Passive Income in 2015

[ryanjk]

Hey guys, I'm writing this post to start a discussion about passive income models that look promising in 2015.

At the moment I am making a few $20 sales here and there from a blog, but by Jan 1st 2016 I want to be earning $5k a month from passive income sources, and from there I want to be able to work on a "fastlane" business without having to worry about working a job on the side.

I will be dedicating full time hours to this in 2015 (I have the time and living situation to get by working part time to cover expenses) and I'm giving myself the last few days of the year to decide on the vehicle to get me to my goal of $5K a month by the end of the year.

At the moment Kindle Publishing is looking like a good bet for me, and if I plug away at it all year I should be able to get some decent income coming in. I've got a bit of experience writing sales copy and I'm confident I can market books better than most of the competition on the Kindle store.

My other considerations are:

Dropshipping business
Amazon Affiliate Websites
Developing Mobile apps


I'm interested to know how how you guys will make/plan to build passive income in 2015, or what your thoughts are on the above methods.

 

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[Vigilante]

What are you good at? Where can you add value to people's lives?

Income is merely the byproduct of value.

 

[ZCP]

What problem can you solve? What solution can you provide?

 

[biophase]

I want to be earning $5k a month from passive income sources, and from there I want to be able to work on a "fastlane" business without having to worry about working a job on the side.

Why not just start on your fastlane business now instead of trying to get the $5k passive income (which won't be passive).

 

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[AndrewNC]

work on a "fastlane" business without having to worry about working a job on the side.

Will you not be worry about working a job on the side when you build your Kindle publishing business?

 

[Andy Black]

"Income is the byproduct of value"

... some people are sooo much wiser than us. Please listen.

 

[johnp]

At the moment I am making a few $20 sales here and there from a blog, but by Jan 1st 2016 I want to be earning $5k a month from passive

You are thinking too small. By 1/1/16, I'm shooting to make 1 million per month. 12 million per year. I'm wondering if even that's too small of a goal.

When I opted to not return to work in June I was shooting to make around 2k per month. I figured out what I needed to make to get by and then built a plan to get to that number. Long story short...it didn't work.

Reasons why did it didn't work:
Other expenses came up. The car, some more bills, some other stuff.

I still needed to make more than 2k per month for marketing.

I realized that I needed money to do fun things too. I realized that the minimalist lifestyle sucks (for me). As great as it is to work on your business 24/7 you still need to take breaks and spend money on other things.

The biggest change for me was when I went from thinking small to thinking huge. In just a few weeks I went from a negative bank account to making more money than all of my friends and family members with successful jobs, in an areas where I had no prior experience. This is because I decided that I would rather fall short at 1 million per month than fall short at 2k, or 3k, or 5k per month.

Also, I didn't just say that I'm going to make 1 million per month. I picked a niche where I see a lot of opportunity, I tested the water, figured out how to make it work, the built a plan that I will stick to.

My advice - Think huge.

 

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[GSF]

What are you good at? Where can you add value to people's lives?

Income is merely the byproduct of value.

This is what I remind myself everyday, if I create value for others first, they will give value back in return, and that's how I will become rich, not by trying to build some passive income money stream, but by adding value to others people's lives first, give first receive later.

 

[ryanjk]

The point of 2015 is to get myself out of financial scarcity and the need to be employed, not to become a millionaire - that comes later.

Anyway the point of this post was to discuss viable passive income models in 2015, not to debate my goals haha.

 

[MJ DeMarco]

A business focus which has "passive income" as it's primary goal is a CHASE STRATEGY.

The correct Fastlane mindset is an ATTRACT STRATEGY in which "passive income" might be a residual benefit to the business that was created.

Passive income chasing creates a passive attack because when passivity doesn't occur after a cursory effort, it's simply too easy to give up and say "Eh, this really isn't passive." Of course not, because passive income is as elusive as money itself.

I enjoy passive income NOW because I was willing to work my a$$ off YESTERDAY and put in the long hours, long days, and long weeks. Funny thing about it, to attract passive income you have to be anything but passive.

 

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[Lex DeVille]

A business focus which has "passive income" as it's primary goal is a CHASE STRATEGY.

The correct Fastlane mindset is an ATTRACT STRATEGY in which "passive income" might be a residual benefit to the business that was created.

Passive income chasing creates a passive attack because when passivity doesn't occur after a cursory effort, it's simply too easy to give up and say "Eh, this really isn't passive." Of course not, because passive income is as elusive as money itself.

I enjoy passive income NOW because I was willing to work my a$$ off YESTERDAY and put in the long hours, long days, and long weeks. Funny thing about it, to attract passive income you have to be anything but passive.

Wow, thanks for this post. I've been struggling to wrap my mind around this concept.

My current business model is not necessarily about creating a passive income, but this was definitely my intent.

I think this will remove a blockage from my strategy.

 

[Charnell]

I've changed my whole mindeset around "passive income". It's not real, in the sense most people think.

It's more like delayed income.

 

[Vigilante]

A business focus which has "passive income" as it's primary goal is a CHASE STRATEGY.

The correct Fastlane mindset is an ATTRACT STRATEGY in which "passive income" might be a residual benefit to the business that was created.

Passive income chasing creates a passive attack because when passivity doesn't occur after a cursory effort, it's simply too easy to give up and say "Eh, this really isn't passive." Of course not, because passive income is as elusive as money itself.

I enjoy passive income NOW because I was willing to work my a$$ off YESTERDAY and put in the long hours, long days, and long weeks. Funny thing about it, to attract passive income you have to be anything but passive.

This.

 

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[SEBASTlAN]

Wouldn't those biz models you mentioned (Kindle eBooks, Dropshipping business, Amazon Affiliate Websites, Developing Mobile apps) all NOT be fastlane since you're giving up control to somebody else?

 

[MorgothBauglir]

Wouldn't those biz models you mentioned (Kindle eBooks, Dropshipping business, Amazon Affiliate Websites, Developing Mobile apps) all NOT be fastlane since you're giving up control to somebody else?

It's a point that's been brought up many times(in regards to kindle).

It's not really fastlane, at first. You're beholden to amazon while you build your name and your backlog. Connecting with readers outside of your publishing platform via email lists, your own website/blog etc is what will give you control.

 

[Lex DeVille]

Wouldn't those biz models you mentioned (Kindle eBooks, Dropshipping business, Amazon Affiliate Websites, Developing Mobile apps) all NOT be fastlane since you're giving up control to somebody else?

No, they're not Fastlane if you base it on control alone.

 

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[HeresMyThing]

If your intent is not passive income, how is that different from a J.O.B.? Trading time for dollars and not intending to have a life in which passive income is set up seems not so great.

It can be a cool zen riddle sort of thing to say, "if you chase it, you won't get it." But people ARE making passive income everyday... and it was their intent from the start. The question is how?

I made an information product last year. I worked once, and got paid over and over. My future will be a rinse and repeat of that. After a certain point, critical mass will be achieved, and sales will be coming in daily. That is my intent: trading products for dollars.

To respond to the OP, I think kindle or blogging are terrible passive income models. Both are extremely labor intensive especially when you consider the ROI on the super low price points. How many of your Kindle books would you have to sell to make 5k a month? Please post your target number of books sold.

Passive Income Models:

-Information products - video courses, audio course etc. (Ebooks don't have a high enough perceived value, meaning you have to move a lot of units.. so much for passive.)

-Auto responder funnels. Set up an automated sequence of emails offering value and special offers. Every time someone signs up, the sequence starts over.

-Niche sites can also work, but it can take a lot of volume, and good luck with that.

-Authority blog: again, a lot of heavy lifting over a long period of time.

-Drop shipping - also very labor intensive and competition can eat away at your profits overnight.

 

[AndrewNC]

'm interested to know how how you guys will make/plan to build passive income in 2015

Solving big problems that help a lot of other people reach their dreams.

 

[RMarques]

I was focused only on making passive income up until 6 months ago.
It wasn't working.
One day it dawned on me that I should be focused on bringing my A game to the table every. single. day.
Didn't matter what I was doing. I just did it to the best of my ability.
I realized that I need to be learning and improving constantly.
Everything I touched - I had to add value.


Today I had to do some banking, and it dawned on me that my bank account grew 763% over the past 6 months.

 

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[ryanjk]

A business focus which has "passive income" as it's primary goal is a CHASE STRATEGY.

The correct Fastlane mindset is an ATTRACT STRATEGY in which "passive income" might be a residual benefit to the business that was created.

Passive income chasing creates a passive attack because when passivity doesn't occur after a cursory effort, it's simply too easy to give up and say "Eh, this really isn't passive." Of course not, because passive income is as elusive as money itself.

I enjoy passive income NOW because I was willing to work my a$$ off YESTERDAY and put in the long hours, long days, and long weeks. Funny thing about it, to attract passive income you have to be anything but passive.

I didn't mean to imply that I expect it to come passively. Whilst building I intend to be anything but passive. The point is that my end goal I'm working towards is developing systems that will eventually auto-deliver value and the passive income, rather than building a business that is dependent on me being there to deliver the value myself.

Saying things like "deliver value" is all well and good, it's simple and easy to understand. But just "delivering value" creates income, not necessarily passive income.
"Delivering value" as a response to my question it's the equivalent of saying that in order to get to 8% BF and a 200KG deadlift I need to "eat healthy and exercise regularly". It's a broad response to a specific question that doesn't pinpoint the correct actions.


What I'm interested in discussing is HOW are you going to deliver the value?

HOW are you going to be "solving big problems that help a lot of other people reach their dreams"?

Do you plan to automate the delivery of that value so you can remove yourself from the equation?

If so, what specifically are you going to be doing to make that happen?


In response to the above methods not being "fastlane". You're right, they're not. As I said I don't intend to make millions in the next year.

Personally, I'd rather hit a few singles and have a little bit of self-sufficient income coming in before I start swinging for the fences in a purely "fastlane" endeavor.

 

[ryanjk]

How many of your Kindle books would you have to sell to make 5k a month? Please post your target number of books sold.

Here's some rough figures:


Goal $5K Per Month

Assuming I get 50 books up on the Kindle store in 2015.

$2.10 profit per book. (selling at $3 per book)

5000 / 2.1 = 2380 sales per month.

2380 / 30 = 79.36 sales per day.

79.36 sales per day / 50 books = Average 1.58 sales per book per day.



I see your point with the low price point, but amazon already has the audience there, which means more exposure compared to selling from my own platform. In the long term, yeah Kindle sucks, but for the purpose of giving me a little bit of freedom and replacing my day job, it seems very doable.

Feel free to point out any holes anyone, I'm here to learn after all.

 

[biophase]

Here is how you make passive income of $5k a month. Make $10k a month, hire an employee at $5k a month. Sit on the beach, collect $5k a month. Manage the employee.

So you see, this way you just need to concentrate on making money, not if it's going to be passive or not.

 

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[Ap0110]

Here is how you make passive income of $5k a month. Make $10k a month, hire an employee at $5k a month. Sit on the beach, collect $5k a month. Manage the employee.

So you see, this way you just need to concentrate on making money, not if it's going to be passive or not.

I agree...anything can be passive

 

[Choate]

So we are ten months into 2015. Did you publish 50 books? Come up with another model? Forget about it altogether? Interested to see where you are now from where you left off. Shed some light

 

[theag]

So we are ten months into 2015. Did you publish 50 books? Come up with another model? Forget about it altogether? Interested to see where you are now from where you left off. Shed some light

"ryanjk was last seen: Dec 27, 2014"

[HASHTAG]#landfill[/HASHTAG]

 

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[MJ DeMarco]

"ryanjk was last seen: Dec 27, 2014"

[HASHTAG]#landfill[/HASHTAG]

Actually it's [HASHTAG]#driveby[/HASHTAG] with a little sprinkle of [HASHTAG]#Landfill[/HASHTAG].

 

[eliquid]

"ryanjk was last seen: Dec 27, 2014"

[HASHTAG]#landfill[/HASHTAG]

you sir, have a way with words and hashtags...