The Path to Creating a Healthy Passive Income
Today is my birthday and I’m 32. Since the age of 29, birthdays have become something other than a day of celebration. Instead, they are a time of reflection and goal setting.
I spent the last several years focused on replacing my previous corporate salary by working as a freelancer and have succeeded in doing that. However, I didn’t go into business for myself only to replace my salary.
My goal for this year is something that is a high priority for many of you – to create a healthy passive income.
Share your ideas about ways to generate passive income
Because this is a goal that so many are striving for, I’d like to work together by sharing ideas and experiences about creating passive income. Don’t worry about the “size” of the idea. Perhaps in doing this we all may discover something that will get our creative juices flowing about how to harness the power of passive income.
How do you make passive income? Do you know someone personally who has been successful in creating a passive income?
In last Friday’s Who Said That I pointed to Collis Ta’eed’s new Mini Guide to Earning Passive Income. What other good resources have you found on the topic of passive income?
July 16 2007 04:00 am | Business Building
Noah on 16 Jul 2007 at 2:26 pm #
Become a rapper. Thats my dream! To one day be a rapper and sell tracks and ring tones on the web. Get Phat royalty checks in the mail, so I can get some Grills, chains, exotic cars, and jet set the globe. I can’t wait. I think my rapper name will be “6 Pac Nugget”. Thats a good plan right?
Christine on 16 Jul 2007 at 2:31 pm #
6 Pac Nugget – wow! That sounds like an outstanding plan… you can bet that I would pay money to see that!!!
Josh Buckley on 16 Jul 2007 at 3:11 pm #
Happy birthday Christine!
I find a good way of creating passive income is through running communities. They need a lot of hard work at the start, but you reap the benefits after.
Adventures In Money Making on 16 Jul 2007 at 8:19 pm #
i’m also on a quest to create passive income. my goal for this year is to build it up to $3k/month
.
so far i’ve reached just over 1/3 of that. you can check out my thoughts on my blog post, Buying Canadian Income Funds For Passive Income (and Financial Freedom)
Christine on 17 Jul 2007 at 4:58 am #
Thank you Josh! That sounds really interesting… what do you mean exactly by running communities and how does it create passive income?
Christine on 17 Jul 2007 at 5:11 am #
Wow! That’s great to hear that you’re making $1K a month in passive income. I’m currently making around $100.
I know a total of zilch about investing. I’m curious, how much have you had to put into your investments to generate $1K of passive income per month?
Thank you so much for sharing and I will certainly be following your blog for updates. I wish you all the best on making that goal and beyond – keep us posted!!
Adventures In Money Making on 17 Jul 2007 at 2:48 pm #
I have the break-down on my blog, but to get the $300/mo from Canroys, i’ve invested nearly $30,000. (here’s some good info on Canroys).
I’ve lent out $15,000 to a developer which pays another $300/mo and another $30,000 invested in oil & gas. thats currently paying around $150/mo but i expect that to eventually increase 3 fold.
It does look like I’ve invested a lot of money to get my passive income, but its from investments not a business, so what do you expect!
I also make around $300-$400 from advertising on my blog, which didn’t involve any cash outlay.
Christine on 17 Jul 2007 at 3:39 pm #
Wow! As I mentioned, I have no perspective on investing in this manner whatsoever so knowing this is very interesting. Thank you so much for sharing!
Daniel McLean on 20 Jul 2007 at 4:22 am #
Hi Christine,
Just reading through the book ‘4-hour workweek’ some key points of passive income seem to be automation and outsourcing. I think as mentioned in a previous comment there is a lot of hard work to begin with then when it gathers momentum you can re-focus and enjoy the benefits. That’s what I’m hoping anyway because I’m still in the hard work phase
Christine on 22 Jul 2007 at 1:56 am #
Wow! David is reading that book now and I was already sold on it from the little that he told me but now I’m even more exciting about reading it. Thanks Daniel!
Passive Income Building Update | Create Business Growth Offers... on 19 Sep 2007 at 7:12 am #
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