ppl getting rustled in here but the only person to blame is yourself
im no ceo 10k/day but i've set up something that currently gives me a decent amount of 'beer money' every month
made $40 today while i took my morning chit
the area im in is tech (web)

instead of miscing so much read an informative forum like blackhatworld
but you can only read and learn so much
the most important part is to

There's YouTubers making $100, 000+/year playing videos games ffs. Makes me depressed

On top of my business which I run full time I own a bunch of vending machines at different locations. Seriously the easiest money I've ever made. I stock them full once a month and collect the money. Make a 50 percent or more profit on every item

just lol if you don't have a 8 figure trust fund L0L

harsh truth^

mirin

he's not wrong

Good luck buying a rental property at your age (26) in canada. Just FYI any income you claim from your property goes right onto your income tax. Enjoy the govt raping you every year.

Enjoy property tax.

Enjoy paying capital gains when you go to sell your property

My father owns several property houses that he rents, it isn't as cracked up as it sounds.

I'm actually surprised you didn't say "jerking off on webcam".

It is comical to me to see how many people think it is impossible to make money renting houses/apartments and yet magically most people who own/rent property somehow make money?!? I think many people forget that the mortgage eventually is paid off and then selling the property is all profit. Oh no I have to pay 15% on the appreciation of my asset I wish I wouldn't have made that extra $50,000 because now I only have $42,500 profitwhy did I even bother

It is easy to assume that it isn't profitable when he talks about the work that needs to be done, but doesn't show you the numbers. If it wasn't profitable something tells me he wouldn't bother.

brb never paying rent again
brb property tax is like $400
brb renting out room for financial gains

too much winning

for starters capital gains its about 30% in Canada, One time exemption in your life.

You pay income tax on the rent you take in every year. (Let's say you rent your property for 1200/mnth thats 14,400 added onto your income tax for 1 property)

Any maintenance that needs to be done.

Continuously on call unless you hire a property manager.

Yearly property tax (no deduction because not primary living residence)

Of course property investing can be lucrative it's just not a magic ticket to being rich that all these plebs think it is.

If you enjoy making ~10% net annually till your mortgage term is paid off then yes it's a good investment.

Lmao didn't know you lived on a Reserve in northern Canada.

While this is true, you can also say something like there's basketball players making 100+ million dollars a year..

Don't kid yourself, to be in the YouTube / Twitch elite you have to have a certain type of personality or be buddy buddy with the top already. It's hard to even get noticed on YT or Twitch. If you want to be on Twitch and make it big, you're streaming basically every day 8+ hours a day and must interact with the 13 year old memers.

I have had a lot of fun here these past 5 years, no regrets.
keep coping

Passive income is a huge meme. People who say they make money off this are full of chit

No coping, just realistic.

I have my own house and $50,000 in investments/equity.

Enjoy your property resale goals of 2022 in pukatawagan manitoba

Alright I'm calling you out.

This is your post

"2014: ~ $20,000

2015: $106,622.04

2016: $158,921.30

2017: $280,452.60



To sum things up, these past 6 months have provided quite the trials and challenges, unfortunately due to these hindrances during that time frame much of the capital I was making was going towards this project I started back in April, when I decided to take a contracting job on top of my full-time job at the hospital. Unable to get a loan from any banks I had to fund this project by cash. So, I ended up liquidating about $20k from my portfolio to free up some cash to fund the transportation of my home into the town I work. during this time, I didn’t put any money earned from my full-time job into the market. On the flip side, I am now a mortgage free home owner, not to mention I have am already making passive income from this investment as well."

Dividends - 2016: $7889.87"

So a couple of things.

1. You have managed with what I assume to be a $20,000 deposit, to buy a home and pay it off within 3 years. So you have saved, after tax at Least $80k a year, just for your home.
2. You have generated dividends of $7,889 this year. If we assume you are on a higher tax bracket, given your ability to save large sums of money, this would mean your share portfolio would be in the order of $155,780 (5% dividend yield).

What can we conclude from this?

Well you started with a net worth of $20,000 in 2014, so not only did you save enough to pay off $80,000k a year on your home you also managed to save over $50k a year to contribute to your share portfolio. These are post tax numbers. You also have to include living expenses, car, fuel, property costs, interest costs etc etc. You are saving $130k a year, probably spending $30k a year on yourself and other costs, so you are earning AT LEAST $160k per annum pre tax. So you are on at least $280k per annum Gross.

What exactly are you selling here? How to save money when you are already CEOing $10k a day?

Are you trying to sell a rags to riches story? If so how do you explain these numbers?

jus madddd lulz

lol wtf strong numbers...
to start i didn't put a deposit on my house
and my portoflio is around $216k

my gross income is around 130-140k

Frauding. 5% is requiring in Canada.

RIP OP. You've been exposed.

So how do you explain your exponential growth? How did you save so much money?

How did you pay a house off and save 216k for your portfolio?

Poor crew checking in,
OP I have no clue how to do any of that and don't even know where to get started, I am interested but no clue what to do
I have an idea how to do some of them but no clue how to get at it, like where do i go to invest???
age: 15 dont hate

OP seems legit...

I don't even know what passive income is. Is that the same as disposable income?

Other than my tax refund, I don't really have that. Pretty sure I'll be poor or lower middle class the rest of my life but I still have made a pretty good life for myself.

what? i bought my trailer off a guy who owned an acreage out of town. keep coping boyobig tax returns from maxing out RRSP from years of not contributing
always had roomates keeping debt minimal and expense low.
been in relationships for almost 4 years of the 5 i have been here, and food expense were always split.
been making a rather high income since 22, didn't take on unnecessary amounts of debt
compound interest plus over all capital game helps big time too

Ok, well you still had to BUY a house/unit. You can't just pull in rent without owning the property yourself, which given your claims infers you have a mortgage.

When did you buy the property? How much did you borrow? How much was it worth when purchased?

That's fine if you rented it out to keep costs low, but how much rent did you receive? What interest rate did you pay on your mortgage?

If it's your principle residence there is no tax advantages, so lets factor that in to.

OP lives in a fooking trailer and posts a thread about how to make passive income.

lmao.

Passive income is money that you make without actively putting in time. You do the initial set up and maintenance every so often, but for the most part it is able to make you money around the clock.

Something like a YouTube video is a good example because you put in time to make the video, but after that it is hands off and can make you money (from viewers watching/clicking ads) for months or even years to come

Another Strong article from OP, counter to his claims here.

So looks like you definitely didn't buy in 2014, unless you don't take your own advice?

"Historically Low Mortgage Rates and I still Refuse to Buy a Home"

Rather than pulling out a mortgage and buy a home you take that $100k you have and invest it into some nice good quality dividend growth stocks that have an average of a 4% dividend yield. (To keep this simple we will keep capital gains/dividend growth out of the equation). Now because you do not have a mortgage you can afford to funnel that $1381.16 every month into your investments.

After 15 years that $100k with a monthly addition of $1361.16 at a 4% interest compounded is now worth $523,450.28.

That’s approximately $119k difference!

In conclusion, I truly think for my situation renting is the way to go. Not to say there are no implications where buying a house can be much more beneficial than renting and investing. The outcome of the example I used to illustrate exponential growth could easily change depending on many variables but I just choose to use realistic and common numbers. With all that said and numbers aside paying a mortgage can be a great thing because it forces people to save money because ultimately they are putting their income towards owning an asset. There are many factors to consider when buying a house and personally I believe that if you were to buy a house be real with yourself and choose a reasonable place to buy, and always live within your means.

actually i did rent a property it was under my name, it was also agreed between me and my land lord i could have roommates as long as he got his $900 every month.

I bought property in April, i borrowed $45k(already paid them back $10k) from my parents to buy some land, I bought a trailer and paid for it to get moved hooked up, and chit. I basically contracted the whole thing to become a livable space with my own cash. so no banks or mortgages were involved.
i receive $500 for rent. plus now i make anywhere form $600-$700 a month on dividend income so every month im bring in over$1000passively

still mad?