One example of an industry that can give you recurring income is insurance. That’s what I do. And yes, I understand that it doesn’t sound very exciting, but it’s better than you might think, and most people who work in the industry tend to stay in the industry. I am not suggesting that you make insurance a career, but getting a license may not be a bad idea. Go sell a few policies, and you’ll have a recurring income. Sell those policies to people you know who are unlikely to leave you, and you’ll probably have a recurring income for years. Let me give you an example. Clintsman and Spartacus. Or Medicare people at BenefitMall.
Earmark that passive income for a specific purpose. Don’t go out and blow the money. And don’t stop doing your 9 to 5 job. Just have this service that you offer if people need it.
The nice thing about insurance: while people don’t particularly like it, everyone needs it. They also don’t understand it, so they need help, and they’re more comfortable turning to people they know and trust because a lot of people think of insurance agents like used car salesmen, not that either profession deserves that reputation. You don’t have to buy anything first to make a sale – there is no cost of goods sold. You don’t have to carry inventory. You don’t need a physical location. You sell it once and get paid every month until the policy cancels. There’s not a ton of ongoing service that you have to do – for most people, it works pretty smoothly most of the time. It can be done on your schedule and from anywhere; you can certainly sell and service remotely. We hardly ever see our clients face to face, and many of them we’ve never met in person. You don’t’ need a college degree. You don’t even need any specialized training, you just need to take a three day class (or study on your own) and pass a 150 question test to get your license. After that, you just need 24 hours of continuing education (also no test required) every two years at a cost of $100 to $200. There are also no special tools required other than a computer. Oh, and there’s a built-in raise every year as the premium goes up. How much do you make? It varies by type of policy, but it’s about 5% for health insurance.