In 2007, Pat Flynn making $38,000 a year when he created a blog to help him study for a professional exam. When he realized he had thousands of visitors daily, he put ads on the site. When he wrote an ebook and sold it on the site, he earned more in one month than he ever had in his life. Now, six years, 12 websites, 100,000 email subscribers and 9.5 million podcast downloads later, Flynn, 31, has earned roughly $2.7 million dollars online with “passive income” strategies. He blogs about his secrets at SmartPassiveIncome.com, hosts a podcast by the same name, and told us about his journey in this Q&A. Here are his tips on getting started generating your own passive income.
Acorns: Acorns is a great way to start investing and building wealth. As it turns out, Acorns will pay you $5 to start investing with them for as little as $1. That’s a 500% return, plus it’s probably time you started investing for your future. They even have features like round-up and found money that allows you to get free money from places you already shop at.
Residual income is when you continue to get paid after the work is done. This includes royalties from books, movies, or songs and also income that comes from real estate or business investments where you don’t actually have to be present to earn it. For example, Bill Gates is still making a residual income from Microsoft even though he isn’t working there anymore.