It is safe to say that “Passive Income” is the main reason why Cashjams was created. Our goal is to create a platform that generates a new revenue stream for artists. So it seems only fair to have this topic be our first of many. To be frank, it is something I personally obsess over. We live in a time where a good passive income stream is the only way you will be able to retire someday. Retirement may seem a long ways away, but I swear to you, life happens and you will wish you started preparing in pre-school.
Passive income is quickly defined as “money earned while not having to physically work for it.”
There are 4 types:
All of these vehicles are by no means easy. Paper assets can go to zero. The real estate market fluctuates, and tenants can be a nightmare. Businesses require 10 arms, 3 legs, coffee, and a receding hairline. Intellectual property will not make you money unless it is loved or needed by A LOT of people.
There’s good news.
As musicians and songwriters we have an advantage over a lot of people when it comes to building a passive income portfolio. Creating intellectual property is not a simple task. It requires the individual to do some serious work upfront, with a degree of skill that will ultimately attract some form of an audience. But most of you have been playing music for a long time. The time already invested is what creates such a distance between you and the rest of the pack. The average Joe would have to start by taking guitar lessons, or a creative writing class.
All that remains is continuing to put in the time to refine your craft, tailoring it to your customer’s needs, and then sending it to market.
If you have not yet taken a serious approach to generating a passive income stream with your God given talents, I urge you to start today. Whether you begin making $5.00 a month or $1,000.00, it does not matter. Making money while you sleep is simply awesome.
The average person will typically only dabble in paper assets, and bet their retirement on it too.
Be glad that you don’t have to be one of them.
To your success.