Last night I went to a local T.G.I. Fridays with my brother and a friend to watch a basketball game between the Boston Celtics and the New York Knicks. Despite a few good moves by the Celtics, in the end they simply didn’t stand a chance against their opponent. It was a terrible loss for Bostonians, and you should have been around to see their faces by the end of the night.
Anyway, we had a pretty decent time and walked out of the bar around 10pm. And like most people do, we have a tendency to talk about random crap and anecdotes before parting ways, which led us to jump into one of our vehicles to chit chat for a bit. At some point my friend and my brother got into the subject of building and renting homes one day (not now, of course, as we’re all broke.) Meanwhile, I merely played the role of a listener from the back of the car, going with the flow as they elaborated on these so-called big plans.
They touched upon some pretty decent strategies and whatnot, involving ways to buy homes for cheap and fixing them up themselves and ultimately start profiting.
As good as the conversation was going, I quickly started to question their ultimate goal as a truly viable business in this case. By the end of the conversation, they estimated to be making a comfortable living within the next 4 to 5 years – combined with an enormous amount of hard physical labor in between. Don’t get wrong; the business idea seems pretty good and there are countless people making a decent living by managing real estate properties.
My issue with their approach was the amount of time and hard work required to achieve residual income.
As the conversation matured, I immediately acknowledged that they were practically entering my territory – the passive income territory. And I don’t mean this is a territory in which I thrive and exceed (because I really don’t), but at least it’s territory in which I’m highly interested and focused on.
Anyway, my friend is mostly interested in quicker income due to the fact that he has a growing family, thus requiring a higher monthly paycheck sooner rather than later. And if he could have a side income while spending the very little free time he has with his kids, then more power to him. The more I sat back and listened, the more I realized he is a perfect candidate to experience residual income.
I don’t have a wife. I don’t have kids. I don’t have a house – but he does. He needs to experience this form of income, and I can sympathize.
So as he went on and on about the hard labor required to make a measly $500 or $1,000 one day in the distant future, that’s when I finally felt compelled to jump in. I interrupted him in the middle of a sentence, came out of my shell and introduced him to the world of book publishing and outsourcing. I went over some basic details about the publishing process and the potential he could reach far earlier than 5 years. And most importantly, he acknowledged the amount of work he’d avoid compared to the hard physical labor of real estate management.
Of course, any business venture requires hard work, and book publishing is definitely no exception. The difference here is the fact that he’s looking for quick cash (preferably in passive income form) given his immediate needs due to having a growing family.
As we dug deeper into the subject, I explained that the romance and erotica niche happen to be selling well at this point in time, and that I’m always on the lookout for other genres as time allows. Now, the one thing that truly convinced him was the following scenarios I laid out for him:
I would hire a decent writer or two (that I actually know, so they’re not hypothetical) who can write him a good short story for no more than $25. For only $75 per month, he could potentially grow his return of investment and reach $1,000 within a year. This all depends on the genre we tackle and the books’ quality, which means that he could reach this monthly income in mere months.
I told him how a few short stories around November 2012 have resulted in my dad making roughly $200 every month.
With the above two pieces of information combined, he abruptly drove to a nearby ATM, took out the cash and handed it over for me to outsource. No questions asked.
That Being Said…
I’m overjoyed with this conversation for two main reasons: First and foremost, I seem to have orgasms by helping friends in need. I legitimately want to take him under my wing and hopefully help him succeed without having to wait 5 long years to see some form of passive income. Finally, I am generally a bit of a private person. Up to this point, there was only one close person who knew I am an active indie publisher – and needless to say, no one else knew I publish romance and erotica. But last night I was pleasantly “forced” to expose my privacy for the sake of bringing him onboard. And I must admit that being more open with close friends feels very rewarding, considering I generally keep my business to myself.
I don’t want to give him (or anyone else reading this) the impression that book publishing is better than his real estate plans. I don’t want to give anyone the impression that book publishing is this magical money tree that is guaranteed to deliver quick cash, or any cash at all, for that matter. However, that being said, I do believe that this form of investment and effort is best suited for him right now, at this point in time. His children are already born, his fiancée is already with him, and the mounting bills keep growing.
With any luck, he will become much more interested in the world of self-employment. Let’s hope he sees some truly motivating success over time, enough to help him fire his boss one day.