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Passive Income – from Work you Do

Passive Income – from work you do

There are certain jobs or professions you can choose that will allow you to build up a passive income. In this post we are going to have a look at some of them.
This is my 4th post in this series on passive income. If you have not read the first three you can find them here:

The first two here are professions I know well,  the others I understand and know people who earn a passive income from them.
Financial Planners
Passive Income
I live in Australia so there may be differences in the country you live in if you are not Australian. Having said that when I was working as a financial planner I attended an International conference in the USA and met people from all around the globe and it seemed like it all pretty much worked the same way.
Financial planners place investments on behalf of their clients. The two most common ways they charge for their services are by accepting commission or charging a fee. Either way the fee is ongoing by way of a “trail commission” or a ongoing fee.
So basically the planner does the initial work and then receives ongoing remuneration. Now this should not be totally passive income as the planner should be keeping a careful watch on the clients investments. Perhaps the word recurring is better here. Nevertheless it is a far better option than always having to generate new business.
I was a partner in a firm that licensed financial planners for some years. This means we as owners of the company shared in the ongoing passive income generated by our planners. This is using leverage to enhance ongoing income.
Mortgage Brokers
My husband is a mortgage broker in Australia. Brokers receive commission for obtaining loans for clients. There is also a trail commission paid on the loan. This is probably a little more “set and forget” than in the financial planners example. Over time a broker can build up a nice residual or “passive income”.
Authors
Passive Income
In today’s world it is much easier than it was in the past for someone to become an author. In the past if someone wrote a book they had to find a publisher who would then pay them an ongoing royalty on their book sales. In the case of authors not being accepted by publishers they could elect to self-publish at their own expense and then they needed to find a book distributor.
I worked with the Australian organisation that published Rich Dad Poor Dad and other books by Robert Kiyosaki. We also published books for other speakers.  Typically in that model the speaker/author would tour as a PR exercise. We also engaged professional public relations experts.
Today with eBooks and kindles the world has changed and it is much easier to have a book in the market place. Of course you then need to market it.
So in theory you write the book once and then receive an ongoing passive income from repeat sales. In my experience though you need to be part of the marketing equation. If you find yourself with a best seller as Robert Kiyosaki did with Rich Dad Poor Dad then you have a winner.
Musicians 
In this profession solo artists or groups  record albums that sell and they receive royalties. I am sure the records or CD’s sell much better when the artists tour. Then they also receive income to play live but of course this is not passive income. Usually they will sell CD’s at their concerts and that is passive income.
Musicians can also have their music used in TV or movies giving them another income stream.
Artists
When I think of an artist I think of someone painting a beautiful painting for months then selling it once. Clearly that is not creating a passive income.
It is however possible for artists to create a passive income through art licensing as well as print-on-demand or creating an online business.
Artists can license their work to organizations that create and sell the artwork on things like greeting cards and calendars.
Product Creation
Passive Income
Not everyone has the talent to be a writer, musician or artist and you may not have any desire to be a financial planner or mortgage broker. One way you might want to consider building a passive income though is through creating your own products.
Now if you have just thought “what product?” or “I could not do that” stay with me here. I believe we all have a  product in us.
Products can be physical products like the example I used in my first post in this series being Robert Kiyosaki’s Cashflow Game. That is a board game and has been sold around the world. Robert created it once and has been paid over and over again for the creation.
A simpler model is a  downloadable product which eliminates the need for manufacture, storage and shipping. I recently purchased Ray Higdon’s Pro Blog Academy. It is a series of webinars Ray recorded.
What do you know that you can teach others? If you answer “nothing” ask your friends or colleagues and I bet they will help you come up with something. Sometimes what is a “no brainer” for us and is something we do so easily is what other people struggle with. Usually though we take our own talents  for granted.
Passive income – from work you do conclusion

I am sure there are other professions and ways people are making a passive income so please let me know if you have one.

Please leave me your comments below. I especially would love to hear what product you  can create.

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Sue Price
Skype: sueprice

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42 thoughts on “Passive Income – from Work you Do

  1. Donna Merrill

    Hi Sue,
    I like the way you summed up this series. I really enjoyed it. I would say I am developing product creation at the moment, and a webinar series. Takes some work because I have to cover all basis BEFORE I roll out with the webinar.

    I am also writing emails for follow ups. Just to get ahead of myself.

    As for Ebooks…they are so great. Anyone can write one..well almost anyone. It can be fiction or an instructional book.

    Either way, there are many ways to spread one’s talents out to make income.
    Thanks for the series.
    Donna
    Donna Merrill recently posted..Keeping FocusedMy Profile

    1. Sue Price Post author

      Hi Donna

      I am glad you enjoyed my series but it is not over:-) I am about to launch into some of the online programs and Network Marketing. I omitted to say that in the post so I will go back now and fix it. Thanks

      Great to hear you are in product creation activity Donna. It does take work but just think of those sales rolling in.

      See you in our hangout tomorrow.

      Sue

  2. Oliver Tausend

    Hi Sue,

    as a financial consultant by profession, I can see where you are coming from. Without taking care of customers and working with them very closely, the recurring income from investments vanishes pretty fast, so you are right, we should better talk about recurring income.

    The only form of passive income are royalties from some piece of intellectual property. However, the question is also what happens as soon as you stop promoting them or produces new pieces. A solution would be to have our book or song promoted by others. Social media can help a great deal with that.

    Thanks for sharing your insights.

    Take care

    Oliver
    Oliver Tausend recently posted..Online Marketing Basics For Business Owners Part 1: The Dog And Its TailMy Profile

    1. Sue Price Post author

      Hi Oliver

      Yes we both know that taking care of our clients in the financial world is necessary or as you say the recurring income stops.

      Royalties are passive and if you have it promoted by someone else it is passive. My step daughter’s partner is in a band in Australia and while they have a manager they are still very active in the promotion.

      When we were promoting Robert Kiyosaki sales increased when he toured. Interesting when he wrote a new book the older books would get a lift in sales too. It is very interesting.

      Yes social media helps for sure.

      Thanks for your input Oliver.

      Have a great day.

      Sue

  3. Ilka Flood

    Hi Sue,
    Very interesting article! Residual income is nice. Doing something once and getting paid on it over and over.

    You mention mortgage brokers above. I don’t know how it works in Australia, but here in the United States mortgage brokers don’t earn a residual income. My husband is in the mortgage industry and he gets paid a one-time commission on every loan he closes. That’s why he is building a network marketing business on the side to get that residual income.

    All the best,

    Ilka
    Ilka Flood recently posted..How Did I Get to Over 10,000 Followers on Twitter?My Profile

    1. Sue Price Post author

      Hi Ilka

      Yes Residual income is very nice 🙂

      Really no trails for mortgage brokers in the US? Wow! My husband is a mortgage broker and he earns an upfront commission and then a trail. The industry is hard work at the moment though with the economy. Is it the same in the US?

      Thanks for your comment and have a great day.

      Sue

      1. Ilka Flood

        Hi Sue,

        Nope, no trails here. You’re right, it’s hard work. But we are fortunate here because right now business is booming as the rates are quite low. “You have to make hay while the sun is shining.” 🙂

        Hope it will be picking up for your husband soon. All the best!

        Ilka

        1. Sue Price Post author

          Ilka I am glad to hear your husband’s business is going so well and yes you definitely have to take the opportunities when they are there.

          Thanks for dropping back here.

          Sue

  4. Sylviane Nuccio

    Hi Sue,

    Thank you for your very inspiring post and I hope it can help some people realize that nowadays they have it so much easier than it used too.

    If you want to write a book today, all you have to worry about really is, well, just write it. Self publishing has become so easy.

    If you want to be an actor like I used to years ago, you could put your own best performance video for the right agent to find. Same for want to be singers or musicians.

    Lot of great passive income tips. This post could give lots of great ideas to the right people. Will be sure to share it.
    Sylviane Nuccio recently posted..How Can You Attract More Business – Part ThreeMy Profile

    1. Sue Price Post author

      Hi Sylviane

      You are spot on with it being so much easier for people to share their talents these days.

      Now I know something else about you. You wanted to be an actor. Did you pursue it at all?

      I wanted to be a dancer – and I ended up an accountant – hmm something wrong there 🙂

      I hope I can inspire people to build their passive income.

      Thanks for your comment Sylviane and have a great day.

      Sue

      1. Sylviane Nuccio

        Hi Sue,

        Thank you for your reply. I talk about my acting experience on one of my post in my travel blog right here… http://francetravelandfood.com/what-are-the-challenges-of-moving-of-living-abroad/

        When I was a child, I acutally wanted to be a classical dancer as well and I took classes for a few years and was in one show in a theater in Lyon, my home town.

        Just thought I’d add this, since you asked 🙂

        Take care 🙂
        Sylviane Nuccio recently posted..How Can You Attract More Business – Part FourMy Profile

        1. Sue Price Post author

          Hey Sylviane

          Thanks for coming back and filling in that info. I love knowing about the experiences that people have had along their journey.

          I have been on your travel blog but am going to check out what you have to say about your acting.

          I have been to Lyon too many years ago.

          Have an awesome rest of the week Sylviane

          Sue

  5. Adrienne

    I agree Sue, what a great post. You really shared all the different ways you can passively make money so there isn’t just our online endeavors. Depending on what occupation you are in or what your talents are, we can have our hand in this as well.

    This has really been a great series because with your financial background we know this is coming from someone who has not only owned her own businesses for years but has the experience to share all these different ways people can make a passive income. I actually found this very educational myself.

    Thank you so much for sharing your knowledge with us all and I most definitely will look forward to more of your posts no matter what their topic is.

    Hope you’re enjoying your week Sue.

    ~Adrienne
    Adrienne recently posted..What Kind Of Reputation Are You BuildingMy Profile

    1. Sue Price Post author

      Hi Adrienne

      Thanks for your feedback I really appreciate it.

      I have enjoyed sharing my knowledge and experience in this series. It is interesting as we all have our experiences along our journey and sometimes we do not realize they can help others.

      I hope I can inspire others to build a passive or residual income.

      My week is going well thanks. I have a birthday on Friday so that is always special 🙂
      I hope your week is also going well.

      Sue

  6. Gen

    Sue this is a really great post. I love all of the professions that you listed are wonderful. I really believe these are some of the best ways to create an income. And the reason I feel this way is because if something happens and you need to create more income, you already know how to do that, you have done it before, you know what it takes, and you can do it again.
    Gen recently posted..Meet Sunshine!My Profile

    1. Sue Price Post author

      Hi Gen

      I know we agree on the need for residual income. That is a great point Gen if we know how to do it we can do it again if necessary. I know Dave Wood did that when he had one MLM go out of business. He just went somewhere else and did it again in a much quicker time.

      Thanks for your comment and thanks for being a great leader.

      Sue

    1. Sue Price Post author

      Hi Joe

      Congratulations on creating your own product line. I love hearing from people who are doing this. All the best with it and I wish for you much success.

      Thanks for your feedback, I appreciate it.

      Have a great rest of your week Joe.

      Sue

  7. Patricia Gozlan

    Hi Sue,
    the title passive income is really very attractive to everyone especially in Europe where the financial stability is becoming rare and people are not sure to keep their jobs.
    Writing books is the easiest way to go for passive income the other alternatives are great too for those who have the talent to be a musician , a financial planner, and artist or a broker.
    I think that we need to cultivate our talents no matter our professions, developing our resources can always be a source of income in difficult moments.
    Thanks for sharing this nice list!
    Patricia Gozlan recently posted..Manifestation of Prosperity-Work Life balance in 3 Easy StepsMy Profile

    1. Sue Price Post author

      Hi Patricia

      I think most of us have had a realization that we need to create money in a different way in this economy. In Australia the economy is not as fragile as it is in Europe but we nonetheless are part of the world economy. Most people here understand that job security is a thing of the past.

      I agree with you that we all need to cultivate our talents. I really do believe most of us have at least one product inside of us.

      Thanks for your comment Patricia. Have a great rest of your week.

      Sue

    1. Sue Price Post author

      Hi Elaine

      I have enjoyed writing this series. Well it is not over yet. I guess I am just so passionate about the topic it is fun to do.
      Missed you on our hangout today. See you next week maybe.

      Thanks for your comment and have a good week.

      Sue

  8. Ken Pickard

    Sue,

    I love how you bring to light the many ways people ca make money. This is how an entrepreneur thinks. We don’t limit ourselves to small single minded thinking. We see opportunities all around us.

    I can see that the time you spent with Robert Kiyosaki has really rubbed off in this area. And the fact that you’ve highlighted all these with the concept of “passive income” is not lost on us either.

    Ken Pickard
    The Network Dad
    Ken Pickard recently posted..Mindset Monday – The Journey is the DestinationMy Profile

    1. Sue Price Post author

      Hi Ken

      I learned a lot from Robert for sure and am blessed to have had the experience.

      When I was working as a CPA I thought I knew a lot about business but I was trading my time for money. I did see the light 🙂

      Some people are more naturally entrepreneurs than others but the skills can be learned. I reckon you are a natural.

      Thanks for your comment Ken.

      Sue

  9. Carol Lynn

    This is a good summary and a key element that can easily be overlooked by people who run “a business”. People who write or paint or whatever they do are usually busy doing that thing. In my business, I build websites and take care of client work. But there are only so many hours a day to do that and if I want to make more money than I can bill hours, I need to do exactly what you said and create that passive product that will generate revenue while I’m doing other stuff. This is true for any service provider, otherwise you’re just going to max out on how much work you can physically accomplish. I like the idea of “create once, get paid over and over”. Especially with internet marketing, that’s the direction we’re going!
    Carol Lynn recently posted..Five Steps To A Memorable TaglineMy Profile

    1. Sue Price Post author

      Hi Carol

      You are spot on with your comments. Most of us are like you. I used to trade hours for money. Most people never get past doing that and it is a never ending circle. Also people often have to do the work they do to survive and do not have enough hours left to create another way.

      There is also the “instant gratification” thing. Passive income is not built immediately.

      Do you have a product you intend to create?

      Thanks for your comment Carol.

      Sue

        1. Sue Price Post author

          Hey Carol

          Good on you. I was sure you would have soothing in the pipeline. I look forward to seeing your products.

          Have a lovely weekend.

          Sue

  10. Mark Hunt

    Hi Sue,
    I really enjoy reading your blog.

    “…Not everyone has the talent to be a writer, musician or artist and you may not have any desire to be a financial planner or mortgage broker.” You can definitely put me into this category, so I guess producing my own product will be my option. My only concern is the marketing and promotion part, how and where can I find costumers for the products?

    Thanks,
    Mark
    Mark Hunt recently posted..Piriformis Syndrome Stretching and Muscle StrengtheningMy Profile

    1. Sue Price Post author

      Hi Mark

      Thanks for your feedback. I appreciate it.

      Do you have any ideas for a product (or products). I followed your link here. Do you work as a health professional?
      Certainly marketing and promotion take skills but they can be learned.

      I will have some other ideas on passive income in future posts as well.

      Take care

      Sue

  11. Leo

    Though it wasn’t my profession, I dabbled in three-dimensional artwork to create virtual objects such as furniture or houses. Once I realized that artists could use my creations in their three-d artwork, I was able to sell through a third-party site that specialized in virtual objects. For a cut of the profits, they handle all payments and downloading. I just sit back and collect passive income from it every month.
    Leo recently posted..Most Accountant WorkMy Profile

    1. Sue Price Post author

      Hi Leo

      Wow thanks for sharing that story. So you are an artistic accountant? Well done on seeing the opportunity because too many times people do not see it.

      Have a great rest of your week Leo.

      Sue

    1. Sue Price Post author

      Hi Christine

      So great to hear you have created your own products. I think the first time we do something is always the hardest. It is starting for many people that is difficult.

      Thanks for sharing here Christine.

      You too have a great day and weekend.

      Sue

  12. Viola Tam

    Hi Sue,

    I love the way that you cover so many types of passive income from the wrork that we do initially. There are many people who are turning their passion into e-Products as the overhead is typically extremely low.

    I have observed some interesting ways of creating passive income. For example, by having a website that contains a lot resources and training material, the creator can charge for monthly membership fees.

    Another example is to share one’s expertise with others through YouTube videos. When the number of viewers is significant, the videos can attract paid advertisement.
    Similarly, for a website that ranks high in Google, the passive income from paid advertisements becomes an additinal source of revenue.

    Thanks, Sue!

    Viola Tam
    Viola Tam recently posted..MLM Success Tips I learned from Jeff RobertiMy Profile

    1. Sue Price Post author

      Hi Viola

      Thanks for your additional ways of creating a passive income. I especially love the subscription model. It really is a great way to build up an ongoing income.

      You have also reminded me that I have to get back to doing videos.

      I look forward to the day when my website ranks high enough to attract advertising. That is a nice thought.

      Great suggestions thanks Viola.

      Hope you are having a lovely weekend.

      Sue

    1. Sue Price Post author

      Hi there, It really depends what you are looking for as we are all different. For myself right now we have passive income from a finance business however I also believe in the network marketing model. Thanks for your comment.