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Is it possible to make some form of passive income from sidehustles? (lemmy.zip)
submitted 1 day ago by to c/asklemmy@lemmy.world
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Just wondering as internet "gurus" on platforms like youtube annoy me.

Also i want to someday earn money without having a job or where i am my own boss, but im young and have next too no money, and i have no talent. ive tried the "simple" ways to get a grasp of learning. Ive tried free methods like surveys, games, ebay selling, etc, but i find that those are a waste of time/effort for me atleast and im lucking to break even. I struggle to even learn new things, school pretty much failed to teach me the right way of life.

I feel lost at life right now.

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[–] 4 points 1 day ago* (last edited 1 day ago) (10 children)

hey there, you can teach English a few years, it's high pay, low hours and very cheap to live abroad so you can save fast, put your savings into index funds and get enough passive income to live indefinitely/retire. I have many posts about living/teaching abroad, passive income/retirement and some FAQs in the travel community . if you're interested i can go as in depth as you'd like for every step.

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  • [–] 1 point 1 day ago* (last edited 1 day ago) (7 children)

    hey there, you can teach English a few years, it’s high pay, low hours and very cheap to live abroad so you can save fast, put your savings into index funds and get enough passive income to live indefinitely/retire.

    I'm gonna call bullshit. Wages for being an English teacher are directly proportional to the cost of living. And if you're a kid without any kind of degree, you're gonna have a hard time finding a good paying gig.

    And after that, living off interest requires a ridiculous amount of capital.

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  • [–] 1 point 1 day ago* (last edited 1 day ago) (6 children)

    fortunately for English speakers like op and yourself, none of your information is correct, and i mean that to be encouraging.

    English teacher wages are often not at all proportional to the local cost of living. China pays 3-10k USD a month for English teachers, and the CoL is a few hundred a month.

    My last city studio in China was $120 usd a month, there are apartments an hour outside of chinese cities for $120 usd per year

    the TEFL certificate is more powerful than a college degree. A degree certainly makes things easier, but anyone can get a lifetime TEFL certification and teach english with or without a degree in many countries.

    Ive been living abroad 15 years and owned 2 english schools, retired at 32 by leveraging high pay, low hours, a low cost of living, and passive income and am happy to help other people do the same.

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  • [–] 1 point 1 day ago (5 children)

    The job postings I see that pay are looking for a bachelors, prior teaching experience AND an English cert.

    Do you have a bachelor's degree?

    You also say you literally owned TWO English schools, which I also bet made a bit of money for you, which is a fine path for someone to follow, but it goes well beyond just teaching.

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  • [–] 2 points 1 day ago* (4 children)

    different schools and countries certainly have different hiring requirements.

    i have a bachelor's, although i wasn't asked to provide it when i started teaching.

    owning my schools did not go much beyond teaching, no.

    rent an apartment, put in a projector, screen, tables and chairs, some English school decorations, give demo classes, ask for semsster tuition, boom, owned a school.

    and people shouldn't follow my exact path, but high pay, low hours, passive income? especially for people who don't have a path yet. I think that's a great option.

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  • [–] 1 point 1 day ago (3 children)

    The more you repeat "passive income" the more ick I get.

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  • [–] 2 points 1 day ago (2 children)

    that's fine, many people are more comfortable with the routine of actively earned income.

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  • [–] 1 point 1 day ago (1 child)

    I don't think that's what passive means

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  • [–] 1 point 1 day ago*

    passive income is making money without actively working.

    you need capital first, which op doesnt have yet. they can actively work for their capital, then invest their capital and receive passive income indefinitely, directly turning their active income into passive income.

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