Passive Income Generation
Passive income generation has been something on my mind lately. I’m fairly happy as an optical engineer and only 2 years out of school with a graduate degree. However, I know that I want to end up doing “something else” with the majority of my time. I’d be happier as a part time consultant (who wouldn’t be???) but realize I need something else going first. The thought that comes into my head most often is, “why didn’t I think of this sooner?!?”.
I’m a little surprised that this isn’t covered somewhere out there in the grand scheme of school, college education, or beyond. I think that the only place you really come across it is when discussing retirement. And that is wrong for several reasons:
- Retirement shouldn’t be the only time you have extra income sources
- You want to have extra cash on hand at all times
- Having passive income generation in motion will lessen any issues such as being laid off or wanting to change jobs or careers
- Who doesn’t want to be involved in a venture that earns money and provides a sense of accomplishment?
All of these points are important to me, but the last two really hit home. I want to have more than enough money. It’s that simple. I do not want to worry about issues such as paying the rent/mortgage, paying utilities, buying presents, etc. I should be able to plan out and have income sources to take care of this. And if I can do this, anyone can do this.
Switching careers happens frequently these days, I recently changed from a laser applications engineer to a thin films engineer. Do these jobs have things in common? Sure! Are they the same? Not at all! Moving across the country was a great adventure, but having a reliable passive income stream would have made the move much easier and less stressful.
How to start?
Good question! I’m looking into several different areas right now. Ideally I would like to stay mobile, so that means having an internet based product, or a dropshipped physical product. Niche site generation is an interesting idea as well – I’m looking into SEO as a beginner to see where I can get started. More on this later.
I’ve also started selling a product that I genuinely like – it is a transparent dry erase whiteboard paint. You clean your wall, paint it on, let it dry, and voila! Now you have a huge whiteboard for a fraction of the cost. Jeney and I are also looking forward to painting a wall with blackboard paint when we move into the new house…which should be soon. Wow – a lot of interesting stuff coming up!