Passive income - What is your plan?

Here's an AI tool to plan your own passive income strategy based on the skills and assets that you already have.

Photo by Braňo on Unsplash

Whatever stage in life you’re at you’re going to want to build a passive income - in other words a way of making money without actually actively striving for it. This has only become more apparent the closer to retirement I get.

As Warren Buffett once said - “if you don’t find a way to make money whilst you sleep you will work until you die”. (Happy thought!…)

It’s something that I have been aware of having first read Robert Kiyosaki’s book “Rich Dad Poor Dad”. (I did go on to read almost all of the rest, but whilst the first was genuinely thought-provoking and “Cashflow Quadrant” and “Retire Rich, Retire Young” both continued the theme - by the time you reach the fifth or sixth book you realise that you’re reading almost the exact same book - but with the chapters in a different order!)

It wouldn’t take much scrolling through YouTube to realise that there are multiple different ways to create a passive income stream, whether through property, shares, options trading, online marketing or acquiring an existing business. All have pros and cons. None are entirely passive (they all need some work to set up and run at the very least) and they are certainly not all for everyone.

Rather than stumble from one idea to another however, trying to work out which ones work (ask me some time about my failed e-commerce ventures..), wouldn’t it be good if you could create a plan that worked according to your own skills and preferences and which you could tailor to suit the amount of time that you have available?

That’s what this GPT does - asks questions then suggests a passive income plan based on what you’re good at.

There’s no upsell, no course to follow, no running to the back of the room to pay an exorbitant amount for motivational speeches. This is yours to use if you want to, and to recreate if you don’t like the first suggestion. (Note - this is AI, not a financial advisor, nor even a sentient human - you shouldn’t trust anything it comes up with is financial, legal or any sort of advice, but it might give you some decent ideas to start from).

See what you think and, if you like this sort of thing please do subscribe. I use AI to create things that I see are useful and post every so often. This blog, sadly is not a passive income stream for me but rather a passion project - so all posts are free and hopefully (surprisingly) useful.

The Passive Income Planning tool is here (it opens in Chat GPT):

Good luck & speak soon!

Richard