You could say I stumbled upon my first source of passive income almost by mistake. Although that’s probably not entirely true since I’ve been looking for ways to earn money while maintaining my freedom for a long time. I just didn’t know that had a name.
A few years back when I was in architecture school I started an on-line architecture encyclopedia called WikiArquitectura. I didn’t start it with the idea of making any money out of it, just play around a little bit with what having a website actually meant and see how comfortable I felt around domain names, servers, etc.
Fast forward to today and WikiArquitectura has grown to become one of the top 20 most visited architecture website in the world and is earning me some money through advertisement (strictly Google Adsense), which is currently my one and only source of passive income together with some Apple stock I bought a while back.
Now I plan to expand my passive income portfolio and develop other sources of passive income revenue as well as optimize the one I already have while documenting the whole process sin this blog.
There are plenty of potential revenue streams for those of you seeking to get started or grow your passive income portfolio, and I’ll talk about many of those options on this blog. However, for the next year I’ve set myself to explore just a selection of 5 of those potential passive income revenue streams. I know some of them will just be experiments while others will probably stick to my portfolio for longer. The main goal here is to diversify and grow my portfolio to the point were its solid enough to support my lifestyle on its own without any additional freelance or contract work.
For the next year these are the 5 passive income revenue streams I’ve set myself to explore and hopefully master.
Although I own some Apple stock since sometime last year I believe there is much more I could do in this area. I just bought Apple stock a while back because I felt so identified with their philosophy and their values that just giving them a thumbs up on Facebook didn’t seem enough. Me buying some of the stock was my ways of supporting them as a brand more than anything else.
I know the stock market probably won’t make me rich, but I hope it will become a solid asset in my portfolio for the long run.
Plugins & Themes
I’ve been playing around with websites for over a decade now, and although I’m probably more of a designer than a developer I’m confident I’ll be able to put together some simple WordPress plugins and themes.
Although WordPress itself is an open source software and there are many plugins and themes that are so too there is also a growing community of Premium plugins and themes which is growing fast. There are several platforms which allow developers to sell their plugins and themes to a large audience or you could choose to sell your work privately on your own website. I’ll explore all options and hopefully find a way to make some money with this.
I actually gave stock photography a try a few years back but was only able to get one photo approved so I moved on to other stuff… I haven’t become a professional photographer since, but I do believe my photography has improved, plus I’m also equipped with a better camera now. So I would like to give this option a second chance this year.
I’ve heard eBooks are a great source of passive income for many authors. I personally think most spaces are already too crowded when it comes to eBooks. You can find free or $0.99 eBooks on almost anything on Amazon these days…
Still I think I will feel somehow proud of myself if I get a book up on Amazon. Maybe it will make me some money, maybe it won’t, but even if it doesn’t it will be a great accomplishment.
I left online courses for last because honestly, I’m afraid of getting in front of the camera! I just see so much low quality videos online these days that I feel this has to be done well or not done at all. First I will have to get all the necessary equipment and set up things nicely so that image and sound are good, but even if I get that right there is still the most difficult part left… actually getting in front of the camera and be able to communicate something in a clear and engaging manner.
This is the option I’m least confident about, but because of that same reason I think it could be a good exercise to practice. Who knows, maybe after giving it a try I’ll find that my place is actually in front of the camera! 😛