“You can be ‘a victim’ or ‘a volunteer’, it’s all about how hard you want to work.”
– Thomas E. Arenberg, Senior Executive (retired), Accenture
Too often I’ve seen dumb, lazy people making more money than me. How do they do this? What is it I am not doing?
Passive income is the Holy Grail way of earning cash and making money.
According to Wikipedia, “Passive income is income resulting from cash flow received on a regular basis, requiring minimal to no effort by the recipient to maintain it.”
Passive income: How do I make it?
I am going to do four new things to make money.
1. Become an Amazon Bestselling Author
I wrote my first ebook four months ago, and I’ve made $500 in that time. I don’t make a lot of money at what I do, but I do get to do what I love- that’s priceless! I will tell you about a lot of other authors who have made a lot more. The main thing was just getting brave enough to put my ebooks out there. I know dozens of other great writers who were still wondering if they should publish too.
Another idea for passive income is dropshipping.
What is dropshipping?
Dropshipping is a retail method where products are shipped to customers directly from the supplier instead of to you.
Here is a basic overview of how it works: 1. Customers place an order on your website.
2. Next, you place the order with your Supplier.
3. The Supplier ships your Customer the Product.
Bottomline: You keep the profit, minus the price you paid your Supplier and other fees.
Why do dropshipping?
1. You don’t carry any inventory.
2. You purchase products only after a Customer has placed an order and paid for the Product.
3. Your Supplier handles the warehousing, and shipping of the products.
Bottomline: Dropshipping saves you a great deal of time and money. You act as the middleman in the exchange.
What I like about that is you can make on Dropshipping, is by learning how to find products that have a pretty good profit margin, and listing them by following a simple system.
Imagine you had five products that each sold ONLY for a profit of $100 each month. Maybe the spread on some of them is only a meager $20 profit margin. You would need to sell five of those over 30 days to reach $100 a month. Dropshipping is solely a part-time income.
3. Make YouTube Videos
Making money with a simple YouTube channel is easy for anyone with access to the internet. I am learning how to use AdSense, to being an affiliate, and to selling products on my YouTube. I am learning there are numerous ways to make a passive income from a small YouTube Channel.
4. Become a Udemy Instructor
Udemy is an online learning platform. I want to teach courses in the military history category focusing on World War I and World War II. Udemy has no classes on the World Wars.
The World Wars are my jam and a subject I feel very comfortable with. There is a big demand for World War I because the 100th Anniversary of the conclusion of the war is in November 2018. That’s my deadline to become a recognized “expert” on World War I.
How to think about Cash Flow and Passive Income
My goal when I first published on Amazon was a monthly passive income that increases monthly in $100 increments. My first month by first two books made $100 and then the second month it $200, you get the idea.
I want to change the way I think about money (and in particular expenses) in a fresh way. This ties into what I was talking with about earlier. I trying to think of the simplest things somebody can do is to make an extra block of money each month.
I asked myself these questions:
1. What would an extra $500 a month mean to my family and me?
2. Would I be willing to learn NEW skills to accomplish this in 2018?
3. How would I like set a Facebook Business Page group where people could ask me any question about anything dealing with World War I or World War II?
4. Can I see myself changing my life and my finances $100 per month at a time?
5. Can I challenge myself to make AT LEAST $100 in passive monthly income within the next 30 days?
6. Would do I need to learn to enact this system and change my life forever?
My Goal– Tying It All Together
I want to create and sell my courses by April 2018. I want to completely replace and surpass my income as a full-time writer, instructor, and part-time dropshipper.
With the Udemy Course, I will write a book about World War I. I will do a podcast, YouTube Channel, and audiobook from my course material. All of those will generate cash flow and passive income.
None of these paths is easy. All of them take me way out of my comfort zone. I have to learn new skills and do things I am not comfortable with or necessarily want to learn. But I think the rewards will be worth it. Looking back through my life, it’s time this like that I remember that I am my best self because I have to strive and work hard. I’ll keep you posted.