Bought a truck...but want out of trucking?

I know, put a driver in it,,, yeah, you are in a dilly of a pickle there, if I may ask, what on earth ever possessed you to buy another truck? It's just, these things are so easy to get into and tough to get out of,, proper planning really is important. I'd have to think there's some way out, but probably going to cost something.
To all readers, at this persons expense, there's a lesson to be learned here, good luck pal.

 

Oh yea that passive income is the way to go

 

What exactly is passive income? Every time I've found a way to generate cash flow there sure wasn't anything passive about my role.

 

LMAO.so true

 

you haven’t seen all the ###book videos on passive income? All you have to do is own the truck and let someone else take care of everything else and you too can make millions…

 

LOL...I never read any books on making money. I just followed advice from people who had been successful at it, both in the the trucking industry and other things. All the examples and all the advice entailed hard work and prudence.
I never heard anyone talk about passive income. Sounds good though as long as it doesn't involve massive amounts of debt.

 

Passive income is possible, however; most forms of it have returns that aren’t anywhere near the income that can be made by being actively involved in a business or other investment. lotta soft minded people think they’ll see big returns from their couch from passive income.
If you have something that produces 5-8% annual returns without active involvement, thats pretty #### good. However; you’d have to start with millions to see any kind of real return that would allow an ownership stake to provide a livable income if said owner were tight with their other expenditures.
In my humble opinion, and also, according to a basic model of calculator.


Good to have investments with compounding interest: but you gotta show up and make money every day up until you got enough of an investment to use those advantages to live off of.

Very smart man told me from when I was young to invest as much as I could. I wished then and still do, that I woulda had money to invest starting at a early age. Eating cold spaghetti-o’s out of the can in the dark wasn’t leaving much to be putting in an investment account.

 

Why did you make a huge mistake, 4 years and 67K is not bad for a volvo truck with warranty from a volvo dealership.
What different career are you doing to persue?

 

Passive income requires capital to invest and a recognition of your role in the business. The return you'd get is lower than if you were actively involved in running said business, but after the initial cash/time investiture you have little to do.

Take a dividend stock like Tootsie Roll. 100 shares 10 years ago would have cost $2,100. It has split 9 times since then so you would now have 130 shares valued at $4,100. Add in $350 of dividends and you've doubled your money. Rough math says you've made 6.5% annually.

Then there are higher risk passive investments like real estate. There is a large time investment up front in identifying and acquiring the property, then the owner has a choice. He can manage the property himself of hire it out. Hiring out will cost 70% of the profit, at least. That cost often makes the cash flow untenable, particularly for those who over leverage to aquire the property. But if acquired correctly and a good manager is installed, then it's mail box money. But a person has to go all one way or the other, they can't expect to do nothing and make huge returns.

Finally you have extrem risk passive investments - restaurants, small manufacturers, tech start ups, etc. That's where you are in essence investing in a person who has an idea and the will to bring that idea to life. In these scenarios a person must understand that they will have little to no input on the day to day and that losing it all is likely.

All of these passive income paths do require some work - mostly up front in researching the opportunity, understanding the risks, and identifying good partners to do the actual work. But once it's set up and running they take minimal effort. If a person does not have to live off that income, it's not hard to scale. The major hurdle is acquiring the initial investment AND bring able to let the investment mature.