Did you go ahead with this idea? I would love to get an update on your progress / success ?

If you have had your stocks for a few years and plan on keeping them forever, while they produce dividends, then it's passive, otherwise it is a little active even though you only manage them 2 hours a week or a month.

The only truly passive income in my opinion is investment income; dividends and capital gains. And, unless you go for an extremely passive approach (ie set up your asset allocation, automatically fund through regular contributions, and only rebalance once per year), investing requires a certain amount of monitoring and management.

As one who has been an entrepreneur, real estate investor, book publisher etc., I've yet to find any sort of income that is truly passive (except maybe when my father in law sends me a check for my birthday :) ).

Even Geico, the successful insurance company is ALWAYS MARKETING!

However, I like the creativity in coming up with a side business. That's excellent.

Annie

MITM said:

Thanks!  I actually was thinking the same thing and removed it yesterday.  

 

Since you work for a local government, what advice would give someone like me for asking them if I can put it there?  I was thinking about just visiting the Parks and Rec people and trying to find someone to talk to about it.

You need to determine first if the governing rules of the city / county / whatever allow a mixed use of public and private use.  You'd probably waste the least amount of time calling either the Mayor \ councilmember \ excutive office and asking who to speak with about business partnering and improving public spaces.  That or the finance department would likely know the rules there.  I would probably start with the top though, as every place wants to partner with business.

What they may want or require (usually by law) is a split or profits or a placement fee or something.  Most governments are required by law not to just give away benefits to business, so you likely will need to talk about some type of payment.  I'm sure they'll also want you to have a certain level of insurance, make sure that the machines are always in good working order, etc.  If a pet get hurt from your machine, they will bring a lawsuit against the government first.

It will probably take you significantly longer than you think it should, but that's what happens in most governments when you have 3 different and separate decision makers all with a particular view of the world.

It sounds like a great idea, but it may be difficult to implement depending on where you live.  The easiest route may be a campaign donation.  :)

Wow.  Sounds like I have my work cut out for me!

Thanks so much of the advice.

Thanks!  I actually was thinking the same thing and removed it yesterday.  

 

Since you work for a local government, what advice would give someone like me for asking them if I can put it there?  I was thinking about just visiting the Parks and Rec people and trying to find someone to talk to about it.

You need to determine first if the governing rules of the city / county / whatever allow a mixed use of public and private use.  You'd probably waste the least amount of time calling either the Mayor \ councilmember \ excutive office and asking who to speak with about business partnering and improving public spaces.  That or the finance department would likely know the rules there.  I would probably start with the top though, as every place wants to partner with business.

What they may want or require (usually by law) is a split or profits or a placement fee or something.  Most governments are required by law not to just give away benefits to business, so you likely will need to talk about some type of payment.  I'm sure they'll also want you to have a certain level of insurance, make sure that the machines are always in good working order, etc.  If a pet get hurt from your machine, they will bring a lawsuit against the government first.

It will probably take you significantly longer than you think it should, but that's what happens in most governments when you have 3 different and separate decision makers all with a particular view of the world.

It sounds like a great idea, but it may be difficult to implement depending on where you live.  The easiest route may be a campaign donation.  :)

I'm confused, how is this "passive" income?  To me it sounds like "side income" but not necessarily passive income.  Then again, what is truly passive income.  I use to think investing was passive income, but I work pretty hard at it... lol.

 

To me is sounds like a clever vending machine business.  It's a very clever and original idea, but don't you have to buy the food, restock the vending machine, pick up the money, deposit it in the bank, etc.   Does the vending machine require electricity?  How is that being accomplished?

 

Either way, kudos to you!!!

All good points.  I think you're right in that all "passive income" is "active" to some degree.  

I would have to buy a bag of dog food once every 6-12 months and possibly stock the machines every few months on a Saturday afternoon.  My reasoning was that if I built it up over time until I had 10 machines going that made $30 each month, then I would be making $300 month and working maybe half a day every 3-4 months.  So I would possibly make $1,000 for a half day of work.  Obviously that might not work out, but in my crazy little mind it works like a charm!!  :)  Other vending machine routes work on this logic, so I thought maybe it might work for this.

Oh and these are just the 3 bay single quarter gum ball machines that don't require electricity.  Maybe I should have clarified that the pictures in the blog post that I linked to was the actual vending machine I'm using.  (link below)

http://nakedbudgeting.com/2013.....-machines/

Barbara Friedberg said:

This is a really creative idea. Where did you get the dispensers? I think this is likely to be quite profitable. Maybe a franchise opportunity in the future :)

The dispensing machines are fairly cheap on craigslist.  I bought my for about $50-60 each from someone who used to own a food truck and put them nearby on the sidewalk to possibly get extra income.  

This is a really creative idea. Where did you get the dispensers? I think this is likely to be quite profitable. Maybe a franchise opportunity in the future :)

The dispensing machines are fairly cheap on craigslist.  I bought my for about $50-60 each from someone who used to own a food truck and put them nearby on the sidewalk to possibly get extra income.  

Cool idea, though. The pet business is explosive. My friend took her dog trick-or-treating and I was like what?

Yeah, I got the idea partly because I heard on the radio that the pet industry is bigger than the wedding industry.  And after going through that "ringer", I knew it was big.  :)

Plus people always say to put vending machines near where people bring their kids.  And for most pet owners their pets are like kids.  

Anyway, maybe that's just my own logic and I'm too rosy about its prospects.

To me is sounds like a clever vending machine business.  It's a very clever and original idea, but don't you have to buy the food, restock the vending machine, pick up the money, deposit it in the bank, etc.   Does the vending machine require electricity?  How is that being accomplished?

Either way, kudos to you!!!