The spreadsheet below shows my passive income for the year along with some other income streams that take a little more effort to earn. It isn’t a lot of money, but it is definitely better than nothing.
I had my first Mac app developed in 2011 at this moment I own 66 Mac apps and 11 iPhone apps. 99% of my earnings are from the Mac apps.
You can see the earnings fluctuate. I have had 2-3 down months. I recently raised the prices on most of my apps, I think that will help boost my income to around $300 a month.
I don’t plan to launch any new apps or update my existing apps anytime soon. If I see an existing app for sell, specifically one that makes a recurring income, I would look to add it to my portfolio if the price is right.
I used to promote FriendFinderNetworks (FFN) adult websites as an affiliate from 2008 to 2014. I would advertise on adult websites and send them to FFN, I would make a commission when people purchased memberships. In my biggest year I made about $98,000 promoting them.
I don’t promote them anymore because they don’t convert as well but I still make recurring income from the old traffic I sent years ago.
I have a few google play apps making crumbs. I don’t plan to add anymore to my portfolio.
I have three Shopify apps, most of my money comes from one app. I want to update two of the lower performing apps in the future. I have some ideas that I think would make them better and make them more appealing to Shopify store owners.
My goal when these apps launched was to make about $300 a month. Hopefully new features could get me closer to that mark.
I rarely see people selling their Shopify apps, but If I have an opportunity to acquire a Shopify app that is already making money I would do so in a heartbeat.
eBay & Other Income
I started eBay in April and will likely sell all of my inventory by the end of the year. I don’t plan on reordering anything.
I started eBay because I thought I could make some decent margins. I also thought I could make some good content for my YouTube channel about selling on eBay.
The margins are decent, but not worth the hassle and the YouTube videos I have made about eBay have not gotten many views.
The other income is just one-off income I don’t see much income coming from any of those sources for the rest of the year.
I have a non business YouTube channel that I plan to work on in the next few weeks. It is in a popular niche and I have a lot of unique ideas for videos.
I think with a little help from reddit and a few other social media platforms I could grow the new channel large enough to turn on monetization by the start of November.
Royaltyexchange.com is a website that allows you to bid on music from some of your favorite musicians and television shows.
This is the investment I am most interested in trying. I feel like buying music from a popular artist with longevity like Drake, Jay-Z, 2pac, etc. would be a pretty simple and hassle free investment. I don’t want to oversimplify it. I know the numbers for the asset have to be throughly examined before investing.
Aside from the passive income I could make from music, if would just be cool to own a part of music from some of my favorite artists.
I should make about $4,500 in passive income this year. That is nothing close to what I want to make.
The first step to increasing my passive income is to make more money. Once I make more money I can build on the income streams I have and add new ones.
Renting rooms in my home is probably the best way I could give my income a big boost. It is something I have been reluctant to do, but I may pursue it if my new YouTube channel doesn’t perform as well as I hope it does.