One of the things I've learned through years of bootstrapping is that there's no such thing as truly passive income(other than investments). There's always something demanding your attention.
I imagine that is true but I am striving for something less "active". I work 45 hours a week for an upper middle class income. But including the commute, the inflexibility of 9-5 and being just plain drained from working in an uninspiring environment, it feels like 60 hours a week. I'd be ecstatic with a 30 hour a week business of my own at the same income level. (Of course maybe I'd start a second business with that extra 30 hours...)
My feelings are almost exactly the same. I work 60+ hours a week and make an upper middle class income. I'm trying my hardest to change that because I'd like to have time to enjoy life while I'm young (I'm 23).
Re:Lifestyle business, defined
by georgieporgie on Wednesday March 23, 2011 @04:11PM
(#2361196)
Here's an alternative: save as much money as you can. This buys you tremendous flexibility when you're in your 30's (compounding interest plus a healthy savings buffer).
That true, but it's worth noting that "passive" when used in this sense is a reference to income, not to work. Passive income to me means a business earns profits when the owners are sleeping. I've never taken it to mean a business where due diligence is not required, or does not require hard work.
Me too, except that I would prefer that 100k to be (relatively) passive income. With passive invcome it is easier to be creative, innovate an existing product without too much time pressure, learn etc... Freelancing does not differ from corporate work that much (except if you earn so much money that you have to work less.)