Building Passive Income In The UK:
An Interview with Mark Furniss
Welcome to this interview series focusing on UK-based passive income builders. Recently, a lot of the focus has been placed on passive income builders stateside. Therefore, I am using this series to highlight some passive income entrepreneurs a little closer to home.
I hope you find this series enlightening and encouraging, opening your eyes to the multitude of ways you can reach your financial goals. Talking to passive income entrepreneurs has definitely inspired me.
Today, I’m talking to Mark Furniss.
Please introduce yourself
Thank you for having me on Capital Matters. My name is Mark, I live in Yorkshire with my pair of beauties (wife and son). My blog is called Not Taught At School and I share different ways to earn online and work from home.
There is also other bits on the blog like an Interview series, motivational quotes and the aim is to help people or inspire them to take the steps to start earning some extra money or show how other people have managed to create income streams or get out of debt.
What Does Passive Income Mean To You?
It means freedom to a degree. Having multiple passive income streams is a brilliant way to ensure money keeps trickling in each month. Plus having a passive income means I don't need to constantly be spending hours to maintain it.
I love passive income and highly recommend it to everyone. Whilst it is a "Hot" topic at the minute, I think many people can get confused or misunderstand the concept. Whilst ideas and ventures can become passive over time, you definitely need to spend time and effort to create a passive income stream and then ongoing time to maintain it.
What passive income sources do you have?
I have quite a few, some more traditional streams and others not so much.
Blog - This includes affiliate marketing
Digital Courses - I currently have 5 courses on Udemy, Skillshare and Bitdegree
Property - Rental
Crypto Currency - I know this topic may put off a lot of people because of what you read in the news and on social media but I spent over a year studying this and taking courses before eventually investing.
I have investments in a number of companies similar to normal stocks and shares where I earn a % for holding a number of coins (Shares).
Mining - This can be a complex thing to understand but basically I have invested money into a company and I earn a % each day depending on the total number of transactions completed.
Finally, more recently I got invited to join the Quora partner program - It involves asking a question to the community and then you earn a % of the add revenue for up to a year. So basically I get paid for asking questions.
In 3 weeks I have earned over £20 and I will continue to make money on these questions for the next year which is pretty cool. (I recorded a video on Youtube about this which shows you in more detail the program and questions I have asked, if you search "Get Paid To Ask Questions on Youtube it is the number 1 video)
How does your passive income compare to your active income and your expenses?
Everything I do is aimed at generating passive income over time. I try not too have much active income because of the potential with the passive income streams. Plus the active income could be gone tomorrow so I am always looking to build new passive income streams.
What Are Your Short And Long Term Goals With Passive Income?
Short term - Continue to find and build more passive income streams.
Long Term - Not have to worry about money and be able to donate and help more with charity work.
What is your most passive income source?
Currently my online courses. I probably spend about an hour each month updating them if needed. After this it is my investments in start up companies in Blockchain technology and Cryptocurrency.
What is your favourite passive income source and why?
My blog and courses. I like when people find something new and useful that they can start doing today. It is great because I earn an income and people seem to get lots of value from them which is a win/win situation.
Which passive income source has been the most challenging to build?
Without a doubt my blog. I didn't really think about monetising it at first. But once I did the work on the blog takes a lot of time to update and maintain. It is passive in one form but completely not in another sense.
Do you think your passive income sources will provide consistent income over the long term?
Yes I would like to think so. As long as it is something people will be interested in the next few years my courses will always be passive as will my blog. The investments are always going to carry an element of risk but I did my research properly and invested in companies which are partnered with governments and looking to bring mass adoption so I view these as a consistent income source.
What Passive Income Sources Would You Like To Have In The Future?
I am currently working on building up my Youtube channel to make this a passive income stream. It is some time away yet as you need over a thousand subscribers and other bits to become a partner but I am sure it will happen.
I have some other blogs which I am building in the background so these will become passive. Plus, in an ideal world I would get some more investment properties.
Do you plan to pass on these income streams to your beneficiaries?
Absolutely, everything I have is and will go to my family once I shuffle off.
Has passive income-building changed how you save, spend and invest? If so, how?
It has shown and taught me to be more organised and save, spend and invest in a structured way. I think whatever you do it needs some form of structure, yes at times it is boring but having this really helps.
What advice would you give to someone looking to build passive income in the UK?
Just go ahead and start it. I speak to many people who are always going to do this or create a course tomorrow or are waiting for the time when everything is perfect. I have found whatever you are doing, it is never going to be the perfect time or the course needs more content, or I just need X,Y and Z before I do it.
There will always be something you are not happy with but personally I find start it and look to amend as you go along. If you wait for when everything is perfect you wont ever start or complete anything.
And finally, where can people find you?
My Blog: https://nottaughtatschool.co.uk/
What do you think of Mark’s passive income streams? Remember to hit that like button and leave your comments down below.