I want to talk about passive income.
Earlier this week I was listening to a guy talk about his plan to build a passive income that would free his wife from her job.
The plan was create a portfolio of profits that would replace her wage and allow her to follow her dream of becoming an artist.
The plan is to create one new product each month and get it online.
He has given himself a timeframe of one year to be in a position where his wife can leave work.
He is being quite conservative in his approach as his profit target for each product is just £1,000 per year.
That is an incredibly achievable target.
After twelve months of creating digital products and putting them online, he should have a portfolio of products which should make at least £12,000 a year in passive income.
He did say that he expected to carry on creating more products after the first year, unless the project failed miserably.
The things to consider here are:
- I personally expect him to make more than £1,000 per year from each digital product. It is such a low number when you consider that there are people who are doing more than that each month.
- The more products that he creates and puts online, means that he is increasing his chances of one or two of them doing incredibly well which means that he could make tens of thousands of pounds a year from just those products alone.
It’s a law that is seen time and time again, the more prolific a person is, the greater chance there is of one or several of their products doing crazily well.
- A portfolio of products prop each other up. This means that the people who buy one product may buy more of your other products.
If you only ever put one product out, people can only buy that one product, but if you have twelve products, there is more for people to buy… and very often people do buy more than one.
Occasionally people go wild and buy everything that you sell.
He is approaching this right.
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He is not expecting to make one product and then suddenly overnight become a millionaire.
It has happened (not exactly overnight though) and it could happen… but it’s rare.
What usually happens is that those who are successful and make a lot of money, they have a lot ‘out there’.
Book publishers do not get wealthy publishing just one book; they get wealthy publishing a whole portfolio of books.
If each book makes them on average £10,000 profit, they will strive to publish 100 books.
As I say, once you start publishing more, the stand-alone profit – let’s say it is £10,000 per book – will increase now that readers go looking at their back catalogue and buy other books.
The average £10,000 profit could now become £12,000 or more.
Products online can sell for many years. A perfect example of that is the film Silent Running starring Bruce Dern.
Andi our techy guy, remembers watching this film many many years ago and after recognising a line from the film he heard in a piece of music, he went online to see if there was any way he could watch it again.
He can rent the film from Amazon Prime Video, Apple TV, or Google Play for between £2.49 and £3.49.
That film was made in 1972… a year before Andi was born.
It’s the same with classic sci-fi show, Buck Rogers in the Twentieth Century.
That too is available to buy via Amazon Prime Video and Apple TV at £1.89 per episode. That show was made way back in 1979.
V: The Mini Series, is another popular sci-fi show that is as old as the hills, it was made in 1983. It too can only been seen by purchasing it online.
I don’t know how many people buy these shows each year, but I imagine that a fair few people are reliving their childhoods and paying to watch them.
It’s safe to say that someone somewhere is making money from them.
The shows are already made and while they can be stored on a server somewhere as digital code, it makes it worthwhile for the studios to charge for them.
If earning a passive income is your goal, then I suggest you sit down and plan it in a similar way.
Aim to develop one new product each month or two, and then get it online and out there in front of people.
After one full year, you will have a whole portfolio of products people can buy from you.
Kind regards.
John Harrison
PS… I can show you how to create and publish your own eBook/digital product within 30 days and have a passive income asset online for many years.
There is no number to how many eBooks you can publish, and as you now know, the more you put online, there more passive income you can make.
Learn more here: