Passive income is the holy grail of personal finance. Every finance class or conversation I had since high school included something about passive income. At one time I was so obsessed with it that I continually played the game “Cashflow” to prepare myself to be a king of passive income (hint: I’m not). Passive income is money that you earn, without traveling to work, or spending any large amount of time earning it. Essentially money you make with little to no effort. Here is Rich Dad’s definition:
“Passive income: Generally derived from real estate, royalties, and distributions. It is the lowest-taxed income, with many tax benefits, and is the easiest income to build wealth with thanks to its combination of low taxes and potentially infinite returns. Rich dad said, “If you want to be rich, work for passive income.”– (link: https://www.richdad.com/resources/rich-dad-financial-education-blog/october-2017/six-basic-rules-of-investing text: Rich Dad)
There are a variety of ways to earn passive income. Carrie Smith wrote an itemized list of some potential options. These include self-publishing a “how to” ebook on Amazon. Earn royalties from a fiction book. Writing a blog that attracts a lot of traffic, and monetizing it with advertising. Shannon Insler provided excellent advice on how to get started:
“Focus on what you think you can sustainably manage; a smart passive income strategy is to simply choose carefully.” – (link: https://studentloanhero.com/featured/passive-income-earn-extra-money/ text: Student Loan Hero)
Bitcoin once offered a great way to earn some extra cash by leaving your computer on overnight. Unfortunately, mining for Bitcoin isn’t as easy as it used to be (or as cheap). This is where MXC’s modern model of earning cryptocurrency comes in.
MXC provides two excellent and truly passive ways to make some money. Yes – you need to make an initial investment in some hardware. Once you have it set up, the data you collect or the services you provide may earn you some Machine Exchange Coin. Here are your options:
Buy an LPWAN Gateway and allow local sensors to use your device for network access. This is MXC’s version of “mining” (or what we call “harvesting”) the coin – and trust me – it will cost you a whole lot less than a bunch of GPU’s in Antarctica. Don’t trust me? Here are the numbers:
You have one LPWAN gateway covering a diameter of 10 KM. Within this range is 1000 sensors with an average uplink interval of 5 minutes. There are also 100 high priority sensors that need an average downlink of once per hour. Add 100 sensors from another network sending an average of once every 5 minutes.
The numbers based on these assumptions:
Estimated passive income for this gateway in this scenario:
Now – how much will this technology cost you to buy and operate?
This is a total of 371 Euros for the first month and 21 Euros per month for the following months. Using these “convenient assumptions,” you will break even in two months. In this scenario, each following month may make a passive income (minus expenses) of about 195 Euros per month.
Yes for this calculation I used a series of convenient assumptions. Your location may have more competition. It might have fewer sensors bidding for access. Even so, as LPWAN spreads so will the number of sensors. Also, keep in mind that an area may become FULLY SATURATED with LPWAN Gateways creating a lot more competition.
You can also earn MXC by selling sensor data. This can even be automated using smart contracts. You can use your LPWAN Gateway (or another person’s) and some LPWAN sensors to collect data that can then be resold. The easiest data to collect is likely environmental data like weather and air quality. That said – there are quite a few types of data you can collect and resell. This is a long-term strategy and the passive income you make depends highly on the number of people purchasing the data you collect. Keep in mind – that this data is an asset. In ten years someone might want to purchase the data you’re collecting today.
First – sign up to receive our soon to be released “how to get started” toolkit. This kit includes the tools you need to calculate how much MXC you might be able to earn with an LPWAN gateway. You will also receive some basic promotional items for LPWAN that you can either print or send to local businesses. Just use the form below and we will send you the kit once we finish building it.
Yes – this is a somewhat “active” way to get started. But once you have your empire built, just sit back, relax and watch as your wallet fills with the Machine Exchange Coin.