Re:Lifestyle business, defined
by il on Wednesday March 23, 2011 @02:00PM
(#2360498)
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.
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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.