Passive Income is often times the goal of many entrepreneur. But what is the truth about passive income. What are some of the real ways to achieve it and how difficult is it?
We wanted to put together this guide for people who wanted to learn more about passive income.
If you have just a little bit of money to start with:
– selling digital goods
- graphics on istockphoto
- iphone/ipad apps (Can an iOS app be a good source of passive income?
- software- setting up a website with ads
– writing a good book or ebook
If you have a lot of money / connections to start with
– owning a patent
– owning a property and collecting rent
– investing and getting a return
– Buying someone else’s royalty / license income stream
– An “override”, revenue share, or whatever you call a perpetual or long term stream defined as a cut of gross or profits, in exchange for setting up a deal
If you are just damn lucky
– Beneficiary of a trust
– Royalty in anything – an invention, mineral rights, a song catalog
– You manage to figure out a way to do drop shipping (I spent 2 years trying to find a drop shipper. I feel as this is a very difficult thing to pull off)