who LEGIT makes passive income?

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
 
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ozaudio said:
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
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if you have original receipts and can prove original ownership then surely theres some accounting trick
 
ozaudio said:
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.
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I think it's going to get worse as the belts tighten. A lot of sites are going to probably be forced to declare peoples income automatically. If they see this working they will probably try to enforce it across every website where possible. This is the start.
 
Not anymore. I did the whole match betting thing years ago and made a few grand, and also sold laptop caddies of all things. That made me £5k within a few months, but then other people started doing it and it became a race to the bottom.
 
Every YouTube video is accompanied by the obligatory get rich in your spare time ad, ‘we’ve made that much money that we’re now giving away our proven system, just buy our course and you too can be driving a Lamborghini…’

These clowns have no doubt existed for centuries in some form or another, there’s always someone desperate enough to pay.

I earn more than my salary in ad hoc freelance work and retainers per month but it’s definitely not passive(nor a brag for that matter), it requires giving up netflix nights and weekends.

As with everyone.. I wish I got into property a long time ago.
 
sigma said:
Someone on here has a dog grooming business app which is doing quite well.
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sanaxe1 said:
Not fully passive but I have a eBay side business which makes £800 a month but literally takes me 30 mins a day to do which includes going to the post office.
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sigma said:
Someone I worked years ago with quit his job after starting to sell things on Amazon during lockdown, now he 'mentors' others on how to sell on Amazon full time.
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Jay85 said:
Side joint as well which basically runs itself. I just pack orders when they come in, each item sells for around £115. It's a nice easy top up to my regular day job which helps funds my bad habits aka pc's.
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iseedeadpixels said:
Not anymore. I did the whole match betting thing years ago and made a few grand, and also sold laptop caddies of all things. That made me £5k within a few months, but then other people started doing it and it became a race to the bottom.
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Is it just me, or are none of these passive income?
 
Passive Income aka front load your workload now so in the future you can can claim it's passive.

I've read the 4 hour work week, dreadful book. I would highly recommend NOT reading it.

There are certain things that you can do, like write and publish book, release a song, upload a load of videos on to youtube then live of the income for years.

- house renting or setting up AirBnB involves doing the work first of getting the fund, setting up the rental business, the estate agents.
- ebay/amazon drop shipping/print to order involves setting up a stock and sales chain, dealing with complaints.

Even stocks and shares involves setting up the platform, doing the research and actually working to get hold of the funds to invest.

The closest thing I have is my work's SIP, where they double the shares I buy upto a certain amount. But that still involves setting up the contract and placing the sell orders.
 
The "what's passive" argument always goes round the houses with people arguing as to what's truly passive. Everything requires a little bit of effort though.

For my money, anything that you can't completely leave alone for at least a couple of months isn't really passive, but thresholds differ.

For me, the stock market is my main one. Completely passive, I probably look at it once a month but I really don't need to.

I tried a few other bits in the past (e.g. selling things, writing things) but none were sustainable or passive enough.
 
I recommend following the journey of OnPassive. Clear as day pyramid scheme that claims it will launch 50 (was initially 1) apps to rival the likes of Zoom, Teams etc. All you do is pay $100 and then recruit more people to increase your passive income. I've found their journey quite entertaining.
 
The many property gurus on YouTube and their courses and meet ups were the most cringe. If it worked then there surely would have been more and more landlords than homeowners?!
The flip it brigade, The BRRR brigade and the various other methods that would set you up for life!
 
ddoubleep said:
The many property gurus on YouTube and their courses and meet ups were the most cringe. If it worked then there surely would have been more and more landlords than homeowners?!
The flip it brigade, The BRRR brigade and the various other methods that would set you up for life!
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Is property passive though? You have to deal with tennets or agents.
 
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