Passive Income

Me giving a golf lesson

I don’t know about you, but I don’t intend to be doing my full time job forever, even though it is definitely a job I can do until the end of my days.

Most people don’t have the luxury I enjoy, which is being self-employed and being able to work at home.

Most people in this day and age probably have not saved anywhere near enough for retirement.  Americans spend far too much money compared to our parents, and their parents.

Our parents didn’t grow up with cable, cell phones, I-Pads, and all kinds of other gadgets to spend money on.  As a result, most families relied on one income, and that was all they needed.

Nowadays, two incomes are barely enough to get by in some locations around the country.  Where I live, in Montgomery County, Maryland, near Washington, DC, the median home price is well over $500,000.  The average rent for a two-bedroom apartment is around $2,000 per month.

While these figures are high compared to most other areas around the country, in other areas, the income levels still don’t match up with housing costs.

People are also spending more and more time commuting to and from work.  Many do this to save money on housing, but then they have to spend more on gas and vehicle maintenance.

Over the last 20 years, we’ve also experienced a couple significant recessions and nasty bear markets in stocks and in real estate.  Therefore, savings levels are not where they could be.

So, with all this in mind, you may be wondering how to generate some additional income.

One way to do this is to generate passive income or develop a side gig based upon knowledge you already have.

I number of years ago, I decided that maybe I wanted to become a full time golf instructor.  Like my current job, that is something I can do into old age.

I was a competitive golfer and was able to earn a golf scholarship to college.  So, with that background, I set out to learn how to teach golf.

With that knowledge, I can develop a part time income by offering lessons.  I did that for a few years, and am giving that consideration once again.  When I was focused on teaching, I was able to charge up to $100 for an hour lesson.  Not a bad side gig!

Many people have skills that they can turn into a side gig, or knowledge they can offer to generate passive income.  It’s just a matter of sitting down and figuring out what knowledge you have that most people don’t.  And, is there potential demand for that knowledge?

There are a couple steps you can take to determine what you may have to offer that other people may want.

First, write down topics or activities that you are passionate about.  Or, write down skills you have that most people don’t.

For me, this would be something like….golf, martial arts, fitness, trading stocks, trading commodities, travel, etc.

Once you have that list, figure out what skills you have that may be above average.  Ask yourself this question…is there a service or product I can offer based on any one particular skill?

Lastly, is there enough demand for that product or service?  A great way to find out is by learning how to use Google’s Keyword Planner.  By using this, you can see how many people may be searching for your product or service idea locally and globally.

Ultimately, you can decide to build a side business around this product or service, or try to build a passive income online.  Both will take some time and effort, but if done well, you can be making a decent income in less than a year.

Give it a shot!  There’s no time like the present to get started!

you activity you are passionate about and have more knowledge than most people who also share that passion.