When I originally started writing in earnest, I started at HubPages. The format was easy for me to use and understand, and I could write about any topic. Since that time, I have found that there are many other content sites for which there are a variety of payment methods. Some will pay upfront, some use AdSense and pay residual income, while others use a combination of methods.
At first, I thought that I might use my online income for investing in silver. I have since had a change of heart. I decided that it made little sense to spend the money on something that may or may not fluctuate. Although silver is a great store of value and can protect you from inflation, I felt that I should use my residual income for a different purpose.
Compound Interest
I decided that I would take this next Google AdSense payout that I will be getting, combine it with the other payment that I received, and add it to the money in my Paypal account from eHow and Life123. Then I will make an extra payment to a credit card that is charging me interest.
That extra payment will reduce the balance on the card and effectively earn interest over the next year adding to the residual income that I have been able to make on the internet. I think it would be wonderful to be able to apply several extra payments to the card and have it paid off within the next 12-18 months.
I know several of you who read this blog use your internet income for living expenses and to make ends meet. For many, it is a full-time effort. For others, it may just be some extra income to pay off debt or supplement an existing income. Do you have any special plans for your passive income? If so, I would love to hear them. Thanks for reading.
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Hi,
ReplyDeleteWhile my passive income isn't all that great.. but I use it to pay my internet, cellphone bills as well as to shop a bit. However, with the constant and steady growth, I am hoping that by March/April, I will also be able to pay the rent with my income.. Yipee!
@prerna,
ReplyDeleteThat would be awesome for you to be able to pay your rent as well with your passive income. Just being able to pay some of your bills is great, but rent as well. Best of luck to you achieving that goal. Let us know how you do.
I am disappointed in how little income my activities are generating. As I think I've said before, I am grateful for how your blog is keeping my goals grounded in reality. Fortunately, I have not had credit card debt for a long time. I hope you don't mind if I put a link to how I got out from under it: http://www.ehow.com/how_5268892_reduce-debt-build-wealth.html
ReplyDeleteMy writing income is used to help pay for our daughter's college tuition. We feel very lucky to be able to pay for her college and expenses so she can start out life without any debt. :)
ReplyDeleteKidgas, your story is inspirational. I haven't made any income yet, but if I ever do I would invest it in some software or equipment to improve my podcasts. Keep up the good work!
ReplyDeleteI use passive income to pay the trash bill. Hopefully it will grow to be able to pay the electric bill, phone bill and so forth. The less I spend on bills the more I can invest.
ReplyDelete@David,
ReplyDeleteThanks for the compliment. I am just out here trying to tell it how it is. I am actually amazed and grateful that I am doing as well as I am. Congrats on lack of credit card debt. Feel free to place that link.
@DeAnna,
I am hoping that in the next 8 years when my youngest gets there that I can do the same thing. Then I hope that the income will be there as additional retirement income. Congrats on being able to help your daughter in the way that you are.
@ileane,
Thanks so much! I am surprised since your blog is so good. I am sure that it is just a matter of time. You certainly work hard.
@Daddy Paul,
That is precisely the idea. Knock off one bill at a time, little by little. Next thing you know, the income is enough to offer some meaningful choices.
Thanks to everyone for their comments and discussion. I appreciate it.
I'm really just starting out to work on building residuals. I'm impressed that you've been able to turn into something really worthwile. Most of the time, I've concentrated on upfront pay and I've been doing well enough with it to cover my car and insurance most months, but I'm finding that building passive income really takes a huge time investment. How long did it take you to build it into something that actually pays?
ReplyDeleteSamantha,
ReplyDeleteThat's great that you have been able to do what you have done so far. It has taken some time. I started writing the last week of May 2009. I end up spending about an hour per day on average. Lately, I have been busy and have spent less time writing. I do need to get back into it. I am making about $60 per month on average. I would like that to be over $100 per month by the end of the year so I need to get back at it.