The whole point of the passive income retirement plan is to have money coming in that you don't have to work for....it just comes in. Since starting and maintaining a YouTube channel is going to be a lot of work, it doesn't quite fit the true meaning of passive income. However, once your channel is up and running with videos and you have followers, the ad money can begin coming in by people watching your videos. So it is kind of similar to royalties. And since I am already doing research and writing about things, I may as well make a video that might some day make me money.
Before we can even begin thinking about making money, we have to go to work and make a channel people will want to see. If nobody cares about your content, then nobody will watch your videos and you will not get any ad money. Since my channel will cover several similar subjects, I believe that I have content that people will search and that there is a good chance that someone will watch a short video that I post. So the first step is to come up with a plan.
I already know who my target audience will be: males, 18 and older, who are horseplayers, gamblers, chartists, or any individual looking up any of the Passive Income ideas I post about. It seems like most people have a relatively short attention span, so my videos will be short and to the point, but still have the information they are looking for. My channel will be organized into playlists for each different subject.
Once I have that situated, I will go to work on making a video. To make it as professional as possible, I will start by making a script. Since all of my information is already written down on my blog posts, this should not be difficult. After I make the script, I will record the video. I have a video camera and my phone to help with that. Once the video is made, I will upload it to YouTube, edit, then post.
The articles that I have read make it seem like the key to developing a successful channel is to develop followers. In order to do that, they recommend first focusing on making your channel a professional place that people will want to come to watch your videos, then worrying about monetizing it. As soon as you have followers, you can monetize your channel for ad revenue, and sell merchandise. I have found many places that will make cheap merchandise like shirts and other novelties that your followers might purchase.
I will post more once I try some things and make progress. The goal for me is to have everything up and running by next year.
Monday, March 6, 2017
Thursday, February 23, 2017
Little streams turn into big rivers
The ultimate goal for me is to have enough passive income coming in every month to retire. Passive income comes in many different forms, however. Some forms bring in less money more consistently, while others can bring more money, but less consistently. I believe in having many different streams and a combination of both. There are three levels of income I have found so far; top, middle, and lower level. I plan on using all three levels to achieve my goals. The lower level streams will help pay for the middle, while the middle will help pay for the top. Let me explain what that means.
The lower level consists of ideas such as blogs, a YouTube channel, and an eBook. I am currently looking for even more to go with those, but any ideas are helpful. These are smaller, less consistent, streams because they rely on a fan base to either click on ads or buy books from affiliates on your blog, watch videos on your YouTube channel, or buy your eBook. These small streams are still very important because they can help fund the middle level rivers.
In the middle level are more consistent, but more risky ideas like the Options strategies of writing covered calls and covered LEAPs, buying Tax Lien Certificates, and Peer to Peer lending on Lendingclub.com. Covered calls require you to buy a stock and write contracts against them, while covered LEAPs require you to buy long term contracts and then sell short term contracts against them. Both of these can be expensive and risky. The same goes for Tax Lien Certificates, which requires money to pay a homeowner's unpaid property taxes in exchange for a very high interest rate when they pay you back. Peer to Peer lending also costs money with the risk of default. Each method of creating passive income described in this level has risks and rewards that I will discuss later, but they all can generate money at much faster rate than the lower level in order to pay for the top level retirement river.
The top level, to me, is the giant retirement river that all of the little streams and rivers flow into. I have found two main investments that will make this river up. The first is writing covered calls against dividend paying stocks. Large companies will pay dividends of around 3% annually to shareholders. When you combine making about .5% a month from the contracts you write, you get a pretty good amount of money for relatively low risk. The second investment is rental properties, where people pay money every month to rent properties you own.
I will get into all of these more in later posts. Having a plan is the first step toward achieving a goal, and this is my plan.
The lower level consists of ideas such as blogs, a YouTube channel, and an eBook. I am currently looking for even more to go with those, but any ideas are helpful. These are smaller, less consistent, streams because they rely on a fan base to either click on ads or buy books from affiliates on your blog, watch videos on your YouTube channel, or buy your eBook. These small streams are still very important because they can help fund the middle level rivers.
In the middle level are more consistent, but more risky ideas like the Options strategies of writing covered calls and covered LEAPs, buying Tax Lien Certificates, and Peer to Peer lending on Lendingclub.com. Covered calls require you to buy a stock and write contracts against them, while covered LEAPs require you to buy long term contracts and then sell short term contracts against them. Both of these can be expensive and risky. The same goes for Tax Lien Certificates, which requires money to pay a homeowner's unpaid property taxes in exchange for a very high interest rate when they pay you back. Peer to Peer lending also costs money with the risk of default. Each method of creating passive income described in this level has risks and rewards that I will discuss later, but they all can generate money at much faster rate than the lower level in order to pay for the top level retirement river.
The top level, to me, is the giant retirement river that all of the little streams and rivers flow into. I have found two main investments that will make this river up. The first is writing covered calls against dividend paying stocks. Large companies will pay dividends of around 3% annually to shareholders. When you combine making about .5% a month from the contracts you write, you get a pretty good amount of money for relatively low risk. The second investment is rental properties, where people pay money every month to rent properties you own.
I will get into all of these more in later posts. Having a plan is the first step toward achieving a goal, and this is my plan.
Monday, February 13, 2017
Start from the start
If earning passive income was easy, then everyone would be rich and retired. No matter how easy a book or article may make it sound, actually making any meaningful amount of money is not that simple. It requires research to find your niche, and then up front work to get the ball rolling. The last part seems to be where most people (including myself) usually fail. When it comes to doing the hard work, most people quit. In the end, they're just looking to have it come the easy way like winning the lottery.
I have decided to go beyond finding my niche, and actually get some of these balls rolling. This blog is one of those balls, and in it I will share all of my findings as I research Passive Income Ideas.
My first step is to set a goal, and then I will develop a plan. After I set my goal, my plan will help keep me on task. For me, life usually gets in the way of my plans, and this will help be a constant reminder of my plans, goals, motivations, and other tools to help me achieve success. Plans can and should change on the way as I learn more, but I believe in a starting plan.
My personal goal is to establish 1 new Passive Income Stream per year. That means fully up and running, and generating income. I plan to achieve this by working on 1 idea and researching 2 other forms of Passive Income at all times. In my next post, I will talk about the ideas that I am currently researching.
I have decided to go beyond finding my niche, and actually get some of these balls rolling. This blog is one of those balls, and in it I will share all of my findings as I research Passive Income Ideas.
My first step is to set a goal, and then I will develop a plan. After I set my goal, my plan will help keep me on task. For me, life usually gets in the way of my plans, and this will help be a constant reminder of my plans, goals, motivations, and other tools to help me achieve success. Plans can and should change on the way as I learn more, but I believe in a starting plan.
My personal goal is to establish 1 new Passive Income Stream per year. That means fully up and running, and generating income. I plan to achieve this by working on 1 idea and researching 2 other forms of Passive Income at all times. In my next post, I will talk about the ideas that I am currently researching.
Friday, February 10, 2017
Welcome to my blog where I write about my search for Passive Income strategies. The key to early retirement is growing your passive income to the point where it is greater than your expenses. But where do we get this income from? On this blog I will share my findings as I search for practical ways to generate passive income in a quest for early retirement.
Subscribe to:
Posts (Atom)