Other than earning interest on my savings account, my first real experience with long-term passive income was when I wrote and self-published a How To Booklet for publishing a community magazine. I think I released it in 1995.
The booklet didn’t sell particularly well. We didn’t have web sites back then, I sold a few copies though, each booklet sold for £5, and cost 35p to make.
I opened a Post Office box and started receiving mail orders for the booklet.
On average I earned about £75 per month from this booklet. I didn’t do much in terms of marketing, a simple line ad in Bargain Pages, which was a one-time effort. Once the booklet started selling, I moved on to other projects.
(Then made the mistake of settling in a paid job)
A year after I released it, the booklet was still earning about £75 per month.
So a booklet that took about a week to write, sold month on month, with little to no extra work on my part, all I had to do was print off a few copies every now and then.
I should have expanded on this passive income idea by creating more publications—unfortunately, life and a job turned me into a wage slave.
Our goal is to find multiple income streams, and the more passive the better.