Quote:
Originally Posted by InterfaceLeader  Aside from blogging/advertising revenue and affiliate marketing, are there other passive income streams?
I read somewhere that millionaires have seven passive streams of income, and I have two...
I'm assuming that property/rent is one, and revenue from book sales is another, but I'm not in a position to take advantage of those right now. |
Some millionaries may have seven "streams" of income and some may have seventy - that's something that really depends on the situation and what they did. It's possible to have seven streams of income and not be able to pay rent. I think there's a good chance that if you focused on one thing at a time, you might find that instead of seven streams of $50/month you can actually make that one thing generate real income. Then once that's going on its own you can move on to another or continue building on it to increase the income.
There's a lot of different ways to make passive income, but they usually fall into a few categories:
- Creating content and getting ongoing revenue from it, either by licensing or by publishing it yourself
- Finding some opportunity to make money, buying equipment or hiring people to make it happen without you, and letting it run
- Investing in someone else's business and getting part of their profits
These categories can be applied to almost anything to come up with ideas.
The closest you can really come to "passive" income is setting something up that gives you continuous revenue; to do that it sometimes takes a lot of work up front and you won't even know how much money it will make unless you have a lot of experience already. The easier it is to do, the less money you're likely to make.