Passive income is often a controversial topic because there are many shysters peddling get-rich-quick schemes based on the idea of getting paid for doing nothing. Others argue that passive income is only for the rich. Most equate passive income as income derived from rental properties or financial investments.
But often overlooked is the passive income your own mind can create. The obvious form of intellectual property is an invention that is patented. It generates income from that patent. But anyone can create and monetize their creation without hiring lawyers or investing in products.
It just takes a little effort and time.
The stay-at-home time forced upon us by the pandemic has given many of us the opportunity to invest our idle time in creating something for generating passive incomes for us.
The question is, are we using our time wisely?
There are several examples of how the internet has added more possibilities for generating passive incomes. A blog is the perfect example. It is free to set up a blog through many platforms. The only cost to the blog owner is the time it takes to create content. Whether it is the written word, digital art or photography or even music, or all of them combined, it is the content that generates the eyeballs that leads to passive income.
It is not easy because it requires a lot of eyeballs, as in thousands to hundreds of thousands before the income becomes noticeable. But a few pennies here and few there is better than no pennies at all.
Also, digital content can be monetized. For example, digital photographs taken at the local tourist area can be sold, and resold, and resold…. Poetry and articles can be sold to publishers and art can be leveraged into prints, t-shirts or posters among other things.
What makes creative works great for a passive income is that they are created once and sold multiple times. There is no limit to how many times one piece of work can be sold.
But it takes time to create.
Covid-19 has given many of us a lot of time in our hands.
Are we using the time wisely to create our passive income channels? That is a question we all need to ask ourselves.
Tomorrow I will share with you how passive income has helped me through the pandemic.