(We’ll tell you more ways to earn like this shortly.) Active income vs. Or you can make passive income investments (property or stocks) that allow you to earn passively. You can create something (a blog, course, ebook, videos, or an online store) that generates money even when you’re not working. You’ve probably heard the expression “make money while you sleep.” That’s the biggest draw that entices people to earn passive income.
#REDDIT PASSIVE INCOME UPDATE#
In essence, you can do most of the work upfront and put in some additional effort along the way to earn an income.įor example, if you create an online course, you just need to update its content to keep the money flowing. Passive income is money you earn that doesn’t require you to do a lot of “active” work to continue making it. What are the best passive income ideas for 2022? What passive income ideas can I start with little money? Strengthen your financial future with these passive income ideas passive Income: Which is best for me?Ģ3 passive income ideas to help you make money in 2022 For example, the page may describe a study supporting the advice, show a calculation, or quote an expert or organization.Active income vs. Start with a Google search and look for web pages that cite the source of the information or advice, Bailey says. If you’re considering taking advice from Reddit, first try to verify it elsewhere. What works for one Redditor won’t necessarily work for you, given that your circumstances and experiences are different.Īs Murray concludes: “You’re responsible for your own decisions and to do your own research.”
In addition to the fact that much of the channel’s advice is unverified, Cherry points out that “personal finances are in fact personal.” SO SHOULD YOU FOLLOW ADVICE FROM R/PERSONALFINANCE?Īim to use r/personalfinance more as a source of motivation than concrete advice. So the community aspect of Reddit “lowers the quality of information,” he says. In fact, Preston Cherry, a Green Bay, Wisconsin-based CFP, describes Reddit’s r/personalfinance as an unfiltered “data dump” with “a lot of unverified information.”Ĭherry points out that the country has a low financial literacy rate, which is likely reflected in a community-based platform. So it’s hard to tell which advice is worth following, and which is, well, garbage. But he’s also seen misinformation, about taxes, for example. Ledford says some posters must be professionals because their tips are “spot on.” But “there’s also a lot of advice out there that’s better off ignored.”Ĭurtis Bailey, a Cincinnati-based CFP, has also seen solid advice on the r/personalfinance subreddit, particularly when it comes to basics like managing debt and cash flow. He frequently browses and replies to r/personalfinance posts and is also a certified government financial manager. The subreddit can even be motivating, particularly for those just starting to think about financial decisions, says Logan Murray, a Tempe, Arizona-based certified financial planner.Īs for the posts and replies, the quality of advice is a “mixed bag,” says Jeff Ledford of Arlington, Virginia. Scrolling through other people’s questions, problems and advice can make the topic feel more normal and less scary. But for many, money is confusing to manage and uncomfortable to discuss. Here’s what to consider if you’re one of those millions.īeing active and intentional with money helps you make the most of it.
The r/personalfinance subreddit is home to 14.6 million members. Reddit is organized by communities, called subreddits, based on interest.
Posts and replies with the most upvotes rise to the top. You can also upvote, downvote or reply to other people’s content. After signing up for free, you can share text, links and photos with an anonymous username. If you’re not a “Redditor” like Eble, think of the site like an old-school online forum. “It’s like crowdsourcing financial advice,” says Dana Eble, a public relations specialist based in Detroit, who regularly browses r/personalfinance.
(Think: “How do I handle my dying dad’s debts?”) Should you take money advice from a stranger on the internet? In Reddit’s r/personalfinance channel, anonymous users exchange tips on buying homes, choosing insurance plans and managing very personal, nuanced money situations.
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