We talk about the various ways we can get paid with code while Michael failed the Costco test, Allen doesn't understand multiple choice questions, and Joe has a familiar pen name.
This episode's show notes can be found at https://www.codingblocks.net/episode158, where you can join the conversation, for those reading this via their podcast player.
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Show Me the Money
Active Income
- Active income is income earned by exchanging time for money. This typically includes salary and hourly employment, as well as contracting.
- Some types of active income blur the lines.
- Way to find active income can include job sites like Stack Overflow Jobs, Indeed, Upwork, etc.
- Government grants and jobs are out there as well.
- Active income is typically has some ceiling, such as your time.
Passive Income
- Passive income is income earned on an investment, any kind of investment, such as stock markets, affiliate networks, content sales for things like books, music, courses, etc.
- The work you do for the passive income can blur lines, especially when that work is promotion.
- Passive income is generally not tied to your time.
Passive Income Options
- Create a SaaS platform to keep people coming back. Don't let the term SaaS scare you off. This can be something smaller like a regex validator.
- Affiliate links are a great example of passive income because you need to invest the time once to create the link.
- Ads and sponsors: typically, the more targeted the audience is for the ad, the more the ad is worth.
- Donations via services like Ko-fi, Patreon, and PayPal.
- Apps, plugins, website templates/themes
- Create content, such as books, courses, videos, etc. Self-publishing can have a bigger reward and offer more freedom, but doesn't come with the built-in audience and marketing team that a publisher can offer.
- Arbitrage between markets.
- Grow an audience, be it on YouTube, Twitch, podcasting, blogging, etc.
Things to Consider
- What's the up-front effort and/or investment?
- How much maintenance can you afford?
- How much will it cost you?
- Who gets hurt if you choose to quit?
- What can you realistically keep up with?
- What are the legal and tax liabilities?
Resources We Like
- Apply for Grants To Fund Open Source Work
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