Create a passive income stream for retirement
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About this ebook
This book explains one way of creating a passive income stream for retirement. It is written from my personal experience.
Passive income is what everyone dreams of - money that comes rolling in without any effort from you.
Of course there has to be initial effort by you to set the idea up, but once it is running then it can be left alone and the income regularly collected.
There are many examples of passive income streams - this is the route that I took which has stood me in very good stead.
Read how it all happened from the initial idea through to getting to the passive stage.
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Create a passive income stream for retirement - Richard Shepherd
Create a passive income stream for retirement
Published by Richard Shepherd at Smashwords
Copyright Richard Shepherd 2011 All rights reserved
Chapter 1. Introduction
Passive income is basically income you receive without actually working on a day to day basis for it. A good example is interest paid on savings that you may have. So long as your savings are deposited at the bank you will receive a rate of interest which will give you a sum of money each year dependant on your balance.
Regardless of what you do or where you are in the world this money will always be paid to you. This is the advantage of passive income. Once it is set up the money comes rolling in regardless of your personal circumstances.
It may not be a great deal, but every little helps. Once you start thinking about retirement then every bit of extra income is a blessing.
Interest on money is one simple instance of passive income but there are many others.
Some years ago I wrote a technical book which was published by a world renowned publisher. It was a steep learning curve initially, but I have since been invited to write other books by the same publisher.
This has led to a small library of books (translated into several languages) on which I now receive a passive income stream in the form of royalties. I can still do a day job as once the books are published they need no further input from me. All I do is to bank the royalty payments every quarter.
Writing a book is not that difficult to do. Many people have specialist knowledge that they use every day in their job or at home or in a specialist hobby and writing is just a means of sharing this knowledge with other people. You may think that your knowledge is insignificant but there are always a number of people who are glad to share your knowledge.
My specialist knowledge is writing computer programs for Microsoft Excel and Access. Over the years I have built up an encyclopaedic knowledge of this and I was fortunate enough to be able to write world class books on the subject.
This book will show how to develop a simple idea, how to market it to publishers and ultimately to earn a good royalty from this. If you can do this then you will achieve a passive income stream.
I wrote a technical book that as it happened turned out to be a successful world class book that was published by a major USA publisher.
The publishing process was an education for me and was a steep learning curve. The object of this book is to document how my technical book happened, from the very start of getting the idea to write a book to the finished product being available in a book store, and to pass on to you the lessons learned along the way (and there were many!)
Although I am a technical computer person, and my book was very much a technical book, I will try to avoid using any techno speak or abbreviations that people do not understand.
The book that I published was a non-fiction technical book, but the rules still apply to any other book, whether it be fiction or non fiction. These are secrets that are very valuable to any potential author.
The world is full of people who want to write a book. The website lulu.com is testimony to this, apart from all the other sites offering self publishing. Many publishers will not accept unsolicited manuscripts and insist on using literary agents, simply because they would be inundated with possible books. This gives you an idea of the number of potential authors out there.
People have ideas about writing novels or non fiction books. If you are a good writer generally then working as an author sounds a very nice idea. You can work from home and work when you want to, fit in other tasks, and lead a relaxing work / life balance. These people, as I did, usually have a very hazy idea of how the publishing process works, unless they have already worked for a publishing organisation.
Most people think that the hard work is writing the book and finding a publisher. The publisher then prints and distributes their book and the royalties come rolling in whilst they move on to their next book project that will be gratefully received again by their publisher. They look to be earning enough from the royalties to give up their day job and work as a professional author.
Sounds like easy money? I have been working for over 35 years and I have yet to see ‘easy money’. Everything has to be worked for, and writing and publishing a book is no exception. Once set up and running however you can then concentrate on other activities and let the book earn the royalties – the passive income.
The problem is that there is no information for the first time author on how it all happens and what to expect. Even if you use a literary agent they will not give you all these details.
There is a great deal of work after signing the contract, and I found this period of time considerably harder than actually writing my book. Other authors who I have met during the course of my work say exactly the same thing.
The big question is ‘Is it worth it?’ Does it give you the opening to a better lifestyle? Will you be able to quit your day job? You will have to read this book to get the answer to that one!
If you have a best seller the monetary benefits can be enormous. Some authors are immensely wealthy However, best sellers are few and far between and some authors do not always look on a book as a means of making money loads of money.
There are a lot of intangible benefits to being a published author with a major publishing house. For example, many people would be thrilled to walk into a large book store and see their book on the shelves. The best selling author J.K.Rowling was only looking for this pride when she published her first Harry Potter book. She little knew how successful it would be. There are also other benefits of having a book published that will be discussed later on in this book.
Chapter 2. About me
I was born in Windsor in England. I have moved several times and now live in a very small village near Reading (also in England). We have little country lanes with no pavements (sidewalks), no street lights and no gas. It is a very peaceful atmosphere and very different from where I work in London during the day.
I work as a consultant in the computer world for major financial institutions in the City of London. I generally work with Microsoft Access and Excel and use SQL Server and Oracle databases. I also develop web applications using Java