How hard is it to make so-called “mailbox money?” Pretty hard we think. There’s really no such thing unless you are a landlord, own IP rights to music, books or movies or own oil wells.
One of the myths we see all the time on Twitter and really just the internet all over is that you can easily make thousands of dollars a month by creating some low quality AI website tool, or crank out Youtube videos and the money will just roll in.
The problem with this is that it’s just wishful thinking. If you really want money to come in each month (“passive income” as we call it in the biz) you will need to get serious about what it will take to generate passive income.
One way many people make passive “mailbox money” is by owning rental properties. This could be farm land, commercial real estate, single family dwellings or apartment complexes. Our family owns some rental houses and farm land. But the amount of investment you have to make to earn enough to live on is in the millions.
I know what you’re thinking, you want to get 10 or 20 thousand a month coming in right away, with low effort. Well that isn’t reality. Creating an online business will take a lot of work. So let’s get to it and get those ideas flowing to see what interests you.
First, you need to find the intersection of your skill set with what you are willing to do every day. If you’re a lawyer like me, but would rather create an online business, you will need to find something where those two things align.