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Defining Passive Income

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Defining Passive Income

Day two of my journey to creating passive income within 332 more days. Goal- $250,00 by end of 2019.

I guess that best place to start is to really define what passive income is, what it means to me and figure out what I actually want to do. So here goes…

I spent hours researching articles on what passive income really is. Some of the best articles I found, I’ve shared links in this post.

Google search definition-

“Passive income is earnings derived from a rental property, limited partnership or other enterprise in which a person is not actively involved. As with active incomepassive income is usually taxable. However, it is often treated differently by the Internal Revenue Service (IRS)” (PS- this is interesting, how does the IRS treat it differently, will have to dig into this and report back)

Ideas:

  • Limited partnership, nope, this is my journey.
  • Rental Property- hmmm…not on my passion bucket list.
  • Creating an enterprise in which i’m not actively involved. Okay, I can do this, but what in the world is it going to be?!?!
  • Sell Vitamins- being that I don’t even take vitamins (I know, I know), I don’t really see this being my sweet passive income spot. Although Tim Ferris built his empire on vitamin sales working 4 hours a week.
  • Investing– peer to peer lending, invest in blah, blah, blah… I guess this could become my long term goal, once I actually have moola coming in to invest, so I will revisit this later.
  • Video channel, ebooks, audios- intrigued…. but what would they be about?
  • Rent out rooms in house- ummm no.
  • Get my car working for me- this is interesting because I never drive my brand new car, let me dig in a bit here, I might explore this one more, however I don’t live in a city. (resources on this bullet point below are posted from another article)Rent Your Car with GetaroundWith Getaround, for example, you can potentially make thousands of dollars per year by renting your car to others while you’re not using it. The average annual cost of owning a car is almost $9,000. By renting your car with Getaround, you can make some (if not all) of that money back.As a Getaround car owner, you get dedicated parking at the best spots in town, a $50 monthly driving credit to rent whatever you like, and $1 million in primary insurance coverage.

    To take advantage of this passive income opportunity, you’ll need to create a free Getaround account. Your rental earnings accrue monthly with payments sent on the 15th of the following month.

    Advertise with Wrapify

    Wrapify is an app pays you to advertise brands and businesses on your car. According to their website, drivers can make $400+ per month.

    In order to get started, you’ll need to download the app and track your driving. Once you meet the minimum qualifications, you’ll be notified when a campaign is available in your area.

    Take your car in to be wrapped, then start earning passive income with the driving you already do.

  • Affiliate Marketing- (amazon etc…) well, sounds interesting but I don’t know what I want to sell yet. I did this in my early days in marketing and actually made quite a bit of money doing it, selling automated marketing products and trainings etc… but the landscape has changed and really, there is so much great stuff out there on the internet to pull for free that i’m not sure I want to put time and resources into building something like this out. Plus, it constantly needs to be updated with new techniques and resources etc…I’ll hold on this for now.
  • Build an E-commerce site as long as it is drop ship- I love curating beautiful things for self and home, I truly do love retail, even tried to open a brick and mortar however quickly realized that I didn’t want to wake up and have to be present everyday. I have a TON of beautiful inventory left over that I plan on selling out at some point, approx $20,000 worth, I will get on this soon. No really, I will.
  • Sell photos online- ummmm, I’m not a great photographer. So this is a no.
  • Here is another great list of ideas- Make money at home – be a Postmates courier, start a blog (oh, I already did that, yeah), do research, shop for cash, take surveys, deliver food etc… all of these take my time, so other than the blog that I have committed to in order to build this, these other ideas just aren’t for me.
  • Develop an app (okay, sounds interesting, once I have an actual idea!)
  • Generate royalties from creating songs/jingles. I wouldn’t know a great song if it bit me. But for anyone musical this is a great idea- check out article with resources here
  • Create and sell a digital download on your website- let’s explore a clip from this article:You can easily sell a product directly from your site using a service called Gumroad. Gumroad makes it easy to sell your product to any visitor. Or, create your own website for the purpose of selling a product. or turn your hobby into a business.(I’m going to set up an account here and explore, will report back)

In conclusion, there are hundreds more in ideas, suggestions etc… but I want to chunk it down first, dig into a few today and explore so that I can report back. Today, I’m choosing to look into-

1) Getting my car to work for me

2) Setting up a Gumroad account and checking out the platform

Stay tuned, I will post my progress daily as well as new ideas, a list of all the peeps doing it right, how I’m going to clear out my daily commitments and life to make space for building my blog and passive income, what to do with my new found free time as I grow my passive income, creating a sanctuary space to work in, things I love, every day commitments, setting up accounts and processes, how to do the marketing stuff and more!

Thanks for joining my journey.

Committed, with 332 days to go,

Starr Hall (Egan)

UPDATE- 4/1/2019: I came across this post and it is perhaps one of the best resource articles I have found on building a passive income. AMAZING ideas that you don’t see across most of the stuff out there.

Passive Income Ideas

Check it out!!!

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