Discuss working and making a living overseas, starting a business, or studying abroad.
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I'm still working out ideas for how to make passive income for my future. As I've stated before, my goals are modest: $800-$1000 a month is my goal because I like to live minimally and my longer term future plans are to live in Southeast Asia. I started into e-books and freelance writing before I went abroad. I see potential in those, but growing them is very slow. I have a job in China of course, and that's my only income source at the moment. What I'm potentially interested in now is having a website. Now, I like creative things. I want to have my own website. The purpose of course is to have a website that makes money. I have no experience with this, so I'm asking here. I don't mean blogging. I've tried that before and I do better writing other things.
I know one can buy websites that are already profitable and have an instant passive income. All I need is a website that generates $1000 a month and I'm set. I would then supplement that with my writing and other projects and jobs. I have approximately $20,000 USD in savings. Obviously, it's a bad idea to hold onto savings. It's needs to be put forth into something that will continually be beneficial. Savings only depreciate nowadays.
Does anyone have experience buying already profitable websites and using them for passive income? How is the upkeep on them? How much work do you need to put in per week to keep it running smoothly and making money? How much would you pay for a site? Can $20,000 buy a website that will grant $1000 a month passive income? (Even down to $500 a month is fine too. Or why not just buy 4 sites that each bring in $250 a month?)
This isn't a direct answer to your question, but rather a cautionary note about being in a hurry to divest yourself of your savings (which is a very impressive sum, by the way, given the jobs you've had to take to acquire it). Be very careful.
I thought in the same way you did five years ago, when I inherited a substantial sum of money. Got to get that stuff out there working for me in the economy. It does no good sitting in a bank, which might go under anyway. Well, now I've lost most of it, not because of lavish spending, but because of my investments, doing business with and trusting other people who couldn't, as it turned out, be trusted.
Ready cash is not a bad position to be in, especially now, even though public policy currently undermines savers. There are a gazillion highly risky investments out there, and I'd think quite a few of them are websites that other people want to get rid of. Just be careful, and don't trust anyone.
I have been thinking the same thing, except affiliate marketing with uber niches, but that are hih ticket items. I als decided on getting a coach who could help me set it up. Might be worth checking into. But yeah I know they joys of selling books lol. Ever check out the warrior forum? Also , try torrenting some classics on IM .
I used to be interested in the same thing. But why would anyone want to sell such a site at such a low multiple unless the future cashflows were very uncertain OR they required a lot of regular time by site administrator (as if he were working a full time job)?
Just because a site has generated $500 a month for past year or more does not guarantee it will continue to do so. Earnings visibility for websites is generally very poor. Depending on source(s), those cashflows can disappear overnight because of some change made by Google, new competition, and change in market dynamics, etc.
With $20,000, I can direct you to a fairly safe investment which will pay you about $158 in cash each month. That's already about as good as you can do without entering in areas of much higher risk. Alternatively, there are some condos in Phils. and maybe Thailand too which could net you 7.5% or about $125 per month for that size of investment. However, you would probably need at least $40,000+ for that type of investment.
Just noticed you said invest. I would rather have control over my destiny and learn about it than hoping they did it right. And the price multiples are suspicious like rock said.
OK, it was just a crazy idea. It does seem too risky. Better to build my own site eventually. That's affordable and I can work to make it grow, being with it from the start.
Zacb, I do know of the warrior forum. Have you found it to be very helpful? If I can't figure out a good investment or otherwise get a passive income going before I leave China, my fallback plan is to just engage in a mixture of online work/freelancing, marketing, e-books, etc. Not that it's a bad plan. And I would keep the 20K also...
I would say keep the money and try and grow it. Personally ,i get the most out of pirated marketing books . XD . I do get some help from the warrior forum.
Ladislav knows some sites that sell other sites. But the irony is, if a site is producing a good regular income a month, why would the owner want to sell it? Unless it required too much maintenance.
Why not invest your money in mutual funds? A lot of people have become financially independent by investing in mutual funds. My parents did too.
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Your parents' generation had more disposable income and they werenâ€™t being mercilessly ripped off by the banksters like people are now. With a mere $20k, you would be better off investing in beer than mutual funds. In fact you would probably be better off making out a personal check to Jamie Dimon for $20k and avoiding the intervening unpleasantness.
True. I was looking for some potential sites last night on flippa.com. Some sellers didn't list reasons for selling. Another one said that their offline business had grown too much so they were selling their money-making site. So the problem was too much money, I guess...sure.
I don't know anything about mutual funds. Guess I have something to research tonight.
Really your priority should be to buy property you can rent out. I bought a small apartment in the UK and it breaks even now. If I worked for another year I'd buy another one.
Rock showed me some nice condos in Thailand, but I know the UK market and I know that UK property will always be in big demand.
I make a lot of interest from mutual funds, but I bought most when they were yielding 10%+. I prefer high yield bonds and covered call funds.
I have a load of website businesses but it's becoming harder to make money online. Next year I'll release some new software I've half built already.
Flippa is a nest of vipers. It's so easy to fake traffic and income. And past earnings are no guarantee of future earnings.
What is this investment of which you speak?
It's "fairly" safe and only pays $158 a month? How is that worth it?
Why not invest your money in advertising?! That is usually the missing link in most small online startups. You already got the book, right?
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