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Tumbledry's Journey To $10,000 [Passive Income]

Discussion in 'My Journey Discussions' started by TumbleDry, Mar 13, 2015.

  1. TumbleDry

    TumbleDry Newbie

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    The Ultimate Journey To $10,000 Passive Income

    Hello and welcome to my thread. I'm going to be using this thread as a page to hold a journal, to inspire others and most importantly hold myself accountable. My names Eric (TumbleDry) and I've been in Internet Marketing for three years. Primarily in web development and design. Sadly; however I am unsuccessful.

    My best months earnings were around the $4,000 mark and I've yet to regain this kind of earnings.

    This is a journey to passive income. Each of the income methods I use will eventually be set and forget. I will be involved in the setup and beginning maintenance until I am happy with the recurring income at which point I will hire a freelancer to manage the project for me.

    I will try to be as informative with my methods as possible so that you can follow along. Please note however I will be using freelancers and paid services to achieve my goal.

    DEFINITION OF 'PASSIVE INCOME'
    Earnings an individual derives from a rental property, limited partnership or other enterprise in which he or she is not actively involved.

    METHODS OVERVIEW

    1. Ebay
    The method I will be using for Ebay is simply drop-shipping. I'll be focusing on low ticket items with a 30 - 40% profit margin.

    2. Etoro
    I'm not sure many BHW members would agree with using a forex program like Etoro. Etoro offers a (great) program where you can copy it's top traders and receive the same percentage income they receive.

    Example copied Trader A makes 15% profit in January = My assets would be 15% higher.
    Example copied Trader B makes a 10% loss in January = My assets would be 10% lower.

    By December this year, I hope to have $1,000 invested into Etoro.

    3. Web Development
    I'll be developing websites for clients at the beginning of my journey to create a larger investment portfolio. All monetary gain from web development will be reinvested into other (passive) methods.

    4. Pay - Per - Install
    I've developed an E-book / software combo that I will be distributing through one of my websites. I plan to test this with crappy PPC traffic to see if I can get a high conversion ratio.

    Crappy PPC traffic = 5,000 hits for $7

    I'll be adding more income streams as the journey progresses.

    The Journey
    The journey starts with Ebay. I logged into Ebay yesterday to find that my account has been restricted to $2,500 / 10 items. Luckily however this is an aged account with a small amount of previous sales history. I called Ebay to explain my situation and they have granted $7,500 / 100 items per month. This is a good start to Ebay.

    I've hired a freelancer to compare prices to Ebay.com.au and my suppliers website. He's currently getting paid $3 per hour and happens to be pretty inefficient averaging 10 items per hour.

    Prior to starting this thread I had already listed 6 items on Ebay and these are my current statistics.

    13/03/2015
    3 Sales
    $33.89 Gross
    $14.56 Profit

    I've also been following an Etoro trader with a total invested amount of $100. The reason I've decided to use Etoro is simply because if an investor can yield a minimum 4% per year, I'm already earning more than I could with a high interest savings account. The user I chose to follow has a 3 year record with high gains. Lets hope he can keep performing. Although somewhat risky; this is also a completely passive income.

    13/03/2015
    Account Equity: $111.84

    I'll be posting updates regularly. This is all for now.

    Goal: $10,000
    Total Income:$145.73
    Total Remaining: 9854.27
     
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    Last edited: Mar 13, 2015
  2. TumbleDry

    TumbleDry Newbie

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    Reserving for FAQ / Questions
     
  3. ibrahimbrtawi

    ibrahimbrtawi Registered Member

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    Good Luck Bro , keep Us Updated Until you Reach Your Goal
     
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  4. share4win

    share4win Power Member

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    Interesting Journey and all the best! Following thread...
     
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  5. kuridora

    kuridora Newbie

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    Hi, great idea. I'm new here and posts like these are v.useful
     
  6. asap1

    asap1 BANNED BANNED

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    Good luck OP, keep us updated
     
  7. TumbleDry

    TumbleDry Newbie

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    No problem, I'll be including more information as we go. If you're interested in checking out dropshipping theres plenty of threads in the "Make Money" section of BHW.

    Some good websites I recommend for dropshipping is Dhgate and dx.com. Goodluck :)

    --------------------------
    I'll be updating this thread on a regular basis :)
     
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  8. Aatrox

    Aatrox Supreme Member

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    You have a good plan and that's already 50% of the work done. Good luck.
     
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  9. blommas

    blommas Senior Member

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    Good luck. Nice to see some good plans ;)
     
  10. TumbleDry

    TumbleDry Newbie

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    Day One

    It's Saturday here in Australia. I have plenty of time to sit down and crunch out plans, make changes and effectively increase my income. For the purpose of this post, I will ad my to-do list and any thought processes I have. When the day is complete I will update my revenue.

    Today's Plan

    Ebay


    Last night I spent quite a while manually comparing products on both suppliers website and Ebay. I've found two middle value products ($50 - $200) with 30 - 40% profit margins even after fees. I've compared these products to other listings that have sold tens of these items. Lets hope I can produce similar results.

    An example of a product I found.
    Supplier Price: $56.xx
    Ebay Price: $94.xx
    Profit Margin: $38.xx

    I was able to alter my Ebay price to be the lowest priced competitor and still have my 30 - 40% margin. My plan for E-bay today is to list four more items with similar profit margins.

    Being able to sell higher ticket items will allow me to reach my goal faster.

    I also collected 1 sale while I slept last night. The pure effect of Passive Income.
    Gross Sale: $12.20
    Profit: $5.17

    Good news Is I'm averaging 1 item a day straight off the bat, with only 8 items listed.

    Web Development

    I have a client that spent way too much on their businesses website and due to several errors would like it redesigned. They originally paid over $10,000 for the full development. I'm crunching numbers in my head to decide what to quote this client.

    I'm unsure if I will count these earnings towards my goal, however whatever I get paid for this job will be reinvested into passive income. Building my assets column.

    ----------------

    Another part of Web Development I will be focusing on today is designing, printing and mailing letters to all my local businesses offering web development in exchange for signing up to my web hosting package. The first clients I'm going to be signing up will be on $15 / month. When I have residual income I will be increasing my price to $29.99.

    For every 10 clients I receive, I'm earning another $150 a month until they close their business.


    Pay Per Install

    At the moment I'm still applying to networks, something I've noticed is that these networks are a lot less responsive than CPA as they simply do not process registrations as fast or efficiently.

    I'm going to be following a method posted in "Make Money" and also a completely different method I designed.

    That's all for now. I'll be updating with statistics later today.

    14/03/2015
    Goal: $10,000
    Income: $157.83
    Remaining: 9842.07
    (pending update)
     
  11. TumbleDry

    TumbleDry Newbie

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    Day Four

    For the last three days I've primarily been focusing on Ebay with slight deviations for freelancing web development. My ebay products are flying off the shelf right now and it's great to see.

    Paypal is holding my ebay funds for 15 days, which mean's that for every order I need to front the money. I'm currently running out of reserves so we'll see how this pans out.

    Ebay Sales:
    6 Sales
    $74.99

    Freelancing:
    $91.10

    17/03/2015
    Goal: $10,000
    Income: $323.92
    Remaining: 9676.08



     
  12. JK2005

    JK2005 Registered Member

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    Just an FYI, if your product is delivered before the 15 or 21 days, PayPal will release the hold on the funds.
     
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  13. xcskierfreak

    xcskierfreak Newbie

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    Looks great so far, interested to see where it goes!
     
  14. ilham21maroc

    ilham21maroc Newbie

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    thank you for all infos