New ways to make passive income!
I'm falling in love with passive income. In fact, I've got a spreadsheet calculating my future passive income based on a property I'm going to buy, a business and some inventory I'm selling, and current passive income. My monthly total will be $2,232.25 NET in just a couple of months. Considering I had ZERO passive income at the start of 2008, I'm totally amazed at what concentrated effort on the right PATH will bring to your life. Granted, Thats just barely enough to live on, but if I can land work that pays what I'm used to - $4000-10,0000 a month, I'll be richer than I can really imagine.
However, the game industry is on the downward spiral. It continued to bloat to the point where 100-300 people were working on a title for years, and those costs are now crippling the ones who are not producing top selling titles. So we're seeing layoffs and its really hard getting contracts any more. So basically if I can't find work in the industry, I'm living like a pauper on 2200 a month.
But thats ok, I know I will find work. I always seem to make a deal with someone or find something I feel is worth my time. I'd like to try a house flip deal, I have many spotted which would be profitable, but my credit is too poor to really get a large loan.
Oh on to the topic! I like to ramble too much. New ways to make passive income:
Sell a business on a payment plan. Sure it would be nice to cash out, but frankly most buyers won't find going into formal debt with interest and all that to buy a small business very attractive. So you sell on payments.
Another way I've found is to sell software subscriptions. Not only do you make money on the sale, but next year when it renews you will get a commission from that. Lots of software companies have affiliate programs and these are great ways to make some extra passive income.
Of course, the best way is real estate. You don't even need to own it. I'm renting a building but I have the rights to sub lease and I've got a small area sub leased for 50 a month. I like home rentals the best, and I want to buy more real estate as fast as humanly possible.
Every successful business person I know or have met, has some kind of real estate investing going on. Its just too good and solid of a business. Eventually I am going to write a book on it, once I hit the 6 figure a year income level anyway, or get a net worth of over half a million I think I'll be good enough to share my info with others at that point.
Write a book! Book sales will earn you passive income. If you have specialized knowledge, write a e-book and sell it! I plan on trying a few out soon myself. Lord knows I won't be doing too much real estate renovations when its going to be freezing out soon.
Be a deal maker. It seems like theres always a deal to be made if you talk to lots of people. Find out what they want and arrange it, and make some money. People pay for information. If they can't afford your services you set them up on a payment plan and then you have passive payments.
Create a benefits program where your customers can pay you a small fee each month which adds up to an in store credit. You can match their money with your own so every 8 dollars they put in you put in 2 or whatever. Then they have this credit they can use to buy stuff later, only redeemable at your store. Auto draft their account and you have a few hundred people doing this and your making good money just doing that. Tell them its a great way to budget for a disaster if you repair things like computers, or a way to plan for a new computer every few years by saving 10 a month towards it.
The #1 way to make passive income is to simply have things for sale on a web site. Most anything I put up for sale, eventually someone buys it! Action = results, don't ever forget that key!
However, the game industry is on the downward spiral. It continued to bloat to the point where 100-300 people were working on a title for years, and those costs are now crippling the ones who are not producing top selling titles. So we're seeing layoffs and its really hard getting contracts any more. So basically if I can't find work in the industry, I'm living like a pauper on 2200 a month.
But thats ok, I know I will find work. I always seem to make a deal with someone or find something I feel is worth my time. I'd like to try a house flip deal, I have many spotted which would be profitable, but my credit is too poor to really get a large loan.
Oh on to the topic! I like to ramble too much. New ways to make passive income:
Sell a business on a payment plan. Sure it would be nice to cash out, but frankly most buyers won't find going into formal debt with interest and all that to buy a small business very attractive. So you sell on payments.
Another way I've found is to sell software subscriptions. Not only do you make money on the sale, but next year when it renews you will get a commission from that. Lots of software companies have affiliate programs and these are great ways to make some extra passive income.
Of course, the best way is real estate. You don't even need to own it. I'm renting a building but I have the rights to sub lease and I've got a small area sub leased for 50 a month. I like home rentals the best, and I want to buy more real estate as fast as humanly possible.
Every successful business person I know or have met, has some kind of real estate investing going on. Its just too good and solid of a business. Eventually I am going to write a book on it, once I hit the 6 figure a year income level anyway, or get a net worth of over half a million I think I'll be good enough to share my info with others at that point.
Write a book! Book sales will earn you passive income. If you have specialized knowledge, write a e-book and sell it! I plan on trying a few out soon myself. Lord knows I won't be doing too much real estate renovations when its going to be freezing out soon.
Be a deal maker. It seems like theres always a deal to be made if you talk to lots of people. Find out what they want and arrange it, and make some money. People pay for information. If they can't afford your services you set them up on a payment plan and then you have passive payments.
Create a benefits program where your customers can pay you a small fee each month which adds up to an in store credit. You can match their money with your own so every 8 dollars they put in you put in 2 or whatever. Then they have this credit they can use to buy stuff later, only redeemable at your store. Auto draft their account and you have a few hundred people doing this and your making good money just doing that. Tell them its a great way to budget for a disaster if you repair things like computers, or a way to plan for a new computer every few years by saving 10 a month towards it.
The #1 way to make passive income is to simply have things for sale on a web site. Most anything I put up for sale, eventually someone buys it! Action = results, don't ever forget that key!
posted by Joel Huenink at
2:42 PM
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