I would like to hear from anyone living off or partially living off passive income eg I would like to know how they got there? if it will last?
Lol,im not working atm and a few months ago i was picking avocados and saving hard especialy so i could have the summer off to kite.I eat cheap n healthy and dont have practicly any luxuries apart from fuel to get to the beach,pay rent and food to fuel me.Its defo posible but i cant say that my dad would be happy if he knew what i was doing :/ At the end of the season i will be back to picking for the winter and with picking work you usualy get to finish early so if theres any wind can get a kite in after work.Not the most sensible way to live life for most people but i live to kite and am more than happy to live my lifestyle.
Also,i feel i should mention that im a kiwi and am NOT entitled to any australian welfare so all you tax payers out there dont have to worry.
did for a year a while back while travelling the wet side of the east coast. sold everything and had 250k left over. wife was trading shares at the time in a market that you couldnt lose on and pulled in about 30k over the year. keep in mind you still need to pay tax on those earnings.
after that good run we pulled it all off and a year or so after it all came to a crash. back to work again after that.
still one of the best things we ever did.
Trading shares, stocks or futures sounds like fun. But it is also a partial gamble. I've never contemplated doing it full time as a job. Keep in mind that in real down turns, even the professional fund managers can't make a profit in traditional stock trading. Futures is a different story though....
But even if you were doing this, wouldn't it consume at least 3-4 hours of your day anyway.... ??? Watching what happened overseas overnight, reading the Fin Review, reading about stocks and companies on line, physically watching the market, executing trades, doing your tax return, seeking advice from others.... Doesn't it at least become a part time job?
But then again, you need to keep your mind busy some how.
Interest rates are currently running about 4-6% so you earn $4000-6000 a year per $100,000.
The minimum wage is $30,000 so you need to have about $600,000 invested.
Punt sports - its tax free and the returns far exceed the financial markets. Choose your risks carefully and enjoy yourself. Set yourself small targets and increase your exposure as you feel ready and when something that is nicely misplaced comes along. Don't forget to have a few small wagers on some 8 to 10 leg multi's each week. Take a mix of EPL, league, union and AFL - some 10 leg multi's will pay in excess of $5k - so having a $5 punt can be very tasty. Have several - it rocks when they come in! Centrebet now let you box your multi's - so you only have to get 6 right out of 7 or 9 from 10 etc - gold!!!
Once you feel like you are starting to do ok for yourself and have some risk capital set aside get yourself a betfair account - your returns will increase on average about 7% because you will be getting hit on your side of the spread not the bookies. You can then also become the bookie and lay bets yourself. This is where you can really start to dramatically increase your returns - but can be costly also so tread carefully.
I would advise you share your betting around 3 or 4 bookmakers online. It costs you nothing to open an account at either of them.
Live betting on matches is where things can get really good these days. Some of the intra match ranges are extraordinary! Especially in test match cricket. Madness.
Enjoy!!!!!
Need about 2 million then if relying on interest rates.... 100 grand a year to live comfortably.
The way the financial markets are going today you'd be hard pressed to get a better return than the dole and in most cases would get a horrid loss that sends you broke.
I'm not on the dole but was on it for a couple of months about 20 years ago. Back then it was okay. The conditions were not to onerous and the money wasn't too bad compared to what a young person could earn anyway.
Today the conditions for getting and staying on the dole are much more difficult to comply with plus the amount you receive isn't enough to live on in any sense. The amount on offer is actually a disgrace.
Anyway with passive income I think real estate is the way to go. Buy cheap properties that can be rented out for a decent rental return. Turn negative geared properties into positive geared properties. It won't be exactly passive as tenants move in and out. Houses and units need repairs but its different to going to work every day.
The way the rental market is in NSW at least, its bloody tough for renters to find somewhere half decent at an affordable price. If you can offer such a property, nothing fancy but livable then you'll have no trouble renting it out at a reasonable price.
All the doomsayers say real estate is overpriced. However until rents come down I can't see real estate prices dropping and rents are not dropping around here. Even where I used to live up on the mid north coast of NSW, one of the poorest areas of Australia, with bugger all industry, rents are really expensive.
What?? I thought doctors made heaps. ???
Do you mean you're not a reeeaallll doctor? 
How come the surfingfly hasn't replied.?
By his own admission he is grossly overpaid and does sfa. And that's on the days that he does turn up, which also by his own admission are a long way short of all of them. 
we are living off my income insurance at the moment.
sucks big time, rather be back on the mines.
stephen
Julia and her scaley mates are living off my taxes. I would call that passive income on an industrial scale. 
I sold air-swimmers online in the lead up to xmas last year, that was quite a good little business for a few months and reasonably passive. It was kind of fun selling stuff while I was asleep. It wasn't enough for me to live of,f but it would have paid for my xmas.
Yep I have a passive income, I spent at least 3 hours of last nights 12hr nightshift asleep. 
If my boss is reading this I am only joking. 
trick is to not only stay shead of the tax, but stay ahead of cpi. after 5 years of bumming it, youve lost about %23 of keeping up with inflation as well. that 20k wont be worth 20k .
I see a lot of new workers assigned to my teams who think they will live off passive income (coming in and not working). They don't last very long, but I suspect after being let go they find passive 9-5 work elsewhere...
Seriously, the 100k to live on or not depends to me on 4 factors:
- family or picky missus, or not
- you own an abode or not
- you own a car or don't need
- you want to live or not.
Children or a missus that needs her luxury makes a big diff in the annual req'ts.
Renting when you don't own is maybe $25k/yr add'l $$ (depending on family or not, whether you can sleep in a car, etc.)
Living (hobbies, owning a car, going walkabout) or being completely passive, like some dole blodgers, also makes a huge diff.
