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Jessica07 579 days ago

I think the possibility of bring in passive, supplemental income is too frequently overlooked due to its relatively recent accessibility. Having a global market, coupled with the increasing ease of the internet, make certain types of income available that weren’t before.

For instance, Edna, an imaginary woman born in 1941, has been quilting since she was sixteen. That means that she has had 53 years to compile quilts. Let’s further stipulate that she is a dedicated quilter. According to some quick research I did, over 70% of dedicated quilters have attended college, over 90% own a personal computer, and over 70% have regular access to the internet. Assuming Edna has made at least 3 quilts per year (a very low estimation), she now has 159 quilts compiled somewhere. (Since I gave her a low yearly average of quilt creation, we’ll just assume the unaccounted for quilts were given away as gifts.) If she were to sell one quilt a month for passive income (the work has already been done), she has enough to continue doing so for just over 13 years.

The price she will earn for each quilt is dependent on a lot of different factors. For most quilts, the range can be anywhere between $50 and $1000. So, let’s say Edna brings in $300 per quilt. Over 13 years, Edna will make $46,800 of passive income on something she’s already made. Plus, as she sells more quilts, more people will see her quilts, making them more desired, thus allowing her to increase how much she sells them for. This scenario would not have been possible for most quilters before 1995, when the internet became so widespread.

That being said, the other end of that dream is the reality bolt called taxes. Generating that extra, taxable income would require the assistance of a tax professional for most people.

Anyway, that’s just one example. I would suggest if people want to see what kind of interest is out there for their passive income idea (check the demand for your supply), I recommend checking out Google’s Key Word Tool. You can enter in the word or phrase of your idea, and Google will generate a list of similar keywords that have been searched, broken down into global and local monthly searches. Then, it will tell you what competition for that term is. For instance, if you did search on “quilt wanted,” you’d find that if you marketed “country quilts,” there are over 6,000 searches done on that term monthly, but the competition is very high. So, the chance of your site getting a hit is relatively low. On the other hand, “baby clothes quilt” gets searched 1,000 times each month, and the competition is considered low. “Quilt making” is searched over 9,000 times each month, and the competition is only medium. You get the idea.

I think everyone should look into passive income to supplement their normal earnings. Most people would probably be very pleasantly surprised at their own potential.

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