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Let's list sources of passive income.
By that term, I'll loosely define it as ways to earn money by taking an initial action, and then letting the initial capital grow, or develop on its own.
Ways:
Investments
Savings Accounts/Money Markets
I'm reaching a blank...what else?
I've got a website that I make a little money from, but I do have to work at it...a couple hours each day. I'm working on a couple other concepts which might allow me to make money without having to take such an active role.
Let's create a list here in the comments section, and I'll pull them together and make sort of a master list.
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5 comments:
Well, Ask The Magic Eight Ball earns me about $1 a week in ad revenue. No, that isn't much, but I wrote it years ago and it requires almost no maintainence. My other site, The Electoral Vote Calculator, earned about $1500 during the last election cycle.
My goal with these sites is to have content that doesn't have to be updated.... If I had a few hundred more sites like those, I wouldn't have to work a job. Too bad they take a while to write - its really more of a hobby than a money maker.
Investments aren't always passive. If I invested in the stock market then I wouldn't just forget about my shares and sit back to wait for the dividend check to roll it. You'd have to keep an eye on the market and on news to see what's happening and how it's effecting your investment.
I think Spike is on the right path, lots of sites with little maintenance. And one of the best things about websites is they take only a little bit of capital to get them running.
To get $50 a year out of a savings account you'd need around $1000. It looks like the eightball site cost a lot less than $1000 to set up
Websites are the virtual real estate it seems. The ad revenue is the rent, and the worth just back-calculated from that.
Passive income? You could sub-contract out your job if it is mindless. Say you got 10 cents each for licking envelopes. Find someone to lick them for 8 cents and you're making 2 cents for doing nothing!
Or you could write about money itself on the Web, placing a few ads on your site and earning a few pennies per click. I've helped write a few sites this way, such as the insurance information site Inside-Insurance.com. As long as you keep good track of your ads' progress, it's fairly easy to consistently improve your profits.
Passive income can come after a lot of hard work, too. Building SavingAdvice.com has been a work of pure determination - 4 hours of work everyday after a full day at work for about 2 years.
A few months ago I had a medical family emergency that made it so I couldn't work on the site for about 3 months. Even doing no work, it brought in several hundred dollars a month. Of course, when I'm active on the site it brings in a lot more, but I now know even when I quit, the site can bring in a consistent income.
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