As the thread title states... If $200,000 was dropped in your lap TODAY, what would you do with that money to set yourself up with a passive income source? Long story short, I've been slowly liquidating a lot of my non-essential assets of the course of the year, feeling like I'd become a slave to a collection shit I own for no purpose other than it's "cool". I also had a relative pass away two months ago and was left a small chunk of money that's currently invested in Walgreens stock (not much, but something). And lastly, I've been seriously considering selling my house and moving to the farm with the GF since I'm here 95% of the time anyways. Even if something was to go south in that regard, I have a place to live if need be without having to rely on family or friends (My house in Hayward, which I plan on moving to eventually anyways). Between home equity after estimated closing costs, the small inheritance and what I've got squirreled away from selling off a big chunk of my "collection" of shit, it puts around $200-250k in my pocket. This doesn't have anything to do with my business assets. These are/were all personally owned items that have been liquidated. My business of buying/reselling trucks/equipment will be unaffected by any of this.
Instead of just setting and forgetting it in some sort of investment fund, I would rather start or purchase some sort of a business with it that could eventually become a passive income stream without devoting 10-12 hours/day into it after the initial startup. I'm pretty much looking for a relatively low-stress (key term: relative) stream of around 40-65k/year to start with. I've looked at everything from car washes, laundromats, storage lots and franchises like Little Caesars and such. I considered keeping my house and renting it out, but I don't think I could stomach someone living in my home and potentially trashing it to make very little aside from building equity in the place.
I'd like to have some sort of a preliminary plan in mind before selling my home as I don't want to be sitting on a pile of cash for long given the inflation we've been seeing lately. What have the TCGers who have passive income sources, side businesses, etc done and has it been worth the investment?
Instead of just setting and forgetting it in some sort of investment fund, I would rather start or purchase some sort of a business with it that could eventually become a passive income stream without devoting 10-12 hours/day into it after the initial startup. I'm pretty much looking for a relatively low-stress (key term: relative) stream of around 40-65k/year to start with. I've looked at everything from car washes, laundromats, storage lots and franchises like Little Caesars and such. I considered keeping my house and renting it out, but I don't think I could stomach someone living in my home and potentially trashing it to make very little aside from building equity in the place.
I'd like to have some sort of a preliminary plan in mind before selling my home as I don't want to be sitting on a pile of cash for long given the inflation we've been seeing lately. What have the TCGers who have passive income sources, side businesses, etc done and has it been worth the investment?