Comments on: Passive Income Goals and Update

By: nobleea

nobleea — Thu, 16 Aug 2007 15:31:12 +0000

Kiyosaki is a scam. His books are full of lies, half truths, contradictions, grammatical errors, and age-old financial adages. If you haven’t already, read John T. Reed’s analysis of the Rich Dad, Poor Dad books, here:
http://www.johntreed.com/Kiyosaki.html
It actually gets quite funny after a while. When I read the book, I got a bad taste in my mouth. Sure the stories were good, but he didn’t ’say’ anything. No How-To.

By: Passive Income Update - May 2007 - Million Dollar Journey

Passive Income Update - May 2007 - Million Dollar Journey — Thu, 10 May 2007 10:03:05 +0000

[...] As you can see, not much difference from my last passive income update of $352/mo. [...]

By: gagan

gagan — Tue, 13 Feb 2007 12:17:57 +0000

You got to have different sources of income , because you can never really rely on one or two. Passive income is about leveraging on time and efforts , it builds up in time and when you make several sources of passive income you are on your path to be financially free.

Mylot is just not worth all the effort. Making money is about being a part of a powerful system or making one.

By: FrugalTrader

FrugalTrader — Sun, 28 Jan 2007 19:34:47 +0000

CMBR,

Yea, I think you’re right. It seems that you’d have to spend a LOT of time on MyLot in order to make it worthwhile. Either that, or you get a BIG referral network. But even then, there’s no guarantee that your referrals will post.

By: Canadian Money Blogs Reviewer

Canadian Money Blogs Reviewer — Sun, 28 Jan 2007 16:42:32 +0000

My first impression of MyLot is that it’s not worth the time spent on it. I think the time might be better spent promoting your blog to increase ad revenue. What do you think about that?

By: FrugalTrader

FrugalTrader — Sat, 27 Jan 2007 14:51:13 +0000

Hello AroundTheWorld!

Thanks for the comment, perhaps when I reach the $500/month passive income I will adjust and raise it higher. Until then, I still have to reach the $500. :)

By: AroundTheWorld

AroundTheWorld — Sat, 27 Jan 2007 03:38:26 +0000

Not even one month into 2007 and you are nearly to your goal….. perhaps it is time to make an adjustment…

How about $1500 a month passive income in 2007?

By: FrugalTrader

FrugalTrader — Fri, 26 Jan 2007 13:23:40 +0000

Hi George!

Good point! I guess MyLot wouldn’t be considered passive income as it requires active participation.

I consider the rental property passive because someone else takes care of it.

Thanks for your input.

Regards,
FT

By: George

George — Fri, 26 Jan 2007 13:11:04 +0000

I’m curious about your definition of “passive” income. While dividend and interest income make sense, the MyLot income isn’t really ‘passive” (since you have to post messages to earn the money), and neither is the rental income in most circumstances, since you need to manage the rental and deal with upkeep/maintenance issues unless you’re already paying somebody else to do that for you.

When you hit the “financial independence” milestone, are you truly free if you still must put your effort and time toward your “passive” income?