Sure ways to develop passive income?

[John Paul]

I’m looking for suggestions for things that are not likely to fail at developing passive income that take less than 5 years of work. It doesn’t have to be a lot of money just some to cover let’s say more than half of a single person’s rent. I already have something that I’m mastering that is also artistic, I want passive income so I can focus on that, I don’t care about mastering business I’m just unfamiliar with the many ways people make money without working more than an hour or two here or there. This would be huge for me if I can get something going, please help.

 

edit: just to be more concrete, say 600-700 a month for less than 8 hours a week and hope to set it up in less than 5 years but really the quicker the better, I can grind for it. And I currently have 6000 to spend but can earn more.

Edited February 15, 2022 by John Paul

[puporing]

Depending on where you live and all that, running an Airbnb unit can be a pretty reliable source of income. Though it's not a guarantee you have to offer a lot of value to get traction at first but once you do it's about what you're looking at.

[John Paul]

@puporing

 thanks. probably not, i don't own any properties, but good idea I'm in hawaii 

[Yarco]

The surest way to develop passive income is whatever you're most passionate about or can work at the longest without burning out or giving up.

Most things aren't likely to fail if you're willing to try hard enough for long enough and learn along the way.

If you want to write ebooks, you'd better be willing to pump out a 10,000-word ebook every week. In 5 years that's 250 ebooks. 

If you want to start a Youtube channel, you'd better be willing to pump out at least 3 videos a week. That's 750 videos in 5 years.

If you want to sell stock photography, you'd better be willing to take 20 pictures a week. That's 5,000 pictures in 5 years.

You can do all 3 of the above things in less than 8 hours a week once you've got a routine worked out.

If you want to make an online course, you'd better make 20 of them in 5 years, not 1 or 2.

If you want to set up vending machines in your city, you better buy as many as you can afford and then keep reinvesting 100% of the income for the first 5 years to keep buying more and more machines.

The reason people fail is they'll write 2 or 3 books, or make a dozen or two Youtube videos, or put 50 stock photos up for sale, or buy 1 vending machine, and not see immediate results and get disheartened or second-guess themselves and quit. More or less likely to fail is just a matter of how much you're willing to put in.

If you're producing anything at a large enough scale, it's very hard to fail. The key is to be prolific at whatever you decide to do.

(Also invest the $6,000 @ 5% and that's already half a months worth of your income goal per year)

[Reciprocality]

@John Paul You don't always have to own any property to rent out on Airbnb, as long as you are prepared to take on some minor risk then you can rent an apartment for the same month in which you rent it out to travelers who would gladly pay both three and four times what you do each day.

[Alex_R]

Anyone has experience on managing an Airbnb rental remotely?

[John Paul]

I found a finance guy on youtube last night. His name is Graham Stephan. He seems legit.

[supremeyingyang]

@Yarco

our man yarco is on fire at his post. We all can improve by drinking our own juice and JUST put it the work.