Lately, I’ve been looking at sources of passive income in order to bolster my current income. It is a fond dream that at some point in the future, I could largely step back from doing active day-to-day work and instead use these sources as my primary income stream.
For info on Passive Income, Read What is Passive Income?
Lately, I’ve been looking at sources of passive income in order to bolster (and hopefully eventually replace) my current income. It is a fond dream that at some point in the future, I could largely step back from doing active day-to-day work and instead use these sources as my primary income stream.
Passive income isn’t a quick way to get rich. That’s not the point, and anyone claiming you can get rich from it is selling snake oil. For me, it’s an investment of money and time now to buy time later. Notice how the output has nothing to do with money – it’s about putting resources away now so that I don’t have to invest time working in the future to maintain my standard of living.
How can I get started?
Writing a book
The normal procedure for writing a book involves getting a book deal and an advance check, writing the book and submitting the manuscript, then getting (possibly) another advance check, then sitting around while the royalty checks come in.
Developing a static website of some interest
If you don’t want to invest all the effort of writing a book, you can instead just develop a static website with whatever amount of written material you want. An individual site won’t earn you much, but considering you can set the whole thing up with just a few hours’ worth of work and walk away, even a few pennies a day can make the endeavor worthwhile over the long haul.
Creating and selling creative products online
There are many sites where you can create or upload creative products and have them earn an income for you over time. Zazzle and Cafepress let you design t-shirts, coffee mugs, keychains and such to sell (they manufacture it and you get a cut as a designer), while Metacafe and Revver let you upload videos of your own creation and pay you if they’re viewed by others.
For info on Passive Income, Read What is Passive Income?
Lately, I’ve been looking at sources of passive income in order to bolster (and hopefully eventually replace) my current income. It is a fond dream that at some point in the future, I could largely step back from doing active day-to-day work and instead use these sources as my primary income stream.
Passive income isn’t a quick way to get rich. That’s not the point, and anyone claiming you can get rich from it is selling snake oil. For me, it’s an investment of money and time now to buy time later. Notice how the output has nothing to do with money – it’s about putting resources away now so that I don’t have to invest time working in the future to maintain my standard of living.
How can I get started?
Writing a book
The normal procedure for writing a book involves getting a book deal and an advance check, writing the book and submitting the manuscript, then getting (possibly) another advance check, then sitting around while the royalty checks come in.
Developing a static website of some interest
If you don’t want to invest all the effort of writing a book, you can instead just develop a static website with whatever amount of written material you want. An individual site won’t earn you much, but considering you can set the whole thing up with just a few hours’ worth of work and walk away, even a few pennies a day can make the endeavor worthwhile over the long haul.
Creating and selling creative products online
There are many sites where you can create or upload creative products and have them earn an income for you over time. Zazzle and Cafepress let you design t-shirts, coffee mugs, keychains and such to sell (they manufacture it and you get a cut as a designer), while Metacafe and Revver let you upload videos of your own creation and pay you if they’re viewed by others.
