Within my first few months working I was able to bring in a good monthly income, which was great because shortly after starting my business, my eighteen-month-old son was diagnosed with autism. Obviously, my business took a back seat. I did not work regular hours for months as we were going through evaluations, lining up therapists, and emotionally dealing with what we just learned. I spent more hours doing therapy and research than working my business. Yet I still got paid. That is the benefit of residual income. I still got a check each month for work I had done my first few months in the business even though I was not working.
This is a VERY good point. Too often I see people touting the benefits of blogging as passive income. But um, y’all, blogging is a lot of work. If you’re in it just for the money, you probably won’t perform super-well. Some of the income is passive through ads, but you still have to write new content, interact with readers, talk to bloggers, etc. There are certainly things you can put on autopilot but it’s not like investing where you sit back and watch money ebb and flow. 😛
This might be a weird one, but signing up for Uber (if it is available in your country) can be an amazing way to generate income by doing what you already do on a daily basis. If you drive a car and you have one you use every day, then picking up people that are along your way that give you cash for dropping them off somewhere nearby is, well, unheard of.
What Every Real Estate Investor Needs to Know About Cash Flow – The focus of this book is making sure that you have a deep understanding of the numbers that drive a good real estate investment. The key emphasized here is that investing for cash flow is preferable to speculation. There are some great case studies in the book for those who learn well using those.
Most credit card companies offer sign-up bonuses to entice you to open a credit account with them. As long as you don’t spend money just to hit the minimum balance and always pay your balance on time, this can have a minimal impact on your credit score while earning you hundreds – or even thousands – of dollars a year. Some of the best travel credit cards offer 100,000 points to new accounts when you meet reasonable spending requirements.
Now you have some of the basic dos and "do it if you feel like its." But how can you actually earn money from your blog? First and foremost, if your blog is in your specialty area, you should absolutely use it to promote your freelance writing services (even if just linking to your professional site). It can be a highly effective way of increasing business in general. But let's forget about that and think about more direct income from your blogs. Here are the tools and strategies I used to take my small business blog from nothing to a four figure income in just a few months:
As a private lender, you can lend to anyone in your social circle. For example, many home rehabbers need access to a source of capital they can tap into very quickly in order to fund the initial purchase of their properties. You can partner with a rehabber who uses your capital for a short-term in exchange for an interest rate that is mutually agreed upon.
Residual income is different from a salary, or linear income, which is paid out strictly based on the number of hours a person works. Someone who works on a salary is often said to work “paycheck to paycheck.” This is because he pays all of his bills with his first paycheck and then must wait until he gets paid again to have more money. Ideally, someone will work hard building up a business so that he can enjoy the residual income once his goals have been met. Then he can work on additional projects while still earning money from his business.
Hey, readers. I need your help today. Please vote on the poll at the end of this post. My question is this – should I consider blogging income as passive income? In 2017, we are very close to being able to cover 100% of our expenses with our passive income, but we’re not quite there yet. I don’t count blogging income as passive income at the moment. If I count blogging income, then we’re there. I’d like your opinion on how I should count blogging income. Blogging isn’t really passive, but the income is. It’s somewhat difficult to categorize.
Now that I have this money coming in, I’m able to explore new options with investing and buying a house a bit sooner in my career. I’m also very happy to be in a place now where I can give back, so I’ve been doing a lot of donating and helping other people get their start. I’m going to be building some schools in poor areas of the world through a company called Pencils of Promise. It’s a personal thing, but I’m also interested in having people come along with me as I document those experiences. My goal is to show people that it isn’t just about the material stuff but about giving: I try to build more to make more money to give more and be an example to other people in the world but also to my kids. When they’re 30 and talking about how their parents raised them, I want them to think we’ve set a good example. I want them to know that there’s joy in giving.
You can publish a book in two forms: paperback and e-book. E-books are much easier to get published, and they’re wildly popular these days. They’re also convenient for the reader. After writing an e-book, all you have to do is set up an account on a seller, like Amazon or Nookpress, and start promoting your book! Here is a simple guide on getting your e-book published. As I mentioned before, if you already have an audience, such as on a website, that’s the best place to promote your e-book. This article will also explain how to set up a website.
A benefit paid to a policy holder of disability insurance in the event that the holder incurs a loss of income due to a covered disability. It is calculated by a predefined formula stated in the insurance policy and is generally a percentage of the assured total benefit. In the event of continued disability and the inability to earn income, the residual benefit may be paid up to the extent of the maximum benefit period as stated in the policy.
All the little bits of money you earn through those channels can make up quite a nice sum after a year or so. Remember how I said that starting a passive income business either a lot of time or some money, or a bit of both? Well, mobile apps offer the best of both worlds. With a little time and a little money you can have an app developed and on the App Store in literally a week.
If your research really does determine that there is some amazing market niche that until now has miraculously gone unnoticed and unserved---dog owners who wish to help their dogs lose weight naturally, for example---sooner or later, word is going to get out that there's money to be made there, and someone is going to create a better ebook or info course or product that serves that market's needs better than yours does, and who markets it better to them than you do. You can't manage this competition while sipping margaritas all day from your paradise restaurant on Fiji. You'll soon see your market share go down the drain---just like all those Açai cleanses. . .
Tied into this point, I like how Scott discourages big dreaming from the point of view that when you try to solve too big a problem, you’ll normally fail since you don’t have the resources to tackle it – eg don’t reinvent say ecommerce platforms with complex software, instead create an online video-driven course on how to build online stores using WordPress (as an example!).