Steve–
Work is not a hustle. To call it that is an insult to all of us who work for a living and do so proudly. I needn’t remind you of the various occupations held by the חז”ל, and by ראשונים such as Rashi, Rambam and others. Obviously, you are not a vintner or court physician. Nor are you a tanner, sandler, woodcutter or hotelier. But the Torah tells us שֵֽׁשֶׁת יָמִים תַּעֲבֹד. It is a מצוות עשה to work, and to do so six days out of the week. I know R’ Meir says הוי ממעט בעסק, ועסוק בתורה. Ideally, through a passive income, you can follow both directives (so may it be said of us all).
Very few occupations provide a regular passive income, but there are a few:
You could do day trading. You need not pass the Series 7 exam or have any broker’s license. Just have an account with E*Trade or another online trading platform. Start small. Invest in blue chip stocks that pay a dividend. As you grow in your knowledge of the markets, you can begin buying and selling with greater frequency. But bear some things in mind:
NO PENNY STOCKS.
NO FUTURES OR OPTIONS.
NEVER BUY ANYTHING ON MARGIN (My late father ע”ה bought on margin and lost his proverbial shirt).
DIVERSIFY AND USE COMMON SENSE. Invest in real companies with a history and reputation. IBM, AT&T, Pfizer, Exxon Mobil, Texas Instruments, Raytheon, Lockheed Martin, Merck, IBM, Con Edison, Dominion, etc.
Of course, there’s always a catch. YOU NEED MONEY TO MAKE MONEY. So, invest what you can without causing yourself any hardship. LEARN SOME PATIENCE (a virtue I take it you need to work on a bit).
Also: Mutual funds are safe. You won’t lose money in the end, but you won’t become King Midas either.
Bonds are extremely safe. Yes, the interest rate (the return you as the investor realize) is quite low at 4.3%, but it is guaranteed.
There’s that. We should all have stock and bond portfolios.
Also, lest I forget: STAY AWAY FROM REAL ESTATE. (If you own real estate, however, KEEP IT. Even if you have to eat out of a can, DON’T SELL. Real estate is just what it says: A real, tangible holding. And real estate will always be highly valued.)
Another idea:
Open a pizza shop. (I’m being quite serious.) You won’t need to invest in over-the-top ambience. The menu is short and straightforward. The ingredients are relatively cheap. You can pool your resources with a group of other Kollel yungeleit and establish a thriving concern. You will have to pay at least a few people to do the menial work. You yourself can serve as the mashgiach (or alternate with your partners). With such a business, you would (conceivably) be able to sit with a ספר all day. I’d stay away from a פֿליישיק restaurant. In fact, I wouldn’t touch it with a ten-foot pole. Far too expensive and too many potential kashrus-related issues. Remember: Keep it simple. And also: ALWAYS GO OVER THE BOOKS YOURSELF.
Another idea:
Become a writer. You can write original books on Torah subjects, copyright them, print them and sell them out of your house (or from a distributor). If you make a hit with, say, a Parsha book or some such work, you can make very good money. Are you a gifted writer? Are you a bona fide תלמיד חכם? Do you have your finger on the pulse of the community and know what they would love to read but is not yet available? Then get started! אִם לֹא עַכְשָׁיו, אֵימָתָי
I have found that if you daven to Hashem and tell Him that you wish to become wealthy (remember, such an ambition is nothing to be ashamed of!), and that your aim is not only to provide a better life for your wife and children but also to become a בעל צדקה and help the אָרעמע ליַיט, if you are meritorious and have no outstanding debts with Him or with man, He will answer your תפילה. So first, get your house in order. Settle all outstanding obligations. Then daven that prayer with as much כוונה you can muster. After that, embark on one or more of these ideas.
Once the Almighty answers your prayer and things start to happen (slowly at first, but they will happen), show Him that you are not out for גאווה. G-d puts a very special חן on בעלי צדקה who live humbly, don’t flaunt their wealth, and give discreetly.
I wish you much success, my friend.