Successful passive income streams?

[pedanticromantic]

I posted a couple months ago about side gigs, and found that trying to manage that on top of a full-time job is too exhausting (at least, while teaching new courses).
I'm wondering if anyone has had any success with any passive income sources? (i.e. you wrote a successful e-book, or run an online course on something like Udemy that doesn't require much upkeep, or made money on Youtube)?
I've written a few e-books but never made more than a hundred bucks on them, so not worth the time (and yes, I promoted to the best of my ability).
Youtube was a total waste of effort IME. I tried designing t-shirts for Tee-Spring, with no success. Never done an online course though. I have some skills that could translate into an online course for Udemy or something like that, but I don't want to put the kind of time into it if it's just going to be yet another time-suck that doesn't pay off.

I know these require up-front time and some promotion. I'm looking to hear from people who have had some success making passive income over time from some side gig.  I'm smart, and I kick myself daily for not making more money when I meet people who are half as smart and make 3x as much as me.

[mamselle]

All my income streams are set in the active voice. I don't think that, aside from high-yield investments that someone else manages for you, such a thing as a passive stream actually exists (and even there, you pay them and have decisions to make, I suspect...I'll never know!)

My private music teaching, freelance editing, tours, performing, EA work, and so on, each have rhythmic lives of their own. Keeping the fugue in order without too much cacophonous banging and voice-crossing in itself requires a fair bit of calendrical traffic direction.

But it all helps pay the rent.

M.

[pedanticromantic]

All my income streams are set in the active voice. I don't think that, aside from high-yield investments that someone else manages for you, such a thing as a passive stream actually exists (and even there, you pay them and have decisions to make, I suspect...I'll never know!)

My private music teaching, freelance editing, tours, performing, EA work, and so on, each have rhythmic lives of their own. Keeping the fugue in order without too much cacophonous banging and voice-crossing in itself requires a fair bit of calendrical traffic direction.

But it all helps pay the rent.

M.

Well, what I refer to is really front-loaded income, so you do the work up front and then money comes in while you do nothing, such as writing an e-book. I have a month when this semester is over that I could spend doing something like that, and then reap the benefits for the rest of the year, is the plan/ideal.

[Puget]

Not completely passive, and not a ton of money, but I give a continuing ed webinar through an accredited company for practitioners in my field every two months -- $400 for 3 hours, plus a pre-recorded version on their website that I get I think 20% of sales on (about $50 most months). It took awhile in the front end to develop the slides but now I just log in and talk for 3 hours. I wouldn't do it just for the money, but I like interacting with practitioners to bring them some research and hear their perspective. Obviously that's only an option for fields where CE credits are required.

If you're looking for large quantities of passive income the only way to get that so far as I know is investments, which of course take having money to start with.

[Ruralguy]

Yeah, my investments have made me the most, and that includes a significant amount outside of retirement accounts. But anything that consistently makes more than a fairly standard stock fund, bond fund or high interest cash takes time and isn't so passive. I've done it, but I had to do my research. At times its made me thousands, but not consistent tens of thousands, save for my mostly passive retirement account.

Also, property *investment*, like any other investment, can be passive, but property management is far from. I haven't done it. I've known people who've made millions from it, but they made that their new job, and very very far from passive!

[Hegemony]

My passive income is an index fund at Vanguard. I think if there were an easier way, everyone would know about it and few people would be poor. 

[youllneverwalkalone]

I think developing an online course through Udemy, Coursera or other such platform for online learning might be feasible.

If your current employer has an institutional account it may be smart to team up with them. That way you'd get the technical support and the promotion through your employer, as well as a realistic estimation of how much income such things generate. 

[spork]

I think developing an online course through Udemy, Coursera or other such platform for online learning might be feasible.

If your current employer has an institutional account it may be smart to team up with them. That way you'd get the technical support and the promotion through your employer, as well as a realistic estimation of how much income such things generate.

I have earned a total of $1,200 over the last seven years through courses on Udemy. It pays for some of my grocery money but that's it. Like blogging in the early 1990s, the income generating potential of these kinds of platforms has peaked already and it is now almost impossible to create something that will stand out from the competition.

[pedanticromantic]

I think developing an online course through Udemy, Coursera or other such platform for online learning might be feasible.

If your current employer has an institutional account it may be smart to team up with them. That way you'd get the technical support and the promotion through your employer, as well as a realistic estimation of how much income such things generate.

I have earned a total of $1,200 over the last seven years through courses on Udemy. It pays for some of my grocery money but that's it. Like blogging in the early 1990s, the income generating potential of these kinds of platforms has peaked already and it is now almost impossible to create something that will stand out from the competition.

That was kind of my impression for the stalwart subjects, but then new software keeps coming out and I'm pretty good at that stuff.
sigh... There has to be an easier way for a smart person to make money without selling my time.

[polly_mer]

sigh... There has to be an easier way for a smart person to make money without selling my time.

Sell your time at a much higher rate. 

Yes, it's obvious and yet actually can be hard to do in practice, but it's worked out much better for me than trying to stand out as passive income in a sea of smart people trying to generate passive income through fabulous content.

[pedanticromantic]

sigh... There has to be an easier way for a smart person to make money without selling my time.

Sell your time at a much higher rate. 

Yes, it's obvious and yet actually can be hard to do in practice, but it's worked out much better for me than trying to stand out as passive income in a sea of smart people trying to generate passive income through fabulous content.

Sadly in my tax bracket it's just rarely worth doing the hourly work. More than half of everything extra I earn goes to taxes.

[larryc]

My passive income is an index fund at Vanguard. I think if there were an easier way, everyone would know about it and few people would be poor.

This. Passive income comes from investment, in stocks or real estate or whatever. There is a whole industry though of selling passive income schemes--come to my seminar for $350 and learn to develop a passive income stream doing X. I used to work with a guy who was constantly going from one of these to another. His quest for a passive income cost him a fortune.

[clean]

I'm smart, and I kick myself daily for not making more money when I meet people who are half as smart and make 3x as much as me.

Sadly in my tax bracket it's just rarely worth doing the hourly work. More than half of everything extra I earn goes to taxes.

How much is enough?  IF you are in the 50% tax bracket (which I guess is state and federal), what more do you need and why?  With a high income, presumably one could have high savings. (though I know that it is easy to allow one's expenses to expand with income so that savings is still put on the back burner).

IF you want passive income in this situation, then real estate would be a way to go.  With high income that could mean not just single family houses, but apartment building, and even commercial property.  Alternatively, there are several Real Estate Investment Trusts that specialize in all sorts of property brackets. These REIT investments could be held in regular accounts or retirement (traditional or Roth IRA) accounts. 

IF you want to use your own time and not just 'wing it' with these investments, perhaps exploring the Betterinvesting.org site and group.  They are a group that supports investment clubs, but you dont need to be a member of an investment club to join or use the products and services to help filter your investment choices. 

[pedanticromantic]

How much is enough?  IF you are in the 50% tax bracket (which I guess is state and federal), what more do you need and why?  With a high income, presumably one could have high savings. (though I know that it is easy to allow one's expenses to expand with income so that savings is still put on the back burner).

IF you want passive income in this situation, then real estate would be a way to go.  With high income that could mean not just single family houses, but apartment building, and even commercial property.  Alternatively, there are several Real Estate Investment Trusts that specialize in all sorts of property brackets. These REIT investments could be held in regular accounts or retirement (traditional or Roth IRA) accounts. 

IF you want to use your own time and not just 'wing it' with these investments, perhaps exploring the Betterinvesting.org site and group.  They are a group that supports investment clubs, but you dont need to be a member of an investment club to join or use the products and services to help filter your investment choices.

I'm not in the highest tax bracket, I'm in Canada.
And the reason is I want to retire early.
I realize a lot about real estate and investment, although most sites are US-specific and don't help me.  But I wanted to hear if anyone actually had any success with any of the passive income schemes. It seemed too good to be true, and until I hear otherwise I'll continue to assume that it is too good to be true, but I am open to hearing the stories and opinions of others to change my mind.

[Hegemony]

I think there are very few actually passive income streams.  Most side gigs are active.  I did know someone who owned a bunch of those machines you see in cheap restaurants and bars, where people feed in money and try to grab prizes.  Her only activity was to go and replenish the prizes and take the money.  I think she made maybe $100 per month that way.  She inherited the machines, though, so she had no initial outlay.  All of these schemes do require initial capital, whether to send to stockbrokers, to buy grabber machines, or to buy apartment buildings.  Your best bet is to inherit money.  Failing that, I think cutting expenses is the simplest way to go.  Do you know the FIRE (Financial Independence Retire Early) community?  Mr. Money Mustache is the place to start. https://www.mrmoneymustache.com/  The strategy there is to increase income (not very passively, however) and cut expenses drastically.