Passive Income 101
What is it?
Create one big piece of work and get paid in small small amounts for long period
of time.
Fake-Passive Income?
Blogging, Vlogging, Influencer Marketing — these are NOT passive forms of money
making. Blogging: You have to devote time regularly to it. Keep the traffic
going. Many people start blogging/vlogging thinking they will do it once and
forget it. It doesn't work for almost every blogger I know. If you don't post a
video/blog for a month ad revenue declines sharply. Many performance metrics
fall too.
What are the different ways to make passive money?
Educational courses: Make moderate to long form video courses. Publish it on
platforms like Udemy/skillshare or even your own website. I made courses on
Udemy 6 years ago. I get paid even today from them. Many times purchase happens
by US customers while I am sleeping.
Publish a book: With Amazon KDP, you can write and publish your book in matter
of minutes. (publishing happens in minutes. Writing will take time. ). I
published 3 books of a client in 30 minutes.
Sell 3D CAD models: You can make 3D cad models of cars, rockets, famous statues
and sell it on websites like Turbosquid, CGTrader, Shapeways and even on your
own website.
Design T-shirts/merchandise: Share your favorite designs on various forms of
merchandise. The platform will handle all the manufacturing and shipping and
returns. Platforms: Teespring, Patreon, DesignHill. Again on your own website
too.
Sell high quality photos: Take stunning high quality images, share it on
different platforms and offer high resolution non-watermarked downloads. Adobe
stock, Shutterstock, own website.
Sell automation programs: You can create code snippets/programs that does a
repetitive task quickly and sell them. Excel macros, add-ons of Google
sheets/forms are commonly sold.
License your design/invention: This is tough but many people have done it. You
patent an idea and license it to a company and earn 5-7% royalty for each sell.
(Just be careful, an unethical firm can buy your patent and then just dump it —
killing competition)
License your music and videos: Create sounds, music, stock videos and provide it
for sell. You can create music related to market sentiments and what news is
going on. Good platforms: Bandcamp, soundcloud, patreon, own website.
Dividend paying stocks: For long term investors this can be a good silent source
of income.
Real-estate: For rich people who have it, they know.
Important Points:
Not all your big piece of work sell good: I made several courses on Udemy. 2
courses account for 70% of total revenue.
You may need to market your work: I have 10k followers on Quora, but still I
needed to market "actively" most of my works. The thinking that "Build it and
people will come automatically", rarely works.
Passive can become active (quickly)
After one of my courses started bringing money, I started making more courses
and more pieces of work. So it becomes a continuous active process. Creating
work piece A, getting paid for A for long time, then creating another work B,
getting paid for A & B for long time.
Apart from having the liberty to take few months off, not much difference
remains in active and passive sources of making money. In the end, in both
forms, you have to create value, and sell it.
I hope it helps. Let me know if you all have any query.
Originally posted by Arjit Raj on Facebook
link: facebook.com/groups/1628088717410164/user/100000633555945/
What is it?
Create one big piece of work and get paid in small small amounts for long period
of time.
Fake-Passive Income?
Blogging, Vlogging, Influencer Marketing — these are NOT passive forms of money
making. Blogging: You have to devote time regularly to it. Keep the traffic
going. Many people start blogging/vlogging thinking they will do it once and
forget it. It doesn't work for almost every blogger I know. If you don't post a
video/blog for a month ad revenue declines sharply. Many performance metrics
fall too.
What are the different ways to make passive money?
Educational courses: Make moderate to long form video courses. Publish it on
platforms like Udemy/skillshare or even your own website. I made courses on
Udemy 6 years ago. I get paid even today from them. Many times purchase happens
by US customers while I am sleeping.
Publish a book: With Amazon KDP, you can write and publish your book in matter
of minutes. (publishing happens in minutes. Writing will take time. ). I
published 3 books of a client in 30 minutes.
Sell 3D CAD models: You can make 3D cad models of cars, rockets, famous statues
and sell it on websites like Turbosquid, CGTrader, Shapeways and even on your
own website.
Design T-shirts/merchandise: Share your favorite designs on various forms of
merchandise. The platform will handle all the manufacturing and shipping and
returns. Platforms: Teespring, Patreon, DesignHill. Again on your own website
too.
Sell high quality photos: Take stunning high quality images, share it on
different platforms and offer high resolution non-watermarked downloads. Adobe
stock, Shutterstock, own website.
Sell automation programs: You can create code snippets/programs that does a
repetitive task quickly and sell them. Excel macros, add-ons of Google
sheets/forms are commonly sold.
License your design/invention: This is tough but many people have done it. You
patent an idea and license it to a company and earn 5-7% royalty for each sell.
(Just be careful, an unethical firm can buy your patent and then just dump it —
killing competition)
License your music and videos: Create sounds, music, stock videos and provide it
for sell. You can create music related to market sentiments and what news is
going on. Good platforms: Bandcamp, soundcloud, patreon, own website.
Dividend paying stocks: For long term investors this can be a good silent source
of income.
Real-estate: For rich people who have it, they know.
Important Points:
Not all your big piece of work sell good: I made several courses on Udemy. 2
courses account for 70% of total revenue.
You may need to market your work: I have 10k followers on Quora, but still I
needed to market "actively" most of my works. The thinking that "Build it and
people will come automatically", rarely works.
Passive can become active (quickly)
After one of my courses started bringing money, I started making more courses
and more pieces of work. So it becomes a continuous active process. Creating
work piece A, getting paid for A for long time, then creating another work B,
getting paid for A & B for long time.
Apart from having the liberty to take few months off, not much difference
remains in active and passive sources of making money. In the end, in both
forms, you have to create value, and sell it.
I hope it helps. Let me know if you all have any query.
Originally posted by Arjit Raj on Facebook
link: facebook.com/groups/1628088717410164/user/100000633555945/
