08 Sep 6 Ideas You Can Use To Make Money From A Tropical Island
It’s one of my dreams anyway.
Most people usually assume that to make money, or lots of money you just need to get a great, high paying job.
Well, yeah this definitely helps. But to make that money, we need to be there, at that job from 8-5 Monday to Friday (if your lucky).
Then we’ll get our 4 weeks holiday a year. Wooo ! Hard to get excited about that.
What if you want to cut the strings of your job and take off to a tropical island and chill for 3 months ? Your going to need to need some savings or income. Both would be great.
That’s what we need. I’ve always thought the phrase ‘Passive Income’ can be good and bad.
I think there are very few ‘Real’ passive income sources. When I think passive income I think, it’s a lot of work I have to do now with no upfront reward.
And once it does start making money it still needs to be monitored and looked after. So try not to think that you just need to do a bit of work then sit back and relax and do nothing and still see your bank account rise…
About the only real ‘Passive Income’ is cash in the bank. And if your not Scrooge McDuck then that doesn’t really help us.
What I’m proposing is doing the hard yards first, and I mean hard, it could be months or years before you see money coming in. Then when it is we work on it to keep it going and improve on it.
I hear you saying ‘But then it’s not ‘Passive Income’. This is where my other definition comes into play: I think passive income should be able to be earned from anywhere in the world, and you should have to work less hours than you would have to in a job to make that money.
So here’s some ideas I either have done or plan to try when I head off overseas. Otherwise I’m going to have to come back to find another dreaded job !
I’ve given these ideas a rating criteria. The amount of upfront cash you will need to start them and the second is the amount of upfront work and/or research needed. Their listed from 1-5, 1 being low and 5 being high. You get the idea.
Upfront cash – 1
Upfront work/research – 5
I met a guy several month’s ago that made money off YouTube. My ears pricked and I asked him if he could tell me how he did it. He was a Four Wheel Drive enthusiast, that made his own self shot videos. He never told me how many videos he had put on YouTube but he said that he made about $50 a month, with around 40 000 views a month. He was asked by YouTube to be a ‘YouTube Partner’ apparently.
I’m guessing he had made quite a few videos to get this number, it’s not a whole lot of money but once he had done the work it was ‘Passive’ and should continue to make him money. If he kept adding videos his income and views should only increase.
I think this is great idea if you really have a passion for something and are good with a camera. But as the No.5 rating states there is quite a lot of work to do upfront before you start making money. So a good idea if your passionate about your hobby.
Upfront cash – 1
Upfront work/research – 2
So these 3 ideas are all relatively the same, except Fiverr is a bit different. Fiverr is a website where people offer to do nearly anything for $5. From painting your business name on their car to hot girls willing to write flirty messages on your Facebook page to make other girls jealous, there is literally many bizarre and weird ideas that people are willing to do for $5. And they can upsell you of course to do other services that can be a bit more cash in their pocket. So if you have a good idea or weird skill you can make a bit on the side.
Elance an Odesk are sites where you can sell your skills. And people wanting a particular job done is what you will be bidding on, against other professionals in their field. So freelance writing, web design, ebook design etc. So if you can do any of these and more, you could potentially make good money. You will have to be pretty cut throat with your prices when your starting out to compete with other bidders though.
Upfront cash – 2-5
Upfront work/research – 3-5
So Flippa is a website I stumbled on about a year ago. It’s pretty much just like Ebay but for websites, domain names and apps. As I’ve put in the ratings you could start here with quite a little amount of cash and an average amount of work/research. I think this site is a little bit of a mini goldmine. You can buy sites for very little money or well into the millions. The good thing is you can look for say, a website for example, that makes X amount of money. It can give you a lot more confidence buying something if it already has some income, even if it is a small amount.
You just need to look out for some scammers as you can buy a site that the owner states is on the first page of Google, which it can be by searching for yourself, but as soon as you buy it, it disappears from the search results. Which means they were doing some pretty good SEO to keep that page there. Just something to look out for.
Do your due diligence and if it looks too good to be true then it probably is.
Upfront cash – 2-5
Upfront work/research – 1-4
I’ve put the ratings above as they are because with apps you can either buy one already complete and making money, or get one developed yourself. So there can be quite a bit of upfront cash to buy one or develop one, but if you outsource this the costs can be surprisingly low.
You could use Elance or Odesk again to get a developer to bid on your job. If you have a good idea for an app you can get them made for as little as several hundred dollars if it’s a simple app. Get an iTunes developer account for $99 a year and your good to go. And if you don’t have a good idea for an app, have a look on Flippa, occasionally you will find developers there that make an app, get it ranked and then flip it for a profit to you. Works for you if you can make some passive income from it.
Upfront cash – 1
Upfront work/research – 5
Yes, there is a lot of work with this one. A lot. Especially if it’s all new to you. But there is many different avenues you can go down such as: Affiliate marketing, advertising both privately and through the ad networks (Adsense), hosting affiliate, charging for guest posts, blah blah etc etc, you’ve heard it all before. It’s going to help if you can find a subject or hobby that you love and are interested in.
Especially because you are going to be spending a lot of time talking and writing about it. Be prepared to put many, many hours into this before you ever see a return, as I have been finding out with this blog ! But it’s a very good feeling to see what you’ve built after several months of hard work.
The good thing about building a site is the price of entry. You need to register a domain name first, which can cost as little as $9. Then to get it hosted is only around $6 to $11 a month, and you have a site that can be seen anywhere in the world. You can even go on Fiverr to get a logo made.
Also with hosting you can become a hosting affiliate, where you have a link on your site that people can click through to get hosting for their site. You get a commission, usually a minimum of $50 per signup. Good money if you ask me.
The big thing with owning a website is you need traffic. And good content. Good content isn’t so hard if you put your mind to it but getting good traffic can be a different story.
Upfront cash – 5
Upfront work/research – 4
So Real Estate has the highest rating for upfront cash and research, but I think the rewards can be great. Be prepared to do your research thoroughly, and look for good areas and great cash flow as this is what will pay your bills and leave you with profit left over.
In certain areas of Australia you can buy houses for as little as $70 000 or less. I have. Don’t expect much but. You can get a house in average condition, you’ll need to do work to it most likely. If you’re a bit handy with your hands, are good with numbers and do your research you can find something that will give you some ‘passive income’.
Budgeting plays a big part in real estate though, so you must be prepared to have money on hand, and start budgeting for repairs as soon as you take over ownership. Rates, interest repayments, management fees, insurance, strata fees if it’s a unit, repairs are all cost’s that you need to take into consideration.
But again if you can find a place where the rent’s are high enough compared to the prices then your at least on your way.
You must be prepared to analyse the numbers of an investment very intensively. That’s what it’s all about, if you don’t get it right, your going to burn. I have. Overcompensate your calculations, as things always seem to blow out.
Once you get rolling though you can start buying more, either by using equity in your first property or your own cash. Start getting a few together and the income can add up nicely.
Obviously starting out with these ideas doesn’t mean you’ll just be able to go live on an island for 3 months ! Start implementing one of these now, even better combine a few and in a year or two’s time you could have some nice little cash flow trickling into your bank account.
Sometimes people think it’s not worth starting something like this because it can take along time to start making money. Just think : THE TIME IS GOING TO PASS ANYWAY.
Wouldn’t you rather have put the hard yards in early and then have something to be proud of than bitch and whine that you don’t have anything to your name by the time your 40 because you didn’t want to put in the work.
Once you do start making some ‘passive income’ don’t go and spend it ! Just keep working as if you haven’t got it it and let it build up and multiply.
You’ll get more satisfaction from this than blowing it on every gadget you can think off. I’m not saying don’t enjoy it, after all that’s why we’re doing it, but just keep it in check, and as your savings and income build up you can maybe start looking at buying an asset that already has income, instead of building from scratch.
And if you can keep doing this over and over it’s going to free up your life massively and the location as to where you have to be to make money….like a tropical island…..
If you like this you might want to check out part 2 of this article.
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