I am going to increase my daily passive/ semi-passive income to $333/ day. Currently I am selling eBooks, audio books, and get some interest income. I am looking for additional ways. Dividend paying stocks? Real estate is not something I am looking at right now. Also looking for a coach in this area. Someone to hold me accountable and help push me.
After I sold my 2nd company (to Equifax) in 2011, like you, I was looking for a good way to capitalize on the knowledge I had. I'm a tech guy (i.e. developer). I worked for Oracle in the late 80s, then started an Oracle consulting firm (TUSC) which we sold in 2008. With TUSC I travelled to Oracle Users Groups around the world presenting on various topics. I wrote 6 technical books from 1997 through 2010. So I was interested in continuing to share the knowledge I had.
In 2012 I started InteliVideo (www.intelivideo.com) to help provide an excellent way to make a passive income. We help people sell their digital products...from audio books to video lessons and more. We hear stories every day from our customers about how they are making an amazing passive income with our platform. It's SO much easier than writing a book and provides more information and a better learning opportunity for my customers.
Best of luck with your passive income journey. It's a great dream that can become reality!
Have you considered adding another side hustle? You obviously have mad skills in a variety of arenas. Why not offer up your expertise on sites like Patreon, where patrons support you with cash for the content you create?
For instance, you could share your journey and how-tos around getting to $333 daily passive revenue. I think sponsorship is going to be the next big thing in content creation.
Now if you don't know what to upcycle- my word for recycling old content- that's another story entirely. LOL. Of course it makes sense to pick content you still feel some passion for and that resonates with your audience. These days I favor 'micro-solutions', just solving one basic problem. There's so much information available now that being succinct becomes a value-add.
Since I exited my last company, I spend a lot of time researching hundreds of options for passive income.
In my opinion, this is not the time in the business cycle to be making a large long-term investment in the stock market.
http://www.economist.com/news/united-states/21612168-weighing-evidence-how-long-will-expansion-last
Normally, municipal bonds are one of the best ways to create passive income because they are super safe and tax-free. However, too many investors have fled stocks with exactly the same idea, and so the prices on municipal bonds are now too high, causing their yields to go down to record low levels (which is very bad for getting a good return on them).
Personally,I would recommend taking a look at nontraditional investments. Peer to peer lending currently returns me just above 9%. This is a riskier investment because it is not FDIC protected, and if the borrower defaults then you lose your money. I reduce the risk with diversification. If I invested all my money in a single note, it's way too risky because a single default would wipe it all out. However, by spreading my money out across hundreds of notes and only buying a small portion of them, It tremendously reduces the risk. If you check out LendingClub.com, you'll see more information on this technique. (To date, no one who has diversified across 400 notes has ever lost money on the platform)
Good luck on achieving your goal!
Sounds like you are on the exact right track. Smart goal setting. Information products are the new education which you can make great passive income with.
The most important question to ask is "Who is your ideal audience?" and what else do they need to do life, business or their career better?
Who to ask?
a) yourself
b) everyone who has bought from you already
Also provide your website or blog site. That might help me answer the question a bit more specifically.
What kind of coach are you looking for specifically? An accountability coach or a financial growth expert? A marketing coach?
You seem like you have a pretty decent idea of what to do so far or at least have a foundation.
There are some good answers here. But, the main thing to keep in mind is when you get further away from what your know how to do, you chances of success decrease. Why not double your effort in internet marketing? Why not create a series to show others how to do what you have done?
Best of luck,
www.michaelirvin.net
Check out my Copywriting Secrets Blackbook at Amazon
I suggest you revisit real estate investing. The time is great to purchase properties under value from either short sales, foreclosures, or REO. I have been investing for years in real estate and it's been a consistent excellent investment with returns of 15% or higher annually. You can either purchase the physical asset (the real estate property) or you can purchase the note (the paper). Both of these have advantages, but the key is buying each for a big discount. There are several methods of doing this, even virtually, but you need to get educated and gain specialized knowledge before you dive in. I'm also a coach for not only business, but specifically real estate investing at CoryBoatright.com
I hope that helps.
Remember... be a servant,
Cory
This is my sweet spot for sure. I started in real estate investing and moved into online marketing and passive income streams. I have a few ways of doing this. Let's talk more!
