I don’t know about you, but I’d rather have my money work for me, rather than me working for my money. This means that one of my goals is to generate a significant amount of passive income. I do have a small amount of passive income right now: a little bit of interest income, a very small amount of advertising revenue, and some income every couple of months from articles I’ve written elsewhere. But I’d like to greatly increase that amount. With that in mind, here are a few potential sources of passive income that I’ll be exploring and/or working on increasing.
– Continuing to monetize this site in a (hopefully) non-intrusive manner
– Considering starting two other sites on different topics. (One that would be supported by memberships + advertising, and one that would ideally be supported by sponsors.)
– Actually finishing my book proposal and getting an agent. (With the idea of both helping people and generating royalties via book sales.)
– Increasing investments in US Treasuries
– Increasing other investments
– Getting a profitable local rental (or rentals) at a bargain-basement price
– Potentially licensing the results of various artistic endeavors
The idea is to find things that you can do once that will generate long-term income with little maintenance. I have to believe that I’m overlooking a variety of ideas that could do this, because I know there are plenty of people out there that live entirely on passive income. If anyone wants to share other methods that they either use or are aware of, I’d love to hear them.