Daring Adventures with Passive Income

People confuse minimum viable product with low quality all the time. Minimum viable is really about the smallest set of features a customer needs to spend money on your product. It doesn't mean a low quality product rushed out quickly. A minimum viable product could still take you months to build, and require design help, if the features demanded were hard to build.

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I must say that making $1,000 in a year from passive income is a pretty low goal. I make that in under three months with my "now passive" income. (I prefer to call it "now passive" income because it came from a lot of hard work in the past, but requires little to no upkeep.)

The author mentions that he plans to set another goal once he reaches the $1,000 goal. My advice: definitely do so! It may not be easy, but it is possible. And yes, reaching an originally low goal may give you the motivation to continue.

My personal goal is to eventually have enough "now passive" income that if I were to lose my job, I could lower my standard of living and survive unemployed without dipping into my savings.

I think that one of the classic problems with the notion of passive income is the belief that it cannot have any ambition.

A case in point is that my wife and I created a web site 3 years ago. This site has not been touched in over a year, and that was the first and only update to the site in over 2 years.

It has been consistently banking $2,500-$4,500 per month for the entire time it has been online. I put in maybe a few hours of time each quarter just to check in on it.

Now, there is a catch - you can't just make a site and call it a day. You first have to do market research, come up with an angle, partner with a merchant or five, write a content plan, build it, market it, etc.

Now, assume that your time is worth $100/hour. If you spend a full 2 weeks on it at 40 hours/week, you'll rack up $8,000 in overall opportunity cost. At first glance, that is a steep price.

However, if you've picked right, you'll make that money back within a few months, probably less. This does mean there is going to be an upfront cost to you in order to get it out the door, but you will also have a better long-run profitability.

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