I love my royalties. I go back and forth between what feels better: receiving dividends or earning royalties.
You know when your dividends will arrive, but royalties are entirely random. I have over 900 books on Amazon, and every day something different happens with them.
My latest book may sell, or my first book from January 2021 may get a few page-reads. It’s a fun game to watch every day of my life.
Investing in Dividends 102: Keeping Score
What are royalties? Royalties are payments that originate when people consume your content or intellectual property.
I have worked hard at building a portfolio of royalty-generating content that will sit in the world and make me money.
I first learned about royalties from “Rich Dad’s Guide to Investing” when Robert Kiyosaki said you could create money from thin air via royalties.
Building a portfolio of royalties. There are many ways to generate royalties from various forms of content.
I personally love writing, but you also have podcasts, music, photography, artwork, and video. The best part is you can overlap these content streams to create a lucrative income web.
Five Takeaways from “The Practice”
How I generate royalties. I want my content to be completely passive, meaning I do the work one time.
All I want to do is keep adding more and more content to my stockpile. My backlog of content will do most of the heavy lifting as long as I keep creating fresh content to push forward.
- Website. My hub of operations is my website, MilitaryFamilyInvesting.com. I earn payments from Google AdSense when people skim through my pages.
- Kindle Unlimited. I place 50% of my books in the Kindle Unlimited program. This allows me to generate views by using their free book promotion option.
- eBooks. I create a 50-page eBook every day to place on Amazon.
- Paperbacks. My paperbacks are slowly becoming my top-earning resource. My paperbacks are high-quality color booklets so that I can charge a premium.
- Draft2Digital. I upload my non-Kindle Unlimited books to Draft2Digital. D2D then pushes them to bookstores and libraries across the world.
- Medium. I upload my non-Kindle Unlimited articles to Medium. I just monetized on this platform, and the pennies are trickling in.
- LinkedIn. You cannot earn money on LinkedIn, but I am slowly building a small audience.
- Affiliate Marketing. I refer people to books I have read and receive a small commission if they purchase them.
The definition of passive. All of these revenue streams happen in the background of my life. I wake up, write, and publish. But nothing I do today truly affects my income generation.
I love the idea of truly passive income. However, you must do the work once to reap the benefits for your lifetime.
Cash Flow 102: Creating Passive Income for Retirement
Sometimes people think passive income means free money. Nothing in this world is free, so the harder you work upfront, the better your income stream.
How I use my royalties. I am high on life because of my royalties because I don’t need them. I never factor royalties into my budget or living expenses.
Royalties are very sporadic, so this makes depending on them tough. It’s better to count them as free money to spend or invest.
I love to use them for a good time. I earned roughly $200 in royalties last month and couldn’t be happier.
What is a Sales Funnel?
The truth about royalties and passive income. Most people laugh at $200 because they can easily work for $200.
However, they see the actual picture once they figure out how hard it is to make even $1 online. We all want to have freedom of movement, time, and money.
To achieve these three goals, you must create your own system. You cannot have it all while working under someone else’s roof.
My $200 represents my business and how I structured it. I can go two months without writing and still generate income. Or I can write every day and produce the same results.
Print Your Own Money
Royalties feel so good because it means people are enjoying your work. Putting yourself out in the public eye is challenging, and royalties are your reward.
Getting started with royalties. So how do you begin earning royalty income? First, take a deep breath. Next, exhale; it’ll be okay.
Most people cannot get past the part of releasing their content on the internet. Don’t worry; no one cares.
Once you understand this critical statement, it’ll be much easier to start producing content. Nobody cares about your work or passions.
Become a Private Money Lender
It’ll take months or even years before people begin to catch wind of your endeavors. You will be honing your craft as you wait for your time in the sun.
By the time you come out in public, you’ll be completely different than when you started. You have crossed the desert of “DontCareLand” and come out the other side.
It’s truly a magical journey to cross the desert and start to see a tiny bit of consistent traffic. It’s life-changing to know that you put yourself out there.
Intro to REITs IV: REITs vs. Rentals
Conclusion. Earning royalties isn’t the easiest of all ways to make money, but it could be the most fun. You can create a work schedule and build the habits you want.
I will find a great way to spend my $200 this month. Maybe I’ll catch a movie and grab some sushi.
Life is so exciting when you can explore on your own time. Working for money is a short-term solution to getting what we want.
We must create. Creation gives us the fuel to achieve new things and explore our passions. Plus, we can help people through their creative journeys as we grow.
A US Marine had to learn how to be creative over 24 years. If I can do it, you can. Earning royalties was a defining moment in my life. Good Luck!
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. All Right Reserved Military Family Investing
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