Passive Income Strategies 2019 – Book Review
So I have always been interested in the idea of passive income, and eventually having financial freedom. Financial freedom seems to mean something different to everybody, but to me personally it means not having to worry about money, to have security, and freedom to do the things I want to do. Nothing particularly outlandish, but just to able to pay off my mortgage, support my family, travel and not worry about how we’re going to pay for things or what will happen when I retire.
As a digital marketer, I’ve always been interested in the idea of passive income through affiliate marketing. It’s something I’ve experimented with, and made small unsubstantial earnings here and there, but nothing ground breaking. Most of the strategies I’ve considered involve an initial investment of time which I wasn’t prepared to do properly, and my lack lustre efforts created equivalent results. However things changed when my YouTube channel starting generating regular AdSense payments. Initially I was receiving payouts every 2-3 months once they crossed a payout threshold. As my channel grew and I started getting high views and more popular videos, the payouts become monthly, and then starting become something substantial and tangible that I noticed when they went into my bank account.
This started to make me consider other passive income revenue streams that I could be capitalising on. In the digital world, I know many influencers that live very comfortably on passive income strategies and I wanted to know more. This is when I discovered the Passive Income Strategies 2019 book. Now ordinarily I don’t have a huge amount of time for reading, however recently I started listening to Audiobooks in my car. As my daily commute has increased following a recent office move, I’m now getting through 3-4 books per month. What caught my attention with this book was that the publish date was April 2019, so it felt like it should be up to date and relevant. The title was also based around “passive income” rather than specifically affiliate marketing which I thought might be more directly relevant for what I was after.
From an Audiobook perspective, the book is quite short – the unabridged version is just 3 hours long. It is also certainly based at beginners that are new to the idea of passive income. Frustratingly it felt like the introduction of the book was far too long explaining what passive income was, how it could benefit you, and really trying to get you excited and pumped about the potential opportunity available to you. I was already sold on the idea, and I wanted to get straight to the good stuff.
Once we got into the actual different strategies, they were interesting and wide ranging. There were also some important points made such as making sure you’re choosing a niche that you’re genuinely interested in. The more you enjoy it, the less it feels like work, and the more passive in nature it becomes. Some of the strategies were basic, and didn’t have the level of insight that I wanted (I wanted specifics) but again this book is based at beginners new to the concept. However I did find a lot of the information thought provoking, and there are steps within the book that helped me evaluate what I wanted to do and setup processes to start working towards my goals.
One area that I found myself in disagreement with the author, was that some of the ideas felt more like “active income” rather than passive. It was additional revenue streams and opportunities to earn, but strategies that would stop earning the second you stopped working. This doesn’t feel passive to me. For example, I have been very poor at keeping my YouTube channel updated. It has been 3 months since I last uploaded a video, but it has continued to earn Ad revenue and paid out each month. This is definitely passive.
So although the book didn’t give me the blueprint I was hoping for, it pointed my in the right direction and helped me refine my goals and steps to reach them. If you’re completely new to the concept of passive income and affiliate marketing, this is a great little guide that covers a wide range of strategies and ideas. For anyone with experience in this area, it’s probably too basic. All that said, following on from this book I have now setup a number of affiliate programs that I’m ready to start combining strategically. So it will be interesting to see how these come together over the next few months.
I’m going to start reviewing all of the books I listen to, and if you want to see a complete list of the books I’ve recently read and recommend, you can see them here:
View all my book recommendations