We are going to start another series involving thoughts and ideas involving solutions. Now you have undoubtedly been hearing some rumblings about a horrible economy and bad moons on the horizon and while I agree with that assessment I also try to bring solution to the table as well as the facts of the inevitable.
Before we start let me say, you are responsible for your own well being! there is no magic pill, no been stalk, no leprechauns at your end of the rainbow. there is only hard work, Faith in our Heavenly Father and dedication to what you believe in, and of course there are various recipes of Banana Pudding and Boat drinks ( not necessarily in that order). A “scheme to get rich quick” is a farce successfully perpetrated on the lazy and weak minded. We have all heard if something sounds to good to be true then it probably is, why do many people fall prey? That was rhetorical , lets get to it shall we?
According to Wikipedia, passive income is “an income received on a regular basis, with little effort required to maintain it” with the specific example of book royalties. Here’s 8 ideas for you to start earning passive income, which is a key step in becoming independent and thus more secure.
Side Note: When my passive income earnings amount to a significant portion of my income, I’ll start publishing earning reports much like Pat Flynn of smartpassiveincome.com – his monthly updates are inspiration for all of us striving to emulate his success.
What is Passive Income?
Some people say there’s not really such a thing as passive income because you need to invest up-front work to create the content that enables the income stream and possible backend work to promote that which you’ve created. Those people are missing the boat; the idea is that you can take off for an extended period and still be obtaining income. Passive income is like taking your vacation hours on a regular job – only the length of your vacation with passive income depends on your success, not a strict ratio to your invested time. However, these warnings serve a useful purpose: a lot of people have the idea that passive income means that you don’t have to do any upfront work (now that’s just dreaming) or backend promotional work (even Seth Godin spreads the word when he does new stuff). There’s a good Forbes article on this exact topic, with the main points:
If you vacation forever, the competition will take away your customers once they realize you have them.
If you don’t honestly care, your customers will find out and leave you.
Scalable businesses need present, honest leadership.
If you don’t want to be constantly involved, you don’t have passion for what you’re doing. And if you don’t have passion for what you’re doing, you won’t be happy even if you do have temporary success.
Passive income requires plenty of work, it’s just the work has more freedom in it than many other kinds of work. Passive income, in other words, is not a quick and easy way to make a buck or to get to a position of never having to work again; it’s just a different lifestyle for making a living. You need to want customers, want readers, and want to do more and be more involved with it. Take a vacation, by all means, but build something to come back to when inspiration strikes so that you can keep on keeping on.
Now that you don’t have the idea that you’re going to just make an eBook and retire, it’s time to get started. There’s an an excellent article on stevepavlina.com that’ll point the way:
Pick an idea, refine it, and fall in love with it.
Devise an income stream around the idea. That’s what this list is about, some options for you to consider.
Outline the idea and a plan to bring the income stream to completion.