Welcome to the very first case study! The entrepreneur featured in this case study is Tim from 30streams.com. Tim has set a goal for himself to have 30 streams of passive income by the time he turns 30 next August. Tim, like many entrepreneurs, is working hard today so he can enjoy his future without spending day in and day out in a cubicle from 9-to-5. The reason I chose to feature Tim and 30streams as the first case study, is that he is exploring lots of avenues to make money and he’s a great example that building passive income is possible.
Latest Income Report:
- Gross Income = $17,488.61
- Net Income = $7,597.81
- Reselling products on Amazon
- Selling white-label products on Amazon
- Flipping and buying website(s)
- Niche website(s)
- Affiliate Marketing
- Digital Services
- Creating and selling books and e-books
- Creating and selling software and an app
- Udemy course
- Renting out a room & apartment
- Peer-to-peer lending
- Automated car wash
- And more!!
If you take a look at the list of methods Tim is using and planning to use to bring in passive income, it’s no question he’s an ambitious guy. He certainly has his work cut out for him, but he’s also well on his way to making his goal a reality. For the last few months, he’s consistently brought in a gross income of over $10,000 which is very impressive. Keep in mind that gross income doesn’t include expense, but nonetheless, this is a very nice start.
So, what is Tim’s biggest money-making stream? So far he has been doing very well with re-selling products on Amazon. This basically involves buying items at wholesale or directly from the manufacturer and re-selling them on Amazon. The trick to doing this is to find an item that is popular enough to sell, but not so popular that hundreds of other people are selling the same item, leaving you with very low margins. If you are interested in learning more about re-selling on Amazon, Tim has created an excellent 12-part-series explaining how is doing this. He doesn’t tell you what products he is doing this with, but that’s fairly typical. We can’t expect him to give away this information and decrease his profits by added competition.
Another way Tim has been making money is with a website he has “flipped.” Basically this means he purchased a website that was already made and had some good content, then he re-designed and re-launched it. It’s a pretty cool idea, really. Check out his blog to see the site before and after he re-designed it.
Finally, he is also consistently making about $1,000 a month renting out a room. If you’re someone who thinks the only way to make passive income is through the internet, this is a good reminder that there are more traditional methods, like this one, that are time-tested ways to make money.