As we go through this passive income series, you may start getting ideas for how you can create new streams of passive income. How do you know which ideas are worth pursuing? Keep It Simple It’s easy to bite off more than you can chew with your first passive income idea. If you already have [...]
In addition to earning passive income from physical real estate, you can also generate income from virtual real estate. Virtual real estate is online property, including domain names, websites, and online services. A virtual pub in an online game world is an example of virtual real estate. If you’ve ever registered a domain name or [...]
Real estate investing is one of the most common ways that people become wealthy. You can buy real estate such as houses, apartment buildings, office space, retail space, etc. and rent it out. You can also make money from the appreciation, assuming that real estate prices rise while you own the property. When renting a [...]
I wanted to share this photo I took because it depicts a nice example of providing passive value. Coming up with the idea and adding this wall art required a one-time investment of time and energy. But once it’s shared, it can continue to provide value in the form of laughter and amusing conversations for [...]
As you read through this passive income series, suppose you start seriously thinking about creating your own passive income streams. You talk about some ideas with your friends and family, and you get a negative reaction. Perhaps they suggest that passive income is beyond your reach and that you should just settle for a job like [...]
If your motivation for passive income is escape, you’ll most likely fail. Passive income is fuel to expand what you’re already doing. Trying to add fuel to what you don’t want is a recipe for self-sabotage. You will give up before you get very far. Trying to build passive income streams on top of a [...]
A big part of self-discipline comes from social pressure. This is how people in the military can become very disciplined, particularly in special forces. They don’t want to hold their team back, so they have to do their best. Loyalty to their teammates holds them to a higher standard. Loyalty to their country or to [...]
In the next several posts in our passive income series, we’ll explore a number of strategies for earning passive income. Let’s begin with one of my personal favorites… Intellectual Property Intellectual property refers to mental creations that are associated with legally recognized rights, such as material that can be copyrighted, trademarked, or patented. This includes articles, [...]
To generate passive income, you need a way to maintain your income without having to do so much grunt work to keep it going. If you have to keep working each day to avoid seeing your income drop, then you’re earning active income, not passive income. Passive income continues to flow even when you aren’t [...]
Some people have asked whether it would be sustainable if everyone tried to earn passive income, so let’s get that out of the way before we continue with this passive income series. I think the supposition here is that certain jobs don’t adapt well to passive income strategies, and therefore certain work is best suited [...]