![]() If you’re renting out a single property, the rental income may not be much. Just like books, and every other asset - passive income streams only thrive when they’re higher in number. That provides me with a good side income. And because I only have two tenants, I never have any issues. I’ve accumulated two rental properties over the years, and the income is good. I never had the ambition to become a full-time real estate investor. This is usually the best phase to invest in real estate. Once your other income streams start gaining traction, you’ll eventually reach a point where you’ve got more cash on your hands. As long as people are buying (or subscribing), you’ll keep earning. There is no ceiling on how much one can earn. With most digital products, we can make them, and, aside from a few updates and changes now and then, they’re pretty much self-sufficient. A good example is award-winning novelist, Chuck Palahniuk, who serialized his work in a paid newsletter. Artists are also switching to subscription-type of income streams.It’s a great match for those photographers and videographers. Digital assets, like stock videos, photos, and so forth.This is a good passive income idea for those who prefer to focus on providing online assets. But I’m talking specifically about products that people use for things other than learning. Online courses and e-books are digital products too. He also has TV shows, online courses, and books. Online courses also help you to demonstrate authority in your field. Remember: People buy something because they think it will help them. I know that sounds stupid when you’re sitting at home with $0 of revenue. If you focus on helping your students, the money will come. This shows that we’re willing to spend money on valuable knowledge. That also took me three to four years to get to that level. (I currently have 7 paid courses).īut my first launch generated around $1,500. Here’s a screenshot of my earnings from one of my online course launches. ![]() That’s the definition of passive income to me. Why? Because you only have to create it once. When you have the expertise, the best way to share it is through an online course. And we’re willing to pay for good information. Whether it’s building an online business, writing, cooking, and so forth. And by publishing multiple books, you increase the odds of having a successful one. The point is that it takes time to build a brand and become known. Eventually, it came to a point where my books continued earning on their own. It was only in the third year of continuous writing that my books began selling well. Here’s a screenshot of the paperback sales of my books via Amazon.Īs you can see, not much happened between 2015 and early 2018. Not some random, unknown writer with nothing to show.īut books also generate revenue. You can introduce or pitch yourself as the “author of” so and so book. When you’ve written and published a good book, you instantly set yourself apart from the millions of people who don’t have a book. It only requires your time, attention, and a computer.Ī book boosts not just your income, but your credibility as well. ![]() Unlike an e-commerce website or baked cookies to sell at the office - a book is something you can do without spending any money. Let’s start with something you can create for free. When executed well, the following passive income ideas will increase your net worth gradually. If you’re serious about building wealth over time, you will accomplish that goal because you control your behavior. With consistency and time, you’ll eventually get there. If you only have one or two income streams right now, that’s fine. The best way to make that happen is to have multiple income streams. They want to be rich now.īut if you decide to go against the grain and commit to building long-term wealth, you will inevitably become wealthy if you do one thing: Increase your net worth every year. And in this impatient world, people just don’t want to wait. The problem with getting rich is that it takes time. While we know that get-rich-quick schemes never work (otherwise they wouldn’t be called that), most folks don’t know that building wealth is not that complicated. But since the media loves highlighting that one person who got rich overnight with a few passive income ideas, many of us have a screwed-up idea of how people get wealthy. In 99 out of 100 cases, it takes years to get rich. ![]()
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