As an individual, you need to determine what stage of your life cycle you are in right now. Are you single? Are you married with no children and dual income? Will your spouse leave his or her job if you decide to have kids? Are you nearing your retirement? These are simple questions which you need to ask yourself and clearly establish answers for them. The benefit of this exercise will be enormous because your life cycle will determine your saving and consumption patterns, and thus, you can easily decide on how much passive income you require.
Humor: Old Spice’s viral video marketing campaign used humor to great effect. They had to. After all, there aren’t many other interesting ways to promote a deodorant / body wash. But they did it with a knowing smirk. The brand didn’t mind poking fun at itself. And it worked. The usage of humor introduced the brand to a younger, Internet-savvy audience.
Online courses have exploded in the past five years. Experts and creators can now create video courses to teach others their craft. A course can be about anything that people want to learn. Friends of mine have created courses and say the amount of effort is similar to writing a book. But once its done and starts to sell, it’s a solid passive income stream.
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I think also a very good way to earn a nice passive income is investing in Cryptocurrency, especially in Masternode Cryptocurrencies, which provide a passive income in coins, also those carefully picked coins grow in value, so it’s a double gain! And a great coin to invest in at the moment is GINCOIN, which is the fuel for a really succesful project. Find more at GINCOIN Website: https://gincoin.io/ 😉
If you love design and you are an artistic person, selling digital products on Etsy could be a great way to earn passive income. Digital products require little maintenance, your customers will simply receive a link to download them (which means you don’t have to worry about shipping and returns handling). All you need to do is spend time upfront to create beautiful artwork! (Easy right?)
I have six rental units which are a good source of passive income. I don’t use a property manager because you are right…they take about 10% of your rent. There are really only 2 things that tenants call about: 1. A plumbing issue 2. Heat/Air problems. Just find a plumber and heat/air guy you can trust. I travel a lot for my primary job. When a call comes in from a tenant, I can call the repair guy in just as easy as a property manager.
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We have 1 rental at the moment and we are renovating the second one. Last year we generated over $14,000 net passive income (after mortgage payments and taxes) from one apartment, and all I had to do was go in to inspect the property 3 times to make sure the tenants weren’t destroying it! It turned out they kept it in perfect condition and they were lovely people! Call me lucky.
Accept this fact. Some viral marketing strategies work better than others. Few work as well as the simple Hotmail strategy. But below are the six basic elements you hope to include in your strategy. A viral marketing strategy need not contain all these elements, but the more elements it embraces, the more powerful the results are likely to be. An effective viral marketing strategy:
In 2005, I invested in a company called Tabblo (acquired by HP in 2007), and had the good fortune to work with an outstanding entrepreneur, Antonio Rodriguez. Tabblo did manage to achieve good viral growth, but around the same time YouTube was launched and managed to achieve explosive viral growth. In the process of looking at these two companies, we learnt several important things about virality. This post digs deeper into what it takes to achieve viral growth, and examines the key variables that drive viral growth.
When money is lent to a partnership or S-corporation acting as a pass-through entity (essentially a business that is designed to reduce the effects of double taxation) by that entity’s owner, the interest income on that loan to the portfolio income can qualify as passive income. As the IRS language reads: "Certain self-charged interest income or deductions may be treated as passive activity gross income or passive activity deductions if the loan proceeds are used in a passive activity."
In 2017, I ended up deploying roughly $611,000 into stocks and $604,327 into municipal bonds. The stock allocation should boost dividend income by about $12,500 a year, and the municipal-bond portion should boost income by about $18,000 a year after tax ($26,000 pre-tax). Therefore, total passive income gets an about $38,500 lift, which recovers over half of my $60,000 loss from selling the house.
Businesses that start with a large audience are more likely to reach viral content fame organically (without paid tactics) because their audience propels their content forward. Businesses that are starting with a smaller audience may want to invest in paid promotion methods to ensure that their content reaches the most people possible to help it spread quickly.
What happens if you have attrition in your customer base over time. An easy way to extend the model to take this into consideration would be to add a variable to model Attrition Rate as a percentage of the entire installed base at each cycle, and simply subract this from the total population at each cycle. This topic is nicely covered in this blog post by Andrew Chen: Is your website a leaky bucket? 4 scenarios for user retention.
People have a lot of stuff—and they’re always looking for inexpensive ways to store it. What could be easier than having people pay you to store their stuff? Building passive income by offering storage could involve a large-scale investment of buying a storage facility (with cash!) or something simpler like offering your basement or shed. You’ll just need to ensure their items are safe and secure.
I’ve built several businesses since 2008 using one or more of these models. I’ve been featured in magazines and articles across the globe, and since I started my journey I’ve generated over $5M in earnings from these businesses. All of my income and expenses for those businesses dating back to October 2008 have been tracked publicly on SPI.com. You can see 10 years of income reports here.
While stocks are terrific income producers, they can be volatile. Every few years, the stock market tends to stagnate or drop for a while before recovering, and that can be problematic if you were counting on your stocks having a certain value at a certain time. One way to lock in an income stream is by buying a fixed annuity (as opposed to variable or indexed annuities, which can have steep fees and overly restrictive terms). Annuity contracts will be more generous when interest rates are higher, but here's how much income they might deliver at recent rates:
If you’re familiar with the phrase “don’t put all your eggs in one basket,” you know that it applies to just about any area of your life including—and especially—your finances. In addition to retirement becoming an ever-elusive goal, no one has guaranteed job security so by diversifying your income you can feel more secure about saving for your future. You’ll be less likely to find yourself in credit card debt and happier as a result of being financially secure.
A new energy drink company, for example, could create an Internet video featuring a person who consumes the energy drink before performing a seemingly impossible bicycle jump. If the video is made to look real, it may encourage people who see it to share it with others. After the video receives enough views, the company could reveal its true purpose, convincing its viewers to seek out more information about the drink without ever using a traditional advertisement.
I do agree that a few of these ideas are not bad, but for me the problem with some of these platforms has been that I’m not from the USA. So, I can’t operate there. It’s a really interesting possibility to get some extra bucks from doing what you would do either way, like shopping. One of the best projects so far that I have seen is FluzFluz. It’s simple and really easy to use for everyone who uses Uber, Amazo, or other apps. The best part of all is that you can get some passive income – not just from your own purchases, but from other people’s as well. I hope one day it will make it here to your list. I think it’s worth it to check out.
Look at products such as Hotmail, Facebook, YouTube, Gmail, Snapchat, dating websites, and Craigslist. They all have one thing in common: they are products that went viral. These are the ideal viral marketing opportunities as these products get better when more people use them. I don’t to discuss these properly, but it’s essential to know that they exist for a complete view of viral marketing.
Personal finance software can go a long way in helping you to take control of your money and meeting your financial goals. It’s important to note, however, that some focus more on budgeting and expense tracking while others prioritize investing portfolios and income taxes. Explore several different programs and read reviews to find the one that’s right for you.
Obviously, these are much higher than you’re going to get with most other investments. What’s more is that you can choose a plan that matches your investment strategy, whether your goal is Supplemental Income, Balanced Investing, or Long-term Growth. You can also look at different real estate projects and choose for yourself which ones to invest in.
Word-of-mouth marketing is a key component to the growth of a small business. It's often word-of-mouth marketing that keeps small businesses running in the early days of operation when there is little to no marketing budget. The consumer shares their experience with your products or services, and they share it with their family and friends. It increases your consumer base and increases your sales.
You’ve probably heard of affiliate marketing before – it’s when you earn a commission by promoting a product. The product you promote online should be something you’re knowledgeable about and that you believe is high quality. Common sense, right? You’d be surprised by how many affiliate marketers forget that principle, but that’s a whole other story.
Love your articles. I think everyone is very different as far as how much passive income they need to meet their goals. I’ve read a lot of your articles and really enjoy your thoughts. I have a masters in finance and understand the math of keeping the debt but my emotions are such that I need to try to finish off paying off my last debt (mortgage) in the next two years. At 34 and only worth 525k I’m doing better than a lot of folks my age but it will be difficult for me to catch up in the passive income game without leverage. That is the main reason I recently created a website to try to bring passive income opportunities in my area to me.
Another great way to get started is to identify an area of interest you have. For instance, Robert Duff has been successful in building passive income by selling books on Amazon. Then, go out and start talking to people. Ask them, “What are you struggling with right now? What are your biggest pains? What’s something you wish existed that doesn’t?” That’ll give you some ideas about where to get started.
Companies may also be able to use a viral video that they did not create for marketing purposes. A notable example is the viral video "The Extreme Diet Coke & Mentos Experiments" created by Fritz Grobe and Stephen Voltz of EepyBird. After the initial success of the video, Mentos was quick to offer its support. They shipped EepyBird thousands of mints for their experiments. Coke was slower to get involved.