14 Ways to Create Passive, Recurring Income
Discover the 14 simple ways of creating passive recurring income and multiple streams of revenue every month through leveraging the power of evergreen assets, online platforms and by monetising the content you’re already creating in today’s episode of The Money Podcast. Tune in to hear Rob give his insider tips on harnessing the power of assets and the 6 key elements needed to turn them into passive income. No matter what you sell or what you do, this episode is for you.
KEY TAKEAWAYS
14 ways to create passive recurring income
Books - Writing a book that can be repurposed as an eBook and audiobook is a great way of creating passive income. There are many different book store providers and you can make multiple streams of passive recurring income through the creation of just one book. Additionally, you can leverage the creation of your book in many ways and earn royalties off the income for years. Music Royalty - Writing a music record that has wide adoption can give you a huge recurring stream of passive income, especially when platforms such as TikTok are built off of lip-syncing. Fan Funding - Content creators can get paid in a recurring way for the content you’re already putting out there. Examples of this are Patreon and Facebook supporter groups. Membership Sites - You can create your own scalable content site with membership tiers for huge passive income every month. If you’re already creating content this is a great way to generate an income that’s scalable to a wider market. Affiliate Earnings - Could you get paid for referring people to businesses and brands and get paid for the traffic and customers that you’re bringing in? Getting Recommendations - If you’re selling products or services you can create your own referring program and ask people to be ambassadors for your business. This will passively bring in new customers interested in your product offering. Intellectual Property - There are many ways to create an asset, paten or license that others will have to pay you for using it. Creating intellectual property and scaling is a great way of creating passive income. Creating a Franchise - If you have a business you can leverage your successful formula and business model and create passive income from your franchisees, this model will also help generate new customers for your own business and community. eCommerce Income - Products or services that you sell can also be sold online through your own site or other eCommerce platforms. Ad Revenue - If you have lots of followers, listeners or subscribers you can monetise your following with an ad roll. This is a great opportunity to ad revenue you the existing content you’re already creating. Sponsorship - You can get sponsored by brands and generate ad revenue by promoting their products or service on your social media. Lending Money - Adding interest on monthly repayments is a great way to generate easy passive income. Information - Providing and selling information via online courses and platforms can generate you huge sums of monthly passive income from sales and memberships every month. Plus you create the information product once and generate an income off of it forever. Sales Team - If someone else is doing the sales, someone else is doing the marketing, the follow-up and the customer service you actually have passive recurring income and you can take whichever position in your company you wish.
6 ways elements needed to create passive income
Create assets first that create the income Preserve your capital at all costs Set to forget and work hard enough not to have to work hard Create assets that are evergreen Assets need management and maintenance Reinvesting profits from your recurring income to create a compounding effect of income
BEST MOMENTS
“When people say passive income can’t be done, it’s usually because they don’t know how”
“I’ve been earning passive income for many years through my books, podcasts, online courses and more”
“Set to forget and work hard enough to not have to work hard”
“Committing hard capital is money and soft capital is your time”
“25 shares on Facebook is equivalent to 1 million views”
“I like an asset to be evergreen”
“There are so many people jumping from career to career and not getting anything from the one that they’ve left. You need to ensure you’re earning from the assets you’ve helped to create”
VALUABLE RESOURCES
ABOUT THE HOST
Rob Moore is the host of the UK’s no. 1 business podcast “The Disruptive Entrepreneur,” and “The Money Podcast” as well as an entrepreneur, property investor, property educator, and holder of 3 world records for public speaking. He is also the author of 9 business books, 5 UK bestsellers, and the global bestseller, Life Leverage.
“If you don't risk anything, you risk everything”
CONTACT METHOD
Facebook - https://www.facebook.com/robmooreprogressive/?ref=br_rs
LinkedIn - https://uk.linkedin.com/in/robmoore1979
