Since starting a new job in August I have been settling into my new work and getting used to living in a new place. Accordingly, I have not been as focused on creating passive income streams as Rory has been but my New Year’s resolution is to change that. This is only a short post to detail my plans for generating a passive income in 2017.
This is my profession and it is the most obvious place for me to focus my efforts.
For one I could sell my resources to other teachers on the TES website. This would involve selling my word documents, PDF files and PowerPoints that contain everything that a teacher would need to teach various texts. However, it does take time to create these resources and make them user-friendly and attractive and, more to the point, I would be selling my resources cheaply to a limited number of people so could not expect to make a lot of money.
Another option is to create an online course on the Udemy website and then gain money from the fees paid by students who enrol on the course. This would involve using resources that I already have but there could also be additional work to do – in other words it could become ‘active income’.
Teachers in Scotland generally do not generate passive incomes from their talents. They usually make extra money from overtime work (especially before exams), private tutoring, and marking exam scripts for the SQA. Hopefully I can achieve greater things.
I have agreed to write a book for a friend (who reads this blog) and the deadline for it is September 2017. However, I plan to finish ahead of time and I will then look into self-publishing on Amazon. The biggest selling genres in the UK are crime and romance (such as Fifty Shades of Grey) and I am tempted to craft a book that will appeal to the biggest established audience. Yet I think that I should first focus on writing excellent stories and focus on creating my own readership. Also I don’t particularly like crime stories.
I now have enough money to ferret away a portion of it without affecting my lifestyle at all. I’ll look into all of the options offered by various UK banks bearing in mind the advice that Rory has already given on this blog.
Rory is an advocate of peer-to-peer lending and I may also get involved in lending money too.