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business Wednesday 26 January 2022
Millennial Money: Just how passive is passive income?

By COLIN BERESFORD of the “sweat equity” or time
NerdWallet and energy required at the
The opportunity to make beginning, says Jannese
money while we sleep is Torres-Rodriguez, a Florida-
one few of us would turn based entrepreneur and
down. And passive income, creator of the “Yo Quiero
at face value, suggests we Dinero” podcast.
can do just that. “That initial workload, that
Social media is chock-full of time it’s going to take to
influencers telling us how to get to a place where it’s
make passive income. And passive, is what freaks a lot
while many of those con- of people out and makes
tent creators do actually them think that, ‘Oh, well,
earn money even when this is obviously a scam be-
they’re not on the clock, cause I just want to make
fewer of them are forth- money quickly,’” says Tor-
coming about the work re- res-Rodriguez.
quired to get there. For both Torres-Rodriguez
“A lot of people are sur- and Flynn, it took at least a
prised by how much work it year before they saw earn-
takes because I think a lot ings from some of their cur-
of people who are earn- In this June 15, 2018, file photo, cash is fanned out from a wallet in North Andover, Mass. rent sources of passive in-
ing a passive income are Associated Press come. Both said that it took
talking about how great work. And in many cases, have to work to set up, IF YOU WANT PASSIVE IN- consistent work during that
it is having earned that,” you’ll have to keep doing but after that, it takes very COME, BE READY TO WORK period before they started
says Pat Flynn, a California- work to maintain that in- minimal work to maintain Contrary to what the seeing money come from
based entrepreneur and come, too. and to keep that income phrase passive income their blogs, including from
creator of the “Smart Pas- PASSIVE INCOME HAS NO stream coming,” says Jo- suggests, you need to put affiliate marketing, ad rev-
sive Income” podcast. “But SET DEFINITION seph Hogue, a chartered in work in order to attain it. enue and selling courses,
they don’t necessarily tell When does a job or side financial analyst and cre- Investing money you in- among other sources.
you the whole truth. You’re hustle turn into passive in- ator of the YouTube chan- herited or won in a lottery The amount of work up-
seeing the tip of the ice- come? That depends on nel Let’s Talk Money. may be the only path to front can depend on the
berg.” how you define it. Other sources of passive truly passive income, start income stream and what
“Passive” income, in most There is no clear-cut point income include invest- to finish. But for most of us, you want to get out of it. For
cases, won’t be created where income turns pas- ing in bonds or peer-to- creating this new revenue instance, if you’re making
passively. Whatever the sive. For some, it could be peer lending, generating stream will involve investing income from rental proper-
pursuit –– investing in stocks when no work or upkeep ad revenue from a blog, money made from more ties, you can hire a person
to receive dividends, buy- is required, or for others, it or putting your money in traditional means like a job, or a company to take care
ing rental properties, earn- could be when a minimal a high-yield savings ac- or investing our time build- of all the property man-
ing ad revenue on video amount of work each week count. Even the money an ing a source of income agement. That’ll take away
channels –– you’ll have to is required. And “minimal artist makes through plays from the ground up. from your earnings, but put-
put in work upfront before work” is also subjective. of their songs on a stream- Without a large initial fi- ting in your own time will
you can start making mon- “Passive income, for me, is ing platform can qualify as nancial investment, peo- make the income more ac-
ey while doing little, or no, really something that you passive income. ple often underestimate tive than passive.q

Walmart invests in indoor vertical

farming startup Plenty

By ANNE D’INNOCENZIO est retailer, declined to consulting firm Agritecture
The Associated Press comment on the size of its — which works with urban
NEW YORK (AP) — Walmart investment or the financial farmers — found that at
said Tuesday it has taken a terms of the deal. But the least 74 indoor farming
stake in agriculture startup retailer based in Benton- companies were founded
Plenty, becoming the first ville, Arkansas, said that it in 2020 alone.
large U.S. retailer to signifi- will join Plenty’s board at Plenty, which was founded
cantly invest in indoor ver- the close of the transac- in 2014 and has a vertical
tical farming as a way to tion. farm in South San Francis-
deliver fresher produce to The deal comes as grocery co, also operates an indoor
its stores. stores are under pressure to plant science research fa-
Vertical farmers tout their have more environmental- cility in Laramie, Wyoming.
high-quality produce that ly friendly practices. Plenty, It is now building in Comp-
brings higher yields while based in San Francisco, is ton, California, what it says
using less water and land. one of many players in the will be the world’s highest This undated photo provided by Walmart via Plenty, shows a
The method also doesn’t fast-growing field of indoor output vertical indoor farm, Plenty Farms tower robot. Associated Press
use pesticide, and the pro- farming. Others include due to open in the second
duce can be grown year Morehead, Kentucky- half of this year. size of a big box retail store. its farms use 1% of the land
round near the point of dis- based AppHarvest, and Plenty said its vertical farm- Its systems feature vertical that an outdoor farm re-
tribution, increasing the reli- New York-based Gotham ing towers are designed to plant towers, LED lighting quires while delivering any-
ability of supply. Greens. grow multiple crops on one and robots to plant, feed where from 150 to 350 times
Walmart, the nation’s larg- In a recent global survey, platform in a building the and harvest crops. It says more food per acre. q