Passive Income?

[Fireblade74]

As a single father raising 2 kids what would be the best form of earning a passive income? I work full time but barely make ends meat and would like to provide a better life style for my kids.
Is there anything out there that's easy enough and does't take up all your spare time? I don't want to roll in the doe but at least have some sort of back up.

 

[ArmatageShanks]

What experience and skills do you have?

 

[Fireblade74]

What experience and skills do you have?

To be honest not much I've been a buyer for 17 years for construction and mining companies. Not sure if that would help, pretty much an old fashion type of guy.

 

[Tman*]

To be honest not much

not a good start.

With the limited info you are providing, Im gonna take a shot in the dark and say try to rent out a room in your home. pretty much as passive as you can get.

 

[Matt91]

Try learning a new skill in an industry you're interested in - somewhere like Udemy would maybe be a good place to start. It won't be a quick fix but you could work toward improving your skill set and try find sideline work you actually enjoy.

 

[Fireblade74]

Try learning a new skill in an industry you're interested in - somewhere like Udemy would maybe be a good place to start. It won't be a quick fix but you could work toward improving your skill set and try find sideline work you actually enjoy.

Thanks bud I'll look into it.

 

[The_Ogre]

Any hobbies?

 

[Fireblade74]

not a good start.

With the limited info you are providing, Im gonna take a shot in the dark and say try to rent out a room in your home. pretty much as passive as you can get.

I could do that I have the space, thanks appreciate your advice.

 

[ArmatageShanks]

To be honest not much I've been a buyer for 17 years for construction and mining companies. Not sure if that would help, pretty much an old fashion type of guy.

I see, I'm in procurement and do sourcing and so on privately every now and again, would you be able to do the same?

 

[Fireblade74]

Any hobbies?

The hobbies I have would be fishing and playing golf...

 

[My_King]

Again won't be quick but Unisa is opening their side for applications 20 of August

 

[Fireblade74]

I see, I'm in procurement and do sourcing and so on privately every now and again, would you be able to do the same?

But how do you do it privately and what products do you source?

 

[krycor]

Could always go into PM (Project Management) in your industry and start by manage projects from a costing perspective ie expanding to resource management?

Yah I know it’s actually a career change but figured transition would be easier?

Some people try this for construction projects Ie where they have a day job and manage/track building projects on the side but eventually it takes over.

 

[bchip]

No skills required:
Youtube
Paid Surveys
Data capturing

Skills required:
Freelancer
Upwork
Sideline work in your industry

 

[Gnarls]

Dropshipping on Shopify?

 

[ArmatageShanks]

But how do you do it privately and what products do you source?

Raw materials and supply routes especially imports. As a buyer I'm sure you have a vast contact base, make yourself known for being willing to assist in sourcing non commercially available products and services, within the chatter you, suppliers and customers have whenever someone is having difficulty finding something, offer to assist, should you be successful offer to handle the supply and invoice accordingly, or if its a big enough procurement process invoiced based on sourcing.

 

[cerebus]

IMO you need to hustle to earn more money in your career. Quit dreaming about passive incomes. Use your spare time to educate and skill up. Pull in extra hours if you possibly can. Find areas in your field that pay better and figure out how to get in there. Don't make excuses for yourself.

 

[Fireblade74]

Raw materials and supply routes especially imports. As a buyer I'm sure you have a vast contact base, make yourself known for being willing to assist in sourcing non commercially available products and services, within the chatter you, suppliers and customers have whenever someone is having difficulty finding something, offer to assist, should you be successful offer to handle the supply and invoice accordingly, or if its a big enough procurement process invoiced based on sourcing.

Great idea I do have many contacts, will look into that asap.

 

[newby_investor]

IMO you need to hustle to earn more money in your career. Quit dreaming about passive incomes. Use your spare time to educate and skill up. Pull in extra hours if you possibly can. Find areas in your field that pay better and figure out how to get in there. Don't make excuses for yourself.

Pretty much this. A side income is quite possible, but there's almost no such thing as a passive income. Even renting a room in your house to someone involves work and inconvenience.

You could slowly invest in income funds with something like Allan Gray or some such. But for a good while that takes money out of your budget rather than putting it in.

 

[ArmatageShanks]

Great idea I do have many contacts, will look into that asap.

Just make it known that you are not a registered company, stay within the laws and codes of practice and read the competitions act 10 times as it will bite you if you are not careful.