who LEGIT makes passive income?

[ozaudio]

the amount of crap i see about " make passive income with next to or no money " is just lol. so many people who just lure people in with there crap like andrew tate advertising some sort of school or something, youtube is 100% full of these ***** claiming they make 5k a week / month and so on from such trivial things , and people dont stop and think, hang on a minute this seems to good to be be true, then it is.

is there anybody on here who LEGIT makes some form of passive income without going into detail so it doesnt spoil it for you? i have 1 thing which i guess you could consider passive income is the interest payment each month from a good few quid i have in a santander 5.2% savings account.

 

[ozaudio]

Those who earn passive income I hope you all declaring it.

I rent out pimp snails with @keef247 .

We make 10 million scoins a week.

/ Tax man enters the thread.

i have no choice not to as its reported to HMRC , i just paid a one of tax bill instead of them changing my tax code, only for them to go and tell me ive earned far to much in insterest so they are changing it inaway.

 

[ozaudio]

as of jan 2024 ebay have to report all sales to HMRC, good by to all side hussles on ebay , but if you are selling random second hand items i dont see how this puts you into a buisness class? you could be having a huge clear out, and if its stuff you already paid tax on i dont see why you should be paying anything on it again

some people i can imagen are going to confuse " passive " and " extra " income.

i know a few lads who deliver for the local chippy / chineese. £15 p/h plus tips and a free meal every night. one lad works full time with me and works 3 or 4 days a week of 4 hours a day. its all cash in hand , but isnt every takeaway? just just makes sure he has the correct insurance, not passive income but its easy money

 

[ozaudio]

Selling stuff on ebay is not close to passive in my eyes.

ye, id call it more a " secondry income "

the guy renting his drive way out is doing it right

 

[ozaudio]

something i often think of which could give you a little spending money is a youtube channel, nothing full time, just something you are interested in, i think this would make it feel less like a job then. something that i also noticed is hte video quality and good editing can make even basic channels rack up the subs.

its not passive income but i do some car repairs on the side aswell, a lot of its mostly basics like service and replace discs / pads / calipers , or failed an MOT on snapped springs / balls joints ect, try to put of big jobs unless its a mate then ill do timing belts and clutches if im of work, but i like buying tools so it gives me a reason to have some decent tools and have them pay for there self plus have a little extra

 

[ozaudio]

Ebay will start reporting to HMRC soon... I clear a grand a month on there. Profit being likely 300 out of that.
Unfortunately it's not easy to prove what's profit... I sell 3d printed things. The plastic is cheap... but I charge £1 per printer hour to pay for electricity wear and tear and printer maintenance... its not like HMRC will accept that as expenses.. cus its not easy to prove.

I'll likely just close the ebay shop. As the aggro and hassle for that £300 profit will NOT be worth it.

do what car breakers do and use ebay as an advertising place without actually selling anything on there, just have a picture of an email address / web link for them to buy from

the old " if you click buy it now youll be send a wheel bolt "

 

[ozaudio]

something i seem to be leaning towards from this thread is that passive income seems to be abit of smokes and mirrors, i think " earning a few extra quid " or " side hussle " seems to fit most extra sources of income.

now if only my time machine would start working, id go back a few years to before BTC went big and spend some of my savings on hardware, back when ocuk had its own pool

 

[ozaudio]

i dont mean legit as it all legal, i dont care if people pay tax onabit of secondry income or not. i just seen so much rubbish about passive income i started to wonder if there really was anything thats passive or " very easy " income

 

[ozaudio]

There's loads of stuff easy income depends if you want to be legal or not.

never paid tax on any btc earnings in the past, made sure i didnt sell via exchanges / make sure all cars i service / repair are cash with the odd one wanting to just transfer cash into my bank.

my main job pays my share of tax and NI, not paying any more to cover the lazy " insert what ever word here " who just plan a life on the dole.

something else i also do, fo me its about how much i can save aswell as how much extra you can earn. this in its self is earning extra money. I consider my self quite frugal tbh, i dont spend a lot on clothing / foot ware / really dont buy stuff i dont need, and if i can buy something second hand i will.

at one point i had 5 MS rewards account * naughty naughty * with game pass and all the ways of earning points i was raking it in, an example is last year last christmas food shopping and most of the present was paid for via gift cards i redeemed my ms rewards for. i did nearly all the work to get the points while at work so was been paid to do it lol