I am broke right now. I'm doing great with passive income and am wildly exceeding my goals, but the money that I've earned for that comes on a two month delay, which reminds me...
DIVERSION: Today (actually, yesterday - it's 1:30am currently) I received my first royalty payments from Amazon and B&N - a whopping $23.45 for copies sold in the last week of June - directly into my bank account. That small sum - the first fruits of my labor - gave me so much motivation to work today. I've been churning away at my sales page all day and am now almost done!
...Okay, back to the topic at hand.
My passive income journey started after I was laid off from my last job at a tech startup. I was quite sad about it because it was one of the few jobs I've had that I actually liked, and a much welcome relief after several months of dire brokeness due to poor planning on my part.
My savings were running out and I was beginning to get desperate. I was Google surfing one night, as I remembered having recently stumbled upon a video showing how to set up a quick affiliate marketing/AdSense-based website. My search brought me to Matt Carter's Marketing Blog, where I signed up for his list and immediately received an email that set me off on my path to learn.
The Bug Is PlantedI was so impressed by Lisa Parmley's webinar for Matt - which I received through the email list - that I set aside some of my savings to buy her Authority Site Model course (which is easily worth the price. She continually updates with valuable content and excellent bonuses). I built a site according to her model and launched it after about a month of work.
Shortly before I was to dive into the 'promotion' phase of the site launch, Steve Pavlina began writing his Passive Income Series and recommended Vic Johnson's Getting Rich with eBooks 3.0 course. Intrigued, I clicked and watched the sales video. I found it very inspiring, but I ultimately convinced myself not to buy it, not even to spend my money on the $12 trial (biggest reason: I couldn't afford it).
Writing an eBook appealed to me a lot more than running a website, as I had just learned to do. I stalled and stalled on promoting this site in favor of doing a little bootstrapping and writing my first eBook. Lisa's course (which had nothing to do with eBooks, btw) had taught me enough about keyword and market research to figure out a niche that would sell well. Within a day or two of posting my first eBook to Amazon and Barnes and Noble, I made my first sale.
Still Waiting For My Money - But Still LearningI've been in the eBook game for a little over two months. So far, I've made almost $1,200 with zero expenses. I've yet to see most of it because, again, royalty payouts are on a two-month lag. I have larger plans that grow as I learn more and make money to invest in future projects. In the future, I would like to use a paid distribution service, outsource the design of my eBook covers, and probably outsource as much as I can to make myself more efficient - but I enjoy the challenge of being a one-woman show for now.
I'm on the fence about whether or not to spend future earnings on more courses. I find it quite helpful and educational to keep watching the webinars from Matt Carter's email list. I watched one today that helped me take my eBook master plan to another plane of potential, gave me a ton of great ideas, and got me really excited. I'm sure there are other great sources for free IM webinars, but Matt's is just what I know. They're free and contain enough information to be helpful, but I feel that my knowledge of IM is strong enough now to be able to piece the rest of the info (contained in the courses these presenters are hard-selling in the latter half of their webinars) together on my own. IM is not rocket science, and sound fundamentals are like literacy: you need to know the building blocks (ABCs) and how to put them together (spelling, phonics, pronunciation, grammar), but once you know the fundamentals, you can use what you know to figure the hard stuff out. After reading predominantly negative reviews for Getting Rich With eBooks 3.0, which I seriously considered buying, I'm feeling pretty comfortable with this way of doing things.
Share your favorite free IM info sources (I'm partial to long-format presentations myself) in the comments below.