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How in Hell's name can I make a Passive Income?

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Postby Winston » Tue Dec 03, 2013 3:17 am

Renata wrote:The following sites can generate passive income if you have a skill to offer. If not, think about a service you could offer & manage if you had a Team with the expertise. Example; do some HR & build an IT team of freelancers, bid on jobs & have them complete the work, pay them well & take your cut. Build a rep & portfolio to generate more work. No tax or overheads involved. Than when the income is increasing steadily, move to a country where there's a low cost of living. Western countries are too expensive to live off of passive income unless you're doing extremely well.
https://www.odesk.com/
elance.com
peopleperhour.com


I think your terminology is mixed up. If you get a job as a freelancer on those sites, that's not passive income. Passive income is where you do nothing and make income. So doing projects as a freelancer would be more like active income. :P

Hero wrote:With all of his knowledge, even Ladislav couldn't manage to live comfortably in the Philippines.


He could but not on passive income. He was making enough to live there but was working too many hours at too many odd hours. He isn't that good in business anyway. His skills are in language, culture and cultural comparison. He gives a lot of good expat advice, but he isn't business savy. Plus he is also not good with budgeting and tends to overspend and overgive too generously to girls. If he was more stingy and frugal like Jews and Chinese are, he'd have a lot more money right now.
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Postby Contrarian Expatriate » Tue Dec 03, 2013 4:22 am

Hero wrote:
HouseMD wrote:Build up one million dollars in capital...


Really? It's that easy?

:roll:

It is that simple, not necessarily easy though.

Live well below your means, work a full time job and get a weekend gig.

SAVE and invest a smaller portion in a variety of asset classes.

After no time you will be in the six figure range and eventually a millionaire. It could take you into your 40's or 50's, but it will happen if you save and invest your disposable income.
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Postby mguy » Tue Dec 03, 2013 4:35 am

The_Adventurer wrote:
mguy wrote:
Thanks adventurer. I think living in the Philippines or Third World country to work on your start-up is something that is not really talked about. Most do this for girls, but I think the lower costs is the biggest reason for me.

Do you mind telling us the progression of your income when you first got started and how many hours you worked?


Well, this will be something to try to remember.

In early 2008 I was making a few hundred per month. Being my first time in the Philippines, I did get caught up with the girls, though, and my income dropped. I busted my a** working every waking hour to put out an ebook. That had a big surge of several hundred in a week, got me out my pinch and then things stablized again.

In 2009 I started doing art commissions. That got me up to six or seven hundred per month, but sometimes it would still drop. Being tired of that, I busted my a** again, working every waking moment, and by end of summer I finally hit $1000 per month.

Immediately after that, I discovered training videos and was able to easily maintain the $1000 per month with a bit of slow growth. Early in 2010 I hit $2000 per month.

Later in 2010 my site went down and I lost a lot of my following. I was getting paid to travel and speak in China, so I wasn't too worried. I found another site to sell my videos. There is some indication they were ripping me off, but I will never know. It maintained at least around $1000 per month.

Mid 2011 I got my website issues sorted, went with a new provider and got all my videos back and up on my site. I lost some ground, so for the rest of year it was bust a**, every waking hour time again. By early 2012 I hit $3000 per month.

For Chinese New Year, I visited my girlfriend's home town. It was a beautiful place in the country, and super cheap, cheaper than Philippines actually. Yet, the quality of everything was very high. I thought if I live there it would be perfect!

Mid 2012 I went over all the expensive marketing course I bought while still back in America and started trying a number of those techniques again. By end of summer 2012, I hit $4000 per month, moved to her hometown and got married. I bought this tablet I am now writing on. It has a pen. I started drawing all the time and did almost NO WORK for the rest of the year.

I started 2013 back at $2000 per month. I continued to be lazy until about a month before our baby was due, then I busted a** and maybe hit $3000 or more. I wanted to get her a private room with her own bathroom in the hospital rather than one of those shared rooms with like 6 beds in there.

After the baby was born I never really worked hard again until last month. I haven't checked the numbers, but I suspect $3000 or more. I then worked myself to sickness and have been bedridden spending time on this forum the last few days. :)


Bro,

that is an amazing story. what is even more amazing is that you do not have any link or affiliates on your sig. thanks for sharing!
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Postby djfourmoney » Tue Dec 03, 2013 5:09 am

Men don't need much, Adventurer proves this. He lives simply, internet isn't a luxury its apart of his business and a needed expense.

Somebody said men only need about $10,000 a year. That's not even a thousand a month ($833) and I agree. I have made over $8,000 in two or so years donating plasma/GR. At once point I had over $2,000 in cash sitting here. Between bailing out my parents, the PS3, new laptop and trip down to Mexico that proven pointless overall, that's over a grand spent right there. I still got over $320 in cash here and I haven't donated in almost two months and just started getting GR for the 2nd time. Not to mention because the Stimulus money ran out, my benefits have been cut by $11 a month. That's $1.41 per meal on EBT. GR would MAYBE pay for gas if I had a car.

Building something online does not happen overnight. But I believe I have a message people want to hear. I get people following me on Discuss just from my post on web sites that use that system. I am slowly building a following and as I said before, I am going to make the switch over to Wordpress so my blog post show up on motorsport.com. Right now I am working on the next phase of that web site while the racing season has officially come to an end last weekend.

Motor racing has next to no moral authority overseeing it and I have nominated myself because the sports media FAILS far too often at connecting the dots. I have allies and we're ready to expose rich men who gain the money to race in nefarious ways and how NASCAR appealed to the masses while throwing its base under the bus. It also winks and nods to the base as well and yes that base is the same one that supports the GOP and how people want to keep these subjects separate is comical, how can you when inside the very Stimulus the GOP voted against en-mass had riders for subsidizing NASCAR race tracks...

Anyway enough about that.

My other blog will follow my adventure to South America to find a wife. Its not IF it will work, its when I can share my success and once that happens, people (maybe none of you) will pay me to help them achieve the same success, IE some people just can't be bothered with going the long way around.

My final blog is about Bluetooth consumer devices.

I will be improving the podcast(s) and doing more video with the goal of getting press credentials for the Long Beach GP. If I can do that, then I would have arrived; I just need to convert that into followers and I don't think that will be much of an issue.

Its not easy, it seems every 2-3 months my mother is badgering me to get a job, yet when she needs money, guess who she ask?

I got some additional news last week; not disclosing that yet, but I will be advancing forward with greater ease very soon.
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Postby Ghost » Tue Dec 03, 2013 8:35 am

Anything you can do that pays you royalties. I started writing e-books and putting them up on Amazon last year. I've sold some copies so far, but I've got a long way to go. If I can that up to $800-$1000 a month, I'm golden and free to go to many more places in the world. I was also doing some writing freelance work online before I came to China. Pay is low, but you can work from home and build it up. SEO writing or copywriting is what I want to get into next. That's where the money is.
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Postby The_Adventurer » Tue Dec 03, 2013 1:47 pm

Winston wrote:The Adventurer,
Can you show us your site and training videos? How do you sell them? On your own site or a third party site?

Can you give us a breakdown of where your income comes from? Does it come from multiple sources?

This would be a good learning experience for us.


Since Winston himself sanctioned it, here is the link to my site:
http://www.studioartfx.com

I currently try to sell everything myself. I have used third parties in the past and never had a great experience. There are some cases where I may have been ripped off. Anything I do for sale in Japan is through third.party, but they have good realtime tracking tools I tend to trust.

I actually read a book years ago called Multiple Streams of Income, or something like that, and think that is truly the way to go. Many very rich and successful people build up something nearly automatic, let it go, and move on to the next thing.

I remember once sitting in the airport in Shanghai listening to some American guy talk about buying a Subway Sandwich franchise. He said you can make $120,000 per year doing that, but you will work so hard, and so kany hours, it is just not worth it. I was thinking, This guy just doesn't GET IT! He wants to keep all the money for himself. You staff it full of high school students. You a good salary and benefits for a couple ofbgood managers and let it run by itself! Now maybe you only make $15000 or $20000, but it is totally PASSIVE. You can also go and buy another and another and another. Or use your free time for your next great project.

I would say about half my income comes from art commissions and about half from training videos. The rest is little things like royalties from past work, or stuff I sell in Japan. Every once in a while there is an unexpected lucky surge in those things. A few months ago I got a $700 royalty check from a comic I published in 2004! Why the sudden surge in sales? I have no idea.

The most important thing isnI have tons of free time. This allows me to consider doing some bigger animation projects, like a film or series.
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Postby djfourmoney » Tue Dec 03, 2013 6:54 pm

The_Adventurer wrote:
Winston wrote:The Adventurer,
Can you show us your site and training videos? How do you sell them? On your own site or a third party site?

Can you give us a breakdown of where your income comes from? Does it come from multiple sources?

This would be a good learning experience for us.


Since Winston himself sanctioned it, here is the link to my site:
http://www.studioartfx.com

I currently try to sell everything myself. I have used third parties in the past and never had a great experience. There are some cases where I may have been ripped off. Anything I do for sale in Japan is through third.party, but they have good realtime tracking tools I tend to trust.

I actually read a book years ago called Multiple Streams of Income, or something like that, and think that is truly the way to go. Many very rich and successful people build up something nearly automatic, let it go, and move on to the next thing.

I remember once sitting in the airport in Shanghai listening to some American guy talk about buying a Subway Sandwich franchise. He said you can make $120,000 per year doing that, but you will work so hard, and so kany hours, it is just not worth it. I was thinking, This guy just doesn't GET IT! He wants to keep all the money for himself. You staff it full of high school students. You a good salary and benefits for a couple ofbgood managers and let it run by itself! Now maybe you only make $15000 or $20000, but it is totally PASSIVE. You can also go and buy another and another and another. Or use your free time for your next great project.

I would say about half my income comes from art commissions and about half from training videos. The rest is little things like royalties from past work, or stuff I sell in Japan. Every once in a while there is an unexpected lucky surge in those things. A few months ago I got a $700 royalty check from a comic I published in 2004! Why the sudden surge in sales? I have no idea.

The most important thing isnI have tons of free time. This allows me to consider doing some bigger animation projects, like a film or series.


You are right Adventurer he doesn't get it, most men don't, most Americans don't.

Franchises are turnkey operations; you find a location, hire a staff, train it and let it go. You hire a competent manager and pay him enough for him to build a family with and you give him your cellphone/skype number and be done with it.

Hard work? What hard work! You have to find a competent manager that is not all that hard. Just find somebody responsible without bad habits.

The problem is cost, as you said $120,000 but for that you get help finding suitable locations and you're apart of a network of stores that have national adverts running on every channel and during sports events, even the Olympic games and Super Bowl. You have famous people endorsing your product, WTF hard work are YOU DOING exactly??????

Companies are looking for branch out especially in the developed world, if they haven't already. There still time to get into the game and if you have good credit, you might even be able to get a SBA loan to pay for the majority of out of pocket cost.

As you said you make maybe $20-30K after expenses, that's why people own multiple stores....

http://www.entrepreneur.com/franchise500/index.html
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Postby Renata » Tue Dec 03, 2013 7:00 pm

Winston wrote:
Renata wrote:The following sites can generate passive income if you have a skill to offer. If not, think about a service you could offer & manage if you had a Team with the expertise. Example; do some HR & build an IT team of freelancers, bid on jobs & have them complete the work, pay them well & take your cut. Build a rep & portfolio to generate more work. No tax or overheads involved. Than when the income is increasing steadily, move to a country where there's a low cost of living. Western countries are too expensive to live off of passive income unless you're doing extremely well.
https://www.odesk.com/
elance.com
peopleperhour.com


I think your terminology is mixed up. If you get a job as a freelancer on those sites, that's not passive income. Passive income is where you do nothing and make income. So doing projects as a freelancer would be more like active income. :P


Oh I see. I just bid on the jobs though & my translators do the work when it comes. That's a real luxury to have cash rolling in & you do nothing :mrgreen:
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Postby SilverEnergy » Wed Dec 04, 2013 4:03 pm

Create a niche and then put quality content in the form of articles. Put up hundreds of articles and that will generate traffic.

Then apply for adsense.
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Postby mguy » Wed Dec 18, 2013 11:14 am

Can we move this to the make money section? Winston..

Adsense makes peanuts. Its going to be making peanuts for a long time for me. It's only worth it if you get lots of traffic upward 1k a day.

BTW, franchises are dependent on location. good locations are hard to come by. I have a food franchise that I need to install next year (or risk getting it junkyarded). It is far from being "passive"
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Re: How in Hell's name can I make a Passive Income?

Postby JamaicaninChina » Mon Dec 30, 2013 10:56 pm

theprimebait wrote:my question is,do you guys have any idea how to make a lower middle class income passively?not much.not even enough to raise a family.but just enough to still be ''poor''but live decentely?

thoughts?



With Winston's encouragement, I'll share a strategy that may seem counterintuitive, but works (for me)!

THE STRATEGY:
GIVE IT AWAY FREE....AND REQUEST DONATIONS


HOW IT WORKS:
Beginning in 1995, and every summer since, I've compiled all the free concerts happening in New York City and offer the listings free of charge on my http://www.FreeSummerConcerts.com site. The listings are "unveiled" a month at a time. So, for example, you can't access the July calendar of events until the last week in June. However, the impatient New York resident/tourist can become a VIP by "donating" $10 or more and thereby receive ALL the summer's events in advance!
That's it!

WHAT HAPPENS:
The majority of people on my list of over 10,000 simply wait for my weekly emails to be updated about the week's events. However, quite a few donate the $10 to become VIPs. Some donate $5. And I've even gotten dollar bills sent by regular mail to my PO box! But, here's the cool part. Many people donate much more than the minimum! Some donate $20. Some donate $50.
The largest single donation so far has been $200! People start searching for summer events as early as January 1! I fully expect that I'll soon start receiving donations for the 2014 season in a few days but don't need to start compiling the events until mid-to-late Spring.


WHY IT WORKS:
- My lists are thorough and accurate
- I add a personal touch (commentary, suggestions) to the emails I send out
- Yes, all the information is readily available on individual event/promoter sites, but people don't mind paying to have all the listings in one place rather than having to do the compilations themselves
- The concept of being a "donor" appeals to a certain segment of the population--a segment that sometimes has cash to spare.
- I'm a nice guy with positive expectations


CAVEATS:
- this is ONE strategy of many that can create multiple small-but-cumulative streams of income
- there are, of course, other factors why this may/may NOT work for you:
your personality, expectations, credibility, track record, level of professionalism, site design, product, timeliness, geography
- It's "seasonally passive" in that I do the compilation once each year over the course of few weeks, and then everything runs on automatic. I spent hundreds of hours last year creating software to automate as much of the process as possible, and to allow for others to input events and even manage listings for their region.

NOTE: For the first few years, the site was completely free--just offered by me as a labor of passion--while my list of subscribers grew. One summer, however, I got up one day and just had the idea to place a donate button on the site. Within two hours, I got my first donation!....and then tweaked the strategy to what it is today!

BOTTOM LINE:
Place a "donate" button on your existing site. You might be surprised what happens!

P.S.
You heard it here first, but I might share this post on another passive income site, so you might start seeing it around!

For more ideas, check out my



Walt
And yes, I agree that people often miss this. Those who fully buy into the consumerism-driven mantra of "more more more" miss the secret: In the interest of true freedom, it makes much more sense to go minimalist and live on less than to strive to accumulate more and more wealth and more and more things in a constant pursuit that never ends.
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Ideas and support for Nomadpreneurs!

Postby JamaicaninChina » Fri Jan 03, 2014 12:38 am

As a follow-up to my previous post:

"Becoming a nomadpreneur doesn't require millions! This is NOT a pursuit of untold wealth. This is a pursuit of untold FREEDOM!"

HappierAbroad members are invited to check out the newly revamped Nomadpreneur.com site!
"Freedom is Achievable!"
I'm not here to convince, justify, defend or apologize for my beliefs, choices or lifestyle. I’m not here for validation, vindication, approval or to respond to personal attacks. I’m here to share a philosophy & formula that worked for me! And in a world of 6 billion, if ONE person can do a thing, then it MUST be possible for at least ONE other person to do the same! Freedom is achievable!
Turn Your Passion Into Profit - http://www.waltgoodridge.com
Jamaican in China blog - http://www.jamaicaninchina.com
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Postby sadderboard » Sat May 24, 2014 5:55 am

There are many legitimate ways to make money online.You can earn through internet by writing blogs,articles,ad-sense,affiliate marketing and other such business.I suggest reselling business is a good way to earn through online.By becoming a reseller with Goresellers.com you can start selling web related services.It is very easy to make a good turnover because the cost for each service is fixed by reseller.
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Postby Devil Dog » Sat May 24, 2014 3:55 pm

passive - not active or not participating perceptibly in an activity

If the OP is asking how he will make passive income then here is the answer: He will not.
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Postby rudder » Wed May 28, 2014 9:56 pm

Does anyone realize that everyone on the net these days is trying to figure out a way to make a "passive" income online? Of course it's more attractive than actually following the traditional approach of finding employment or working a brick and mortar business, but for every person that actually makes a small amount of passive income, how many more people had a complete failure? How many websites fail to take off? How many ideas bite the dust when put into action?

There certainly are no guarantees. If you just work hard enough, you just might make it, but then again you might not. I certainly put a lot of time and effort into a book that many said was very timely and useful, and certainly had a unique niche market that was not saturated. I had a very knowledgable and generous friend help me out and create a website with extra information relating to the book, and also a platform for sales. Well, long story short, I've made probably less than $100 since the website was launched over a year ago. I don't see how to increase this number any time soon, so I will probably just follow the above advice and put a donate button and offer my book for free.

I do look at the undertaking as a failure and it has certainly made me more hesitant to start any other businesses in the future. My worst mistake was the fact that I had the book printed. That cost a lot... even with overseas printing. So each hardcopy of the book is too expensive for most people. I should've only made an ebook. Then I wouldn't have lost any money...just time.
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