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If you work as a team, can you build more passive income with family and friends? Passive income by definition requires an upfront investment and little to no time requirements spent managing the project. The pure example would be stock dividends, the passive income is not actively managed by the investor and no time commitment is required. Sure, you might spend time researching the stocks, but your are not actively managing the day to day operations of the company. What are some ways that you can pool resources and work together with friends or family to make passive income investments?
1. Real Estate. Investment in real estate requires a significant cash down payment and pooling resources with friends or family could offer you an opportunity you normally wouldn’t have. Coming up with 20% down payment might seem impossible, but if several people pooled resources together, it wouldn’t be as overwhelming to invest in real estate. Consider whether or not you could work together with family and who would manage the property. Could you afford to hire a property management firm to oversee the tenant relationship and maintenance?
2. Book. Do you have a friend that has talked about writing a book for years, but never got around to it? Maybe a parent or brother that has a buried passion, but needs a little help. You can work and create a book together and also help market the published product. Maybe the book would be better suited for an ebook or electronic book format. If the book has instructional material or is a “how to”, an ebook might be the perfect opportunity. Is an ebook passive income? Well, it’s not like stocks or real estate, but after you have written the book the royalties are passive for life.
3. Blog. You’ve read this blog post and are wondering if this blog medium is considered passive income. Well, it’s not. It is writing income and it requires large amounts of time to write, network, and market your blog. Is it fun? It certainly is and can be very rewarding to meet new people who comment and ask questions. Do you make money while your sleeping with a blog? Yes, but you still wake up the next morning and write another blog post for the following day. I wouldn’t start a blog with the thought that you will make consistent passive income day after day writing just one post a week. Most bloggers write daily content and also contribute to other communities throughout the week. You can make a good income blogging, but I would still consider it writing income.
4. ehow. You may enjoy writing, but don’t think you have enough material for a novel or ebook. How can you get friends and family involved in a writing project and create passive income. ehow offers writers the ability to create articles and earn passive income through ads clicked on the site. Say you write an article about “How to make homemade grape jam”, you will earn income each time someone reads your article and clicks on an ad. ehow is perfect if you enjoy many hobbies or have experienced life to the fullest. Maybe you raised 4 boys or climbed Half Dome in Yosemite, you can probably think of at least 10 articles about these topics. The best part about ehow is it’s free to join and you can probably write your first article in under 20 minutes. Be sure to add me as a friend when you join. How do you get your friends and family involved in ehow? Maybe you have a parent or grandparent that experienced the depression or a recession. Call them on the phone and ask detailed questions and start writing posts about what they experienced. How did they earn money in the depression? Did they make clothes? Did they learn how to stretch a grocery budget even further? Did they raise chickens? Offer to split your income with your source and have fun creating articles.
Are you currently making passive income through any of these methods above? Have you ever worked with friends or family to create a passive income stream?
