I have started reading and watching videos on the internet about passive income. If you have no clue what this is you might say “I like active income”. I wouldn’t judge you, I would say the same. That is because you want to know exactly when you are getting your financial remuneration and most importantly, how much. However, passive income rewards your in the future for a long period of time (even for life in some examples) for something that you have created in the past. Basically, you make the work once and keep getting paid for it from that point on. The best examples are book writers, singers or any other person that gets royalties from their work.
I’ll give you a great example:
Let’s say you write a book. After you paid an editor to review it, you upload it on Amazon and publish it for sale for the following three distribution channels they provide for you:
PRINT – Amazon will print for you on demand whenever someone orders a printed version of your book. There are a lot of people that still prefer the smell of fresh cut paper in their hand.
KINDLE – You should know what an e-book is by now. Kindle is one of the most popular ways people consume digital books. Amazon lets you sell your book to users of Kindle and they could buy it right from their reading tablet.
AUDIO – You would be surprised to know how many people prefer to listen to someone reading the book for them. Of course, you will need to hire someone to read your book from start to finish and upload it on ACX – Amazon.
There you go! Now you have one product that doesn’t require any more work to be done and it is available on three different distribution channels while you don’t have to do anything for the sale process to actually go through. It couldn’t get better than this!
I will let you know how my experience with my future book “No one told me I had cancer” goes.
Another good example:
Let’s say you are an amateur photographer. You can make a passive income by uploading your photos to a platform like Shutterstock and make royalties every time someone buys your picture. I personally received from $0.30 to $1.88 per picture. If you are serious about it and upload a good amount of pictures, you could make a steady passive income.
You can visit my Shutterstock portfolio here.