It wasn't long ago that I started my quest to become a Bitcoin Billionaire and one of the first things I did was to dig up some old Gridseed (Scrypt) mining hardware to get something mining any form of crypto-currency as quickly as possible. My mining rig includes a Gridseed Blade and a handful of Gridseed Orbs (or "Mini's"), and since I was lazy and had other stuff on my plate, the whole mess of Scrypt miners got pointed at the first thing that came to mind... www.LitecoinPool.org. If you don't already know, there are much more profitable scrypt-based coins to mine besides Litecoin... but again, I was lazy and just wanted something going.
Fast forward to months later where I've all but forgotten about my little Gridseed mining rig. Surprisingly, they're all still chugging along, happy as can be, slowly earning a small pittance of Litecoins. But... that small pittance now totals 4.3 Litecoins as I write this (about $17.20 US). It took about an hour to get the mining rig going and I haven't had to do anything since. This is exactly why I wanted "something, anything" mining when I very first started... Do it once and keep collecting the rewards.
Ok, so this is a simplified form of passive income, and I'm not including the cost of the hardware nor electricity to run it. But it is the concept I'd like to share and hope you'll remember... Do it once and keep collecting the rewards indefinitely.
Perhaps time will help get the point across as well... I'll revisit this post in a year with an update to see how much the small pittance of Litecoins has grown.
If you're looking to create a huge abundance of wealth, as I am, Passive Income is an essential key. In the case of my Gridseed mining rig, I spent the time up front to get it running and now it requires almost no effort on my part to continually generate income for the foreseeable future. More tradition examples of passive income include royalties from books and other intellectual property, licenses on patents, subscription based content, etc, etc. Anything you can do once and get paid for multiple times qualifies as passive income and will help us both create wealth much more readily than simply trading our working hours for a set wage. After all, there are only so many hours in the day...
So while my little mining rig isn't really passive income when you factor in cost, it is something I can "set and forget" and at least have one small stream of continual income. Now I just need to find about a thousand more little streams and then we can create a massive torrent of wealth.
Keep on keepin' on!
