What are the best ways to earn passive income from your experience?
I did some research on earning passive incomes, but ll feel better if I get answers from you people.
Share recommended ways, possibilities here.
Let's explore unexplored ideas/ways 🤝🏻
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Being super honest? Working at a tech company for a while and putting majority of income into traditional investment assets such as ETFs.
That's what's allowing me to be an indie hacker now :)
That being said, I'm still doing proposals/consulting work as opportunities come up to help lengthen the runway and afford contractors for misc tasks.
Until I'm a truly excellent indie hacker with more skills across delegation, sales, marketing, dev, etc. for me salary into ETF gives the best passive income.
Wise one. Looking into this myself too!
Thought your name looked familiar - I'm subscribed to your channel! love the vids :)
Aww, thank you!! 🙏
Thanks for your words Peter, Which type of ETF works for you?
Mix of VAS.AX (Aus exposure), VGS.AX (Global exposure), some Aus small cap index exposure, and some SG index exposure.
Considering taking on a bit of VN and India but yet to take action.
Your picks should be based on where you live considering withholding tax, franking credits, etc.
#NotFinancialAdvice #NotSmartEnoughToPickIndividualStocks
I've recently been rethinking the idea of passive income as "flywheel income". Getting a flywheel (a big heavy spinning wheel) started spinning takes a lot of energy but then once it's spinning it has a lot of inertia and only needs a little push here and there to keep going.
I think lots of what we consider "passive income" is like this — lots of upfront effort that eventually leads to income that isn't tied directly to your time. Maybe it's possible to minimize up-front effort (four hour work week-style?) but most things (especially software products) need a lot of work in the beginning at least.
Everything or anything you build to generate income will always require some maintenance and monitoring or risk losing your income source.
With that said, of course some work has great rewards like casts of Friends making $20m per year each for the series syndication. Or Jerry Seinfeld for that matter. Or JK Rowling earning royalty on books, movies with just 7 novels.
But when it comes to monetizing your own experience, what comes to mind are
I thought about coaching and consultation too but that is not quite passive though.
Just bear in mind, anything you build, while you can automate things and work lesser, there are still some maintenance and monitoring required.
Basically anything you can create that doesn't require maintenance.
"Passive income" is generated from energy you invested historically. IMHO it can be viewed as passive when you're no longer putting in energy but you're still earning money from it.
I've build some products I'm no longer maintaining, last update has been years ago, they're still sold on the market, but by this point they're pretty solid, there's no bugs, they "just" work. I view the 750 to 1000 USD I make a month from them as passive income.
A book doesn't write or promote itself, music doesn't compose itself, just like photos don't appear out of thin air. If you want to earn passive income you'll have to put some energy in to get the ball moving.
Selling digital assets in marketplaces.
Have you sell any digital assets? Eager to see that:)
What do you think about opensea?
I sell some game dev tools here : https://aekiro.itch.io/
I'm not making bank, around (0-100 dollars per month). Other than occasional support tickets, the income is passive.
I have no idea about opensea.
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As a developer I found the following video quite useful
https://www.youtube.com/watch?v=wWySnxhZYsc
Very much directed at developers though
Other options for residual income that don't always get mentioned could be something like patents (If you are inclined that way...) or designing and developing a board game. Regarding the board game, it could require a lot of effort with marketing and so on, but maybe you can get a publishing deal and then they handle that... Good luck with that though
Like everyone else says, you either need to put in a lot of effort in the beginning or already have some extra money to invest
Thanks for the video mentioning Sorata:)
It works. When you invest a lot of energies and time up front. Passive income won’t exist instantly.
I’m currently running 4 side projects while having a full time job. These projects are not making me a fortune but at least I don’t have to think about having a nice coffee or wine.
I took me 2.5 years to generate some good side income, but I’ve been committed to build, grow, create the product; the marketing; the content and my social media presence almost daily.
Yes i completely agree with you Felix, nothing can give instant returns, every effort takes time and we should wait for that.
All the best for your work:)
how does a subscription newsletter help in passive income?
Well it depends on the newsletter, and as other commenters noted, your definition of passive income, but if you already write a newsletter (especially some of the once per week post roundups), for the purposes of driving traffic to your content, adding a simple paywall is a great way for readers to provide you with an ancillary source of income.
It’s certainly not as passive as an ebook (which, contrary to many assertions is quite passive), but it is scalable.
The best part is you don’t necessarily need to paywall some or any of your content.
I write a roundup newsletter to promote my own articles, placing no links behind a paywall, and fans still pay to access this content (likely serving more as a Patreon than a Substack).
Like I said, not completely the same as the traditional passive income ideas but I figured someone may find it useful (and I personally make additional income every month, regardless of how much content I produce, and without exerting any extra effort (except for the initial investment of time to enable monetization, which only takes 5-10 minutes).
Passive incomes don’t exist. That’s a big lie.
I was midway into writing this exact same comment, but stopped when I saw yours.
I feel like this "passive income" myth was created by those business "gurus" so they could sell you course about this alluring idea of making money without doing anything.
I agree, making money without doing anything at all is pretty much impossible, BUT imo passive income does exist.
I wrote an eBook last year and now it makes money without me doing anything. For example, I was in vacation the last two weeks and it sold several copies and I made some $.
Of course, I had to do some upfront work for it (write, edit, publish, market).
Of course, if I actively promote it I make more money.
Later edit: I also have a YouTube channel, a course and I bought some dividend paying stocks... all of these made me money passively.
What about holding index funds (granted, not income unless you constantly sell a little bit) or high dividend stocks?
I'll concede that these are passive. However, don't you first need to work to get the initial capital?
Whereas the idea of "passive income" is promoted as making money without doing anything.
True, you do need to work to get the initial capital, but it doesn't seem to be a requirement of the person asking that you must start with 0 income/capital.
People love talking about side hustles, but honestly it's often best to focus on your career and just invest your savings wisely. I focus my 'side hustles' on stuff I enjoy and often spend more than I make on them!
I personally also put cash into some p2p lending platforms and that generates me some income.
Which platform have you used?
I've no idea how p2p lending works. But how is that different from putting your money in a bank? Banks also pay interest.
Interest rate is much higher in P2P loans and bridging loan companies - but in principle it's very similar!
Sure nothing is 100% passive unless you were born with a trust fund.
Better phrase is asynchronous income. Stuff that isn't a direct formula of time -> money. Where it can reach a state where it's generating income without continuous attention.
Agreed. Passive as is understood is not for everyone. Otherwise no one would be doing “active” 😅
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