34
Is it possible to make some form of passive income from sidehustles? (lemmy.zip)
submitted 1 day ago by to c/asklemmy@lemmy.world
35 comments fedilink hide all child comments
 

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.

you are viewing a single comment's thread
view the rest of the comments
[–] -1 points 13 hours ago (2 children)

And 5 million is more than most people will make in their entire lives. So for the average person who won't get a multi-million dollar loan/inheritance from mommy and daddy, passive income doesn't exist

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 2 child comments
    •
  • [–] 1 point 11 hours ago*

    So for the average person who won’t get a multi-million dollar loan/inheritance from mommy and daddy

    You don't need a multi-million dollar loan/inheritance to retire with $5 million. You need substantially less and the time for it to compound. A person retiring today with nothing but boring a passive S&P500 investment of $50,000 and 40 years (average working years length) in 1985 would have $5,508,666 right now without ever making another contribution than the first $50k. That's even going through all the financial downturns during that span of 1987 Black Monday stock market crash, Dotcom bubble burst, 9/11, Great Recession, and COVID.

    I'm not disagreeing that most people don't have $50k when they turn 18 to put into retirement, but I wanted to point out the power of the passive part of this that it only takes $50k with no other action but time to retire with over $5m.

  • permalink
  • fedilink
  • source
  • parent