRP

I have a decent job in marketing with lots of room to grow but I’m interested in learning something new that i could use to generate some passive income in the future.

I recently started learning Python and I’m enjoying it but I’m not sure how feasible a passive income with that is. It seems more along the lines of a career type skill.

What other things could I better spend my time on that could help me earn some some extra cash in the future? Or would becoming proficient in a programming language open enough opportunities by itself?


Post Information
Title What skills can I start learning now that I can use to build a passive income in the next 5 years?
Author LopsidedLemon
Upvotes 93
Comments 65
Date 12 September 2019 07:07 PM UTC (1 year ago)
Subreddit askTRP
Link https://theredarchive.com/post/253006
Original Link https://old.reddit.com/r/asktrp/comments/d3cpcl/what_skills_can_i_start_learning_now_that_i_can/
Similar Posts
Loading Loading
Comments

[–]Fromstatepharm40 points41 points  (0 children) | Copy

Here’s a good question on this sub

[–]Snowboard1828 points29 points  (15 children) | Copy

Monthly dividend stocks, once you get the dividend, but more shares

[–]MyNameIsNotRight3 points4 points  (9 children) | Copy

How much money should I have to start?

[–]back_into_the_pile4 points5 points  (8 children) | Copy

As much as youre willing to lose.

[–]MyNameIsNotRight1 point2 points  (7 children) | Copy

Should I waste my time starting off with say $100?

[–]back_into_the_pile2 points3 points  (5 children) | Copy

Of course my dude, as long as you have self control and a desire to grow that wealth, you will succeeed. The only people who have ever lost money in the stock market are people who sold. I highly highly recommend you take the time to peruse the personal finance sub reddit. There is a wealth of knowledge there. Just at a glance, with only $100 I would wonder if you work for a company that has 401k matching benefits and if you have contributed your max yearly contribution to your IRA. I think your money would be better thrown there as it is more risk adverse

[–]MyNameIsNotRight0 points1 point  (4 children) | Copy

I'm a contractor and the company I contract with dont contribute to either

[–]yettymonkey1 point2 points  (2 children) | Copy

Looks like you need to seek out a better job or increase your skill set my friend.

[–]MyNameIsNotRight0 points1 point  (1 child) | Copy

I am a UI developer currently and make 30/hr. I work with a java stack. I plan on getting better with React so that I can find a React based job. I also want to learn a bit about security to boost my knowledge and resume.

[–]Cametotherightplace0 points1 point  (4 children) | Copy

Monthly dividend stocks? What stock pays a dividend monthly?

[–]yettymonkey1 point2 points  (3 children) | Copy

Few companies nowadays and even less when the next economic reset happens (by end of 2020 seems a fair bet at this point). A lot of utility companies offer them and they are always good bets as people need power for homes, business, etc...

[–]Cametotherightplace0 points1 point  (2 children) | Copy

So which ones are you holding that you recommend?

[–]themackattack900 points1 point  (1 child) | Copy

APLE, CLDT, LAND, LTC, MAIN, O, STAG would be a place to start. I don't own any of them, but I think APLE and LAND look affordable. I'm not an expert though, do your own research.

[–]Cametotherightplace0 points1 point  (0 children) | Copy

Believe me I do my own DD. I just wanted to hear what you'd reply with because most utilities are shit investments compared to what else there is.

[–]yettymonkey56 points57 points  (22 children) | Copy

Look into buying a low cost home (under $60k) and renting it out. Try to buy it in cash or have it paid off in within 5 years. Then add another home and so on. This will snowball and if your smart/have good income from your main job you can acquire a new rental about every 12-15 months. After about 5-7 years of doing this you will be able to start adding rentals at a rate of about 2-3 a year until you hit a point where your passive income is where you want it to be.

[–]Mister_Lymon_Zerga19 points20 points  (6 children) | Copy

Where are you finding these 60k houses that are rentable? :P

[–]KaiSmashSmashSawmash24 points25 points  (2 children) | Copy

He’s living in 09

[–]averagewhitebrah691 point2 points  (0 children) | Copy

no, the midwest. you’ll never get appreciation gain though

[–]WeldPhoenix1 point2 points  (0 children) | Copy

Definitely. My neighbors house first sold for 250k back in 05 and then sold for a second time for 50k in 09 (to our current neighbors)

[–]DownyGall9 points10 points  (2 children) | Copy

Yeah, places with 60k homes aren’t going to be in rentable areas

[–]yettymonkey0 points1 point  (1 child) | Copy

You are incorrect. Around most college towns/ universities. there are low end houses that you can pick up for under $60k and these houses can be rented out to students (always on a budget) and other low end earners that tend to live in those areas. Its actually quite easy but most people focus on these $150-$200k rental homes and then get fucked if the economy every slightly goes south or they lose their jobs lol.

[–]SalporinRP2 points3 points  (0 children) | Copy

But just by virtue of being near college towns housing prices soar.

I'm not saying they don't exist I'd just like to actually see an example of a 60k home for sale near a college.

[–]mkovic0 points1 point  (1 child) | Copy

Do you take into account the distance from your location when buying or is managing properties remotely doable?

[–]yettymonkey0 points1 point  (0 children) | Copy

I use a management company. They tend to do either $100 a month or 10% (whichever is greater). Now if you are bringing more then one rental to the table I would imagine that you can get that % lowered.

[–]lovesprite0 points1 point  (1 child) | Copy

Where can you find a house under 60k ? I live in the Netherlands and there is no house under 100K euros.

[–]yettymonkey0 points1 point  (0 children) | Copy

I’m in the USA.

[–]RealHedgeFund 1 points [recovered]  (10 children) | Copy

Dumb advice. If he does not get 1% monthly ROI from real estate investment he is better off buying index funds.

[–]yettymonkey5 points6 points  (9 children) | Copy

Your index funds are about to get destroyed when this fake economy gets its reality check. I will give you some really good free advice. People will always need a couple of things NO MATTER WHAT. Food, water, housing. So buying land (especially land that is decent for growing food/can handle houses. Also if the land you buy has its own water source you are now in the Water Rights game which is HUGE. Buying water rights is a big deal and most people are unaware of how undervalued they are. Next will be housing. Rich or poor everyone needs/wants a roof over their heads and will pay for it. Better yet big daddy government will end up giving out even more housing vouchers/free money to these people.

This is the cold hard truth.

[–]Myapproachingaccount1 point2 points  (1 child) | Copy

Nice.

[–]yettymonkey1 point2 points  (0 children) | Copy

Thanks.

[–]RealHedgeFund 1 points [recovered]  (6 children) | Copy

Typical doom&gloomer bullshit I keep hearing every year. If you are so smart why won’t you short market then and become a billionaire?

[–]yettymonkey0 points1 point  (5 children) | Copy

I'm more then willing to short & long crypto's are they are quite volatile and the overall market cap is small when compared to traditional markets. Shorting and longing the old big sectors is not really worth it to the regular investor (even if you are quite quick). You see these You Tubers saying how easy it is and how much money they make but really it a front to get you too buy there "educational courses" or "private trading groups" lolololol. That is where they make their money.

[–]RealHedgeFund 1 points [recovered]  (4 children) | Copy

crypto

Retard spotted. God, why is TRP full of financial brainlets.

[–]yettymonkey-1 points0 points  (3 children) | Copy

Nothing wrong with shorting and longing it for easy USD. You sir are the unfortunate one too pass up easy money. I’m not stating that one should buy and hold crypto lol. The name of the game at the end of the day is adding more USD to ones portfolio. Keep your options open and stay FLEXIBLE!

[–]RealHedgeFund 1 points [recovered]  (2 children) | Copy

You will go broke. Smart ones bought crypto in 2013. Only laggard fools like you try to earn with it in 2019.

[–]yettymonkey0 points1 point  (1 child) | Copy

Only a fool leaves easy money on the table. If one applies the proper stop loss/ buy orders then any risk is very minimal. Trading/making money from it 5 years from now will be extremely hard and not worth it to the common man but for now it is. Already paid off a car and will have enough to bank roll another investment home by end of next year. I DO NOT KEEP my money in crypto but in HARD assets such as land, rentals, etc... I'm just riding this crypto wave while its still possible.

​

Also I did drop a stack of cash on Bitcoin back in 2014 and only touched some of it in Nov of 2017. I will have my main house paid off literally 18-20 years in advanced because I was WILLING TO TAKE A RISK where in I could gain A LOT or LOSE EVERYTHING and be OK with.

[–]TheRedPillRipper14 points15 points  (0 children) | Copy

could help me

Social skills. Public speaking. Debating. Toast-masters. A lot of people think coding brings wealth; and it does. But if you want generational wealth; you need a reputation. Honing your social muscle isn’t the only way to get there; but it’s the most efficient.

Godspeed and good luck!

[–]NBDer14 points15 points  (0 children) | Copy

There’s no such thing as completely passive income. Everything requires at least some involvement.

That being said, programming is a solid option, albeit somewhat saturated. Your best bet would be to build something in a niche market that requires little maintenance. Think tools for extremely specific purposes.

Affiliate marketing through blogging is another option. You’d just have to find a solid niche with little competition to be successful.

Investing is another good avenue, but you’d need to put up some decent capital for decent returns.

[–]fartt1235 points6 points  (0 children) | Copy

keep buying stocks. learn real estate. build websites

[–]thrwy754794 points5 points  (0 children) | Copy

Learn to sell.

Best way to learn is to do. Sell some stuff on classifieds sites (craigslist, kijiji, etc.). Google some good books to read to improve. Set up a site, sell your services.

It's a vital skill to achieve any degree of success.

[–]BusterVadge4 points5 points  (0 children) | Copy

If you're looking to make money in software - The people that got the richest during the gold rush were the ones who were selling shovels.

Find out where and how people are making money, then make the tools to make that easier for them. You will make bank.

[–]abstractbarista4 points5 points  (0 children) | Copy

The stamina to invest in stocks without emotions. Start taking extra cash every month and push it into a Roth IRA, diversified how you see fit. There are free brokerages you can use to open an account.

Python is a great language, but realize that all languages are just dialects of logic. They exist to convert our ideas into something machines can interpret. It's a fantastic skill to learn. Keep it up.

[–]screechhater7 points8 points  (1 child) | Copy

I’m a lot older than a lot and make serious fucking cash.

1- how much do you make a year. How much you spend total in the year.

2- dump all the debt.

3- get a goal with a Plan to achieve. Review often.

4- other comments on houses paid off early dead on.

5- expenses. Review all the time.

I stated a business in 94 did 20k. Got serious in 2012. Doing 2.2 mil currently Paying for my shit cash. Will exit with 9 houses paid off in cash all section 8 guaranteed income. Getting ready to build a few senior housing complexes for independence in small town USA. Section 8 only

Have a Plan. Stick to it.

Dave Ramsey is good. boggle heads great.
Find a niche and fill it

Edit.

Section 8 is my side hustle. Got it ?

Side hustles make the everyday joe the serious long term jack. Don’t squander it

[–]yettymonkey1 point2 points  (0 children) | Copy

Thank you for adding the section 8 guaranteed income. Some of these knuckle heads don't get it that big daddy government hands out money like crazy and if your smart you can get your cut of the pie.

[–]bruiser185 points6 points  (0 children) | Copy

Commenting cause I’m interested in some answers too

[–]realname37 points8 points  (2 children) | Copy

Python, R , VBA(Excel), SQL would be valuable in pursuing analyst/data science career opportunities/advancements. The possibility is definitely there, I just couldn't tell you how to make passive income from it

[–]jjj25764 points5 points  (0 children) | Copy

Learning SQL is a great skill— Tableau is really good to learn with SQL. Learning Tableau, SAS, and SQL now. A lot of folks don’t think SAS is as dope as Python, but I have to use it on my team.

[–]MadMachinery4 points5 points  (0 children) | Copy

I work as a data consultant.

Build a website that does analytics on data sets that people are willing to pay a subscription for. A lot of that can be done using azure or aws. I own a few sites that are public as well as private that I have built for individual companies. I charge a subscription fee for the public hosted websites. I do consulting for private companies and integrate their data services in the cloud and they pay me for the integration + service fees. The integration charges make me a nice fat lump of cash and the service fees bring in a "passive" income.

The money is in integrations and finding a way to get your customer to keep paying you. If you learn just programming shit you may be able to get a job or do small freelance stuff, but you'll limit yourself. I don't have a degree and am in my early 20's making 6 figures.

[–]Pwnishment872 points3 points  (0 children) | Copy

I wrote a book that i published on Amazon. How to make an easy 1 millions dollars. The book costs 1 million dollars on amazon. Let me know if you want to buy it.

​

Seriously blogging, vlogging, twitch (still kinda popular). These are decent things that can be done in downtime. If you are playing video games already might as well stream. If you make $1 per month you are making more than nothing.

[–]frognads1 point2 points  (0 children) | Copy

Check out Naval's tweet storm

[–]priapula2 points3 points  (1 child) | Copy

People wish there was an easy answer to this question. Thing is, there isnt. You have to look for it, and it comes to you. If it was that east, as in learn something and do, everyone would be doing it

[–]stonetortise1 point2 points  (0 children) | Copy

But sometimes those threads produce genuinely new ideas for readers. E.g. the "Section 8 is my side hustle." guy gave me something to think hard about.

[–]Bored0 points1 point  (0 children) | Copy

Become a freelance marketer, make a name for yourself, recruit others to do most of the work you source.

[–]slamdunktiger860 points1 point  (0 children) | Copy

Swing trades via options. Futures. Forex.

Precious metals f0 sho.

I do mostly options and metals myself. Happy to answer any questions if of interest

[–]W4T3V3R-2 points-1 points  (11 children) | Copy

I get stock recommendations from a service I joined couple years back. Costed me $3k for lifetime membership.

BEST. DECISION. EVER. I just follow the guys advice on when to buy and when to sell, I have made around 60k in profits with just 5 minutes of work per month.

This may sound like I am going to sell you something, but, my advice is to find something like that where you find someone trust worthy whose advice you can follow and invest.

[–]1Scriptopeia0 points1 point  (7 children) | Copy

Sure bro

[–]W4T3V3R0 points1 point  (6 children) | Copy

Lol.. go look at top hedge funds and how much they profit every fucking year.. good lord, kids on this sub are financially illiterate

[–]1Scriptopeia0 points1 point  (5 children) | Copy

60k a month with 5 min of work does NOT exist.

[–]W4T3V3R1 point2 points  (4 children) | Copy

Seriously?

I said $60k in profits with 5 mins of work per month. It means, 60k profits in 2 years with 5 min work every month. Never said 60k profit per month.

[–]1Scriptopeia0 points1 point  (3 children) | Copy

Adds up to an hour per year? Such thing doesn't exist.

[–]W4T3V3R0 points1 point  (2 children) | Copy

Lol.. you have mental issues.

[–]1Scriptopeia0 points1 point  (1 child) | Copy

Unless you are some kind of Instagram celebrity, your 5 mins won't make 5k each month.

[–]W4T3V3R0 points1 point  (0 children) | Copy

Who cares what you believe, do what works for you.. and I'll do what works for me

[–]nwus 1 points [recovered]  (2 children) | Copy

LMFAO

[–]W4T3V3R1 point2 points  (1 child) | Copy

Well, if you don't have $100k to start investing with at the first place, this surely looks unrealistic. So, I won't be surprised if you are just another minimum wage worker :)



You can kill a man, but you can't kill an idea.

© TheRedArchive 2021. All rights reserved.

created by /u/dream-hunter