Paul calls up Alexia Allen, who foolishly forked over $100 to talk with Paul about residual income streams.
First off they discuss what isn’t, in their opinion, a passive income stream but a fair few people do. Investments are first out, as they are inherently risky - even the most sure of investments can sometimes backfire horribly (case in point: Citadel LLC). Second are things like vending machines and property - both demand maintenance, either in repairs or re-stocking. Paul’s idea of passive income streams emphasizes the “passive” part of the name - he wants to be able to go off on the ocean on a raft for a year, and simply have a fatter bank account when he gets back.
Passive income streams that Paul does recommend include such things as writing shitty e-books. Good e-books are better, but in his experience, turning a shitty e-book into a good one takes about a year and a half worth of work. Less, if you’re a good writer. Writing shitty books first also allows you to test the water before writing a good version of it. A decent example of a shitty e-book is Paul’s thorns one, although apparently a bunch of people like it.
The crux of Paul’s advice is this: don’t go into passive income streams with the goal of making bank. Go in with the plan of giving stuff away for free. Planning on making money almost always leads to crappy products and can easily become poisonous. If the plan is to make something good, or have something good come of the product, and maybe some people sometimes give you money for it, then people often will over time. A decent anecdote is a musician that Paul heard of that quit his day job to work on his music, and set himself a goal of putting out a song every week online for about a dollar each. Within the year, he started making more money than his day job. Paul doesn’t quite recommend going all in on one thing like this, but it can work.
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I've always looked for "multiple streams of income", however I don't look for that income in the form of "money". Instead, I look for getting something that I can use. Example: I make jewelry from "junk" and it is sold at a small shop in our town of Corydon, IN that specializes in "antiques, vintage, and rusty interesting junk". When something that I made sells, the shop owner takes her 50% (my call on this amount) and the 50% that is due to come to me comes in the form of fresh food from the local grocery store. Until COVID hit, food delivery only consisted of limited canned goods. Now I use a service called Imperfect Foods that are local and make a weekly delivery to my door. I can get just about anything from them. None of the grocery stores in my area do deliveries yet to my area since I'm in the country. So, after almost 3 years of foraging for fresh greens and berries to use with the limited (and expensive) canned foods I could find, I am now enjoying fresh produce, and other goodies that were unobtainable, except from a grocery store. My friend picks up organic produce. and anything that looks good that I can eat, from the grocery store when she shops, and fresh pastured eggs from one of her neighbors and brings it to me and visits for a while. Nice. It works for both of us, and I don't have to worry about keeping records, because I just don't do that very well and personally, I'm too lazy! My husband and I both get a small check from Social Security, which we EARNED! It is NOT a handout as some government people would like to think. We live within our means. We don't pay taxes because I guess we qualify as poverty level. I like not having to deal with the government. And, I do not consider myself "poor". If tomorrow, everything would stop, due to maybe an EMP or something like that. I know how to forage, make do, and be VERY frugal, and I would survive. I don't DEPEND on electricity, or modern conveniences. I have them, but if tomorrow they were gone, I would survive If we have inflation that sends us into a depression, where NOTHING is affordable, except to those who are ALREADY rich, I have skills that have been honed over 70 years, that can be used as "money". I would survive. Money isn't everything. You can't eat it, even if you cook it, nope, it's not edible. So, what can you actually do with this stuff called "money"? I use what I have to purchase non-electric stuff. Ways to cook without gas or electricity. Ways to heat with wood. Simple ways to was clothes. Extra detergent that has multi uses. Keep it simple, you don't need tons of paper towels and toilet paper. My Grandmothers on both sides of the family, and my Mom ALWAYS had a "rag bag". Do you think that they could buy toilet paper, kleenexes, paper towels, female menses products. Come on be real! THEY DIDN'T EXIST BEFIRE WWII! So what did they use INSTEAD? You couldn't just go to a store and buy clothes and shoes and all the other junk that we "think" we need. Well, if you were the elite RICH, they had people who "serviced" them, and some specialized, very expensive shops that only they could afford. When you wanted a dress, you made it, When you had a hole in you clothes, you "darned" it. If you wanted food, you made a weekly, or monthly trip to the General store to pick ESSENTIALS. There were no frozen, or boxed/baged convenience foods. Snacks were just plain not there. Sweets were a RARE seasonal (Christmas, if you were lucky) treat. We have become SO PRIVILEGED AND SPOILED ROTTEN!!! I recently got a chance to go to the local vendor's marked, since my husband is in rehab after hip surgery, and being a rare treat, spoiled myself with some goodies that I don't normally eat. Yup, sick the next day, but they were SO good! While I was visiting with the local vendors that set up at the market, I was picking up business cards. The man that sells the honey only lives a short distance from me. Maybe I can work out something later with him by making some jewelry with "bees" on it. There were several local people who were selling local eggs. A couple that I got some wonderful veggies from and will have fresh apples in the Fall. This is what I purchase with my money. I don't drink, do drugs or smoke. Having a closet full of clothes and shoes aren't my "thing". I cut my own hair, and also my husbands. Sometimes not such a good job, but it regrows. Well, mine does, and SOME of his does. HAHAHAHA I use a gallon of gas a month, and have gone as long as almost a full year before I had to fill my car. I did have a scooter, but after almost killing myself on it, I traded it and an old unused car (for spare parts) to a friend for some manual work that I couldn't do myself. Oh, I do love/hate my computer. I use it for email because it's cheaper than phone to communicate with my family. I do peruse Facebook once in a while because there are some friends and groups that I keep in touch with. I do have a cell phone. The service is terrible out there, but I can live with it. Do I miss the news? Nope, I don't watch TV. I did get a small one for my husband after his stroke, with a pillow speaker. I don't need to listen to that garbage. My computer is via satellite, the only thing that is really available out here. Once in a while I do watch a movie on Amazon, but MOST of them are GARBAGE! Is my life dull or boring? Am I lonesome? Do I miss the chaos of everyday life? NOPE! What I have is what most people would take their vacations and travel to. I have it HERE! I look outside my window and I see wildlife. I have a Woodchuck that has breakfast every morning with my cats. His name is "Hey You!". Deer that wander by on a daily basis. They know that they're safe in my backyard, and pasture. I was wondering what was eating my Passionfruit, and it turned out to be a family of bunnies. I can share what I have with the local animals, since most of it is considered "weeds". Sorry about this being so long. I get an attack of "Chatty Cathy" every once in a while.
I like the ideas for the soul journal. Maybe it could be a one-week or two-week repeatable sort of thing. Maybe it's something people would do on their lunch break in a parking lot or vacant plot if that's what they have available.
I too, a year later, loved and read every word of your post Margaret. Thank you - so much truth and so much richness of life is yours. I aspire to be closer to living that way too. I live in a semi rural woodsy area I had picked, for the last 7 years, but they're filling it in progressively with new housing and medical facilities now.