Build At Least One New Website Each Month That Generates Passive Income
Part of my 100 Things Challenge list. Passive income is one of the areas that fascinates me in wealth growth and management. I was first introduced to the concept when I read Rich Dad, Poor Dad by Robert Kiyosaki. Simply put, passive income is income that you don't need to constantly be working to earn. There is initial investment, of course, of time or money, usually both, but minimal maintenance after that point.
Rental properties and patent royalties are typical sources of passive income, but in the digital age, websites are a great investment with a potentially large return on investment (ROI). Websites that generate advertising revenue or operate under an SaaS design, are great ways to develop passive income sources. One of my best friends has a number of websites that generate passive income with a minimal investment of his time and he has been encouraging me to do the same.
My current problem is that my ideas are too big. My current ideas are company-building ideas, not website-building ideas. My current ideas would require a team of people to develop and manage and sell. I need to work on smaller ideas, ideas that are manageable and that drive traffic to a website, maybe a blog about transforming your life through a series of 100 challenges. We'll see.