John Paul

Sure ways to develop passive income?

8 posts in this topic

I’m looking for suggestions for things that are not likely to fail at developing passive income that take less than 5 years of work. It doesn’t have to be a lot of money just some to cover let’s say more than half of a single person’s rent. I already have something that I’m mastering that is also artistic, I want passive income so I can focus on that, I don’t care about mastering business I’m just unfamiliar with the many ways people make money without working more than an hour or two here or there. This would be huge for me if I can get something going, please help.

 

edit: just to be more concrete, say 600-700 a month for less than 8 hours a week and hope to set it up in less than 5 years but really the quicker the better, I can grind for it. And I currently have 6000 to spend but can earn more.

Edited by John Paul

Share this post


Link to post
Share on other sites

Depending on where you live and all that, running an Airbnb unit can be a pretty reliable source of income. Though it's not a guarantee you have to offer a lot of value to get traction at first but once you do it's about what you're looking at.


Truth is love. Truth is beauty. Every frame is a painting. ❣ Nothing but love.

Share this post


Link to post
Share on other sites

The surest way to develop passive income is whatever you're most passionate about or can work at the longest without burning out or giving up.

Most things aren't likely to fail if you're willing to try hard enough for long enough and learn along the way.

If you want to write ebooks, you'd better be willing to pump out a 10,000-word ebook every week. In 5 years that's 250 ebooks. 

If you want to start a Youtube channel, you'd better be willing to pump out at least 3 videos a week. That's 750 videos in 5 years.

If you want to sell stock photography, you'd better be willing to take 20 pictures a week. That's 5,000 pictures in 5 years.

You can do all 3 of the above things in less than 8 hours a week once you've got a routine worked out.

If you want to make an online course, you'd better make 20 of them in 5 years, not 1 or 2.

If you want to set up vending machines in your city, you better buy as many as you can afford and then keep reinvesting 100% of the income for the first 5 years to keep buying more and more machines.

The reason people fail is they'll write 2 or 3 books, or make a dozen or two Youtube videos, or put 50 stock photos up for sale, or buy 1 vending machine, and not see immediate results and get disheartened or second-guess themselves and quit. More or less likely to fail is just a matter of how much you're willing to put in.

If you're producing anything at a large enough scale, it's very hard to fail. The key is to be prolific at whatever you decide to do.

(Also invest the $6,000 @ 5% and that's already half a months worth of your income goal per year)

Share this post


Link to post
Share on other sites

@John Paul You don't always have to own any property to rent out on Airbnb, as long as you are prepared to take on some minor risk then you can rent an apartment for the same month in which you rent it out to travelers who would gladly pay both three and four times what you do each day.


"We do not need to be shoemakers to know if our shoes fit, and just as little have we any need to be professionals to acquire knowledge of matters of universal interest."  -Hegel

Share this post


Link to post
Share on other sites

Anyone has experience on managing an Airbnb rental remotely?

Share this post


Link to post
Share on other sites

I found a finance guy on youtube last night. His name is Graham Stephan. He seems legit.

Share this post


Link to post
Share on other sites

@Yarco

our man yarco is on fire at his post. We all can improve by drinking our own juice and JUST put it the work.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!


Register a new account

Sign in

Already have an account? Sign in here.


Sign In Now