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Learn Passive Income Alternatives to The 4-Hour Workweek

A guide by Terry W. Sprouse "Investor, Author, Lincolnologist" (Tucson, Arizona)

Products sampled from this guide:
The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich does what only the best books can do. It strikes a cord deep within us, confirming thoughts that we have always vaguely felt were true, and pointing us down a path that offers fresh hope for the future.

Ferriss points out that alternating periods of activity and rest are necessary to survive, let alone thrive. He advocates distributing "mini-retirements" throughout life instead of hoarding the recovery and enjoyment for the retirement years.

The author suggests the following as one option to free up time for mini-retirements:

Start your own internet business, then turn the reins over to someone else who runs the operation for you. As Ferriss quotes the Guardian of the Emerald City Gates in the Wizard of Oz said, "Orders are nobody can see the Great Oz! Not nobody, not no how!" This may not be as easy for the average person to do as it sounds.

While I think this is a reasonable option, this is where I part company with the author, in terms of how I approach a passive income stream. I think there is a much more accessable way for people to generate a passive income, and still be able to take the "mini-retirements" that indeed follow the sane approach of a more mobile life.

What works for me is to buy fixer-upper houses, repair them and rent them out, as described in Fix 'em Up, Rent 'em Out: How to Start Your Own House Fix-up & Rental Business in Your Spare Time; or, Investing in Real Estate and Creating Wealth with Fixer-Upper Houses. The work is front loaded with the initial purchase and repair of the property. After that initial push, like the 4 Hour Workweek, it requires minimal input and can allow time for mini-retirements.

For me, the advantage of real estate is that it provides both long-term and short term profits. Long-term from the average 5% increase in equity, and short-term from monthly rental payments and tax deductions.

In my opinion, it is much easier to start up a business in real estate investing, and requires less risk. Under Ferriss' system, he is completely dependent upon the abilities of those he hires to run his company, since he has stepped out of the picture.

With the fixer-upper real estate business, you learn to do all aspects of the business yourself, purchasing, repairing, leasing, and property management. The more you learn, the less you rely on, and pay for the services, of others. When you are ready for a mini-vacation, you turn your rental properties over to a management company, and you are free travel while your rental income continues to flow in.

Ferriss virtually completely removes himself from his company, while in my "Fix em Up" system, I stay at the helm, which takes only a few hours a week, only passing the torch to a management company for the duration of the mini-vacations.

Other genuinely useful guides to real estate investing include: Upside Up Real Estate Investing, Real Estate Investing For Dummies (For Dummies (Lifestyles Paperback)), The Pre-Foreclosure Property Investor's Kit: How to Make Money Buying Distressed Real Estate -- Before the Public AuctionRich Dad's Advisors®: The ABC's of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss (Rich Dad's Advisors Series)Home Buying For Dummies, 3rd editionRich Dad's Real Estate Advantages: Tax and Legal Secrets of Successful Real Estate InvestorsForeclosure Investing For DummiesComplete Guide to Real Estate Tax Liens and Foreclosure Deeds: Learn in 7 Days: Investing Without Losing SeriesMortgages For Dummies (For Dummies (Lifestyles Paperback))Investing in Real Estate, 5th EditionWhat Every Real Estate Investor Needs to Know about Cash Flow... And 36 Other Key Financial MeasuresHome Rich: Increasing the Value of the Biggest Investment of Your LifeProperty Management For Dummies (For Dummies (Lifestyles Paperback))Flipping Confidential: The Secrets of Renovating Property for Profit In Any MarketFLIP: How to Find, Fix, and Sell Houses for Profit, Fix It & Flip It Workbook,The Real Book of Real Estate: Real Experts. Real Stories. Real Life.

Products mentioned include:
1.  The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich  by Timothy Ferriss
Used & New from: $0.01
4.4 out of 5 stars   (3,200) | 14 customer discussions
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2.  Fix 'em Up, Rent 'em Out: How to Start Your Own House Fix-up & Rental Business in Your Spare Time; or, Investing in Real Estate and Creating Wealth with Fixer-Upper Houses  by Terry W. Sprouse
$13.30 Used & New from: $9.95
4.3 out of 5 stars   (42) | 1 customer discussion
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3.  Upside Up Real Estate Investing  by Bob Zachmeier
$19.17 Used & New from: $9.57
4.9 out of 5 stars   (8)
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4.  Real Estate Investing For Dummies (For Dummies (Lifestyles Paperback))  by Eric Tyson
Used & New from: $0.01
4.5 out of 5 stars   (26)
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5.  The Pre-Foreclosure Property Investor's Kit: How to Make Money Buying Distressed Real Estate -- Before the Public Auction  by Thomas J. Lucier
$20.07 Used & New from: $0.25
4.6 out of 5 stars   (234)
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6.  Rich Dad's Advisors®: The ABC's of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss (Rich Dad's Advisors Series)  by Ken McElroy
Used & New from: $0.01
4.2 out of 5 stars   (151) | 1 customer discussion
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7.  Home Buying For Dummies, 3rd edition  by Eric Tyson
Used & New from: $0.01
4.5 out of 5 stars   (108)
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8.  Rich Dad's Real Estate Advantages: Tax and Legal Secrets of Successful Real Estate Investors  by Sharon L. Lechter
Used & New from: $0.01
4.7 out of 5 stars   (30)
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9.  Foreclosure Investing For Dummies  by Ralph R. Roberts
$13.17 Used & New from: $1.69
4.1 out of 5 stars   (14) | 1 customer discussion
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10.  Complete Guide to Real Estate Tax Liens and Foreclosure Deeds: Learn in 7 Days: Investing Without Losing Series  by Don Sausa
$19.95 Used & New from: $11.03
4.3 out of 5 stars   (59)
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11.  Mortgages For Dummies (For Dummies (Lifestyles Paperback))  by Eric Tyson
Used & New from: $0.01
4.1 out of 5 stars   (10) | 1 customer discussion
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12.  Investing in Real Estate, 5th Edition  by Andrew James McLean
Used & New from: $0.01
4.5 out of 5 stars   (137)
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13.  What Every Real Estate Investor Needs to Know about Cash Flow... And 36 Other Key Financial Measures  by Frank Gallinelli
Used & New from: $0.40
4.4 out of 5 stars   (57)
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14.  Home Rich: Increasing the Value of the Biggest Investment of Your Life  by Gerri Willis
Used & New from: $0.01
4.3 out of 5 stars   (7)
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15.  Property Management For Dummies (For Dummies (Lifestyles Paperback))  by Robert Griswold
Used & New from: $0.01
4.5 out of 5 stars   (27)
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16.  Flipping Confidential: The Secrets of Renovating Property for Profit In Any Market  by Kirsten Kemp
$17.61 Used & New from: $0.01
4.2 out of 5 stars   (41)
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17.  FLIP: How to Find, Fix, and Sell Houses for Profit  by Rick Villani
$16.48 Used & New from: $1.99
4.6 out of 5 stars   (118)
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18.  Fix It & Flip It Workbook  by Katie Hamilton
$21.83 Used & New from: $2.95
4.0 out of 5 stars   (2)
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19.  The Real Book of Real Estate: Real Experts. Real Stories. Real Life.  by Robert T. Kiyosaki
Used & New from: $8.83
4.2 out of 5 stars   (55) | 1 customer discussion
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Customer Discussions about products in this guide
Discussion Replies Latest Post
I make passive income online for real! 6 Oct 14, 2013
Real Estate Investing 3 Feb 19, 2013
Need help navigating the Mortgage mess 0 Oct 21, 2012
"Fix em Up, Rent em Out" comments by the author 2 Jul 4, 2012
Foreclosure Forms and Documents 0 Feb 3, 2012
Phony 5 Star Reviews- FRAUD! 18 Nov 4, 2011
Just the *title* makes me feel like a loser 3 Nov 4, 2011
An Open Letter to Amazon.com 42 Oct 7, 2011
Small Business - New Ideas for Entrepreneurs 4 Mar 26, 2011
What comes to mind when you think of the Work Week? 4 Jul 25, 2009
Internet Businesses are not so Easy 8 Mar 14, 2009
Books on Real Estate Investing 3 Jan 26, 2008
 
   

About this Guide

 

Author

Terry W. Sprouse "Investor, Author, Lincolnologist" (Tucson, Arizona)
Qualifications: Author and Real Estate Investor
Last updated: 3/4/11
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