Building Passive Income In The UK:
An Interview with Michelle Bailey.
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 Michelle Bailey.
Please introduce yourself
I'm Michelle, a 40 something housewife and work from home mom! I spent my early career working in advertising and marketing, travelling around the country working long hours. Then, 15 years ago, I learned that with hard work and dedication it's possible to earn a living without a job so I gave up my career, company car and stress, for a simpler life working for myself.
Since that day I've done many things to make money - working flexible hours, working from home and working online. I now share all of my knowledge and experiences with my readers.
What Does Passive Income Mean To You?
To me, passive income means freedom. Freedom to get out of bed when my body clock tells me, not when an alarm wakes me. Freedom to go on holiday when I choose. Freedom to be ill and take time off to take care of myself without feeling guilty. Freedom to spend more time with my family and the people who mean the most to me. Freedom to own my own life and enjoy it on my own terms.
What passive income sources do you have? Are all of these UK-based?
At the moment, all of my passive income sources are UK based and include:
1. Digital Products: This is where you create a product which can be purchased over and over again on-line. You only need to do the work once but the income is recurring.
2. Affiliate Marketing: Affiliate marketing is where you recommend products that you use and when somebody buys it you earn a commission. I have two ways I do affiliate marketing, some of it is active and some is completely passive. I would love to get to the point where the majority of my affiliate marketing is passive and am currently working on some strategies to achieve this.
3. Investing: Investing is not my strong point and i'm certainly no expert but if you get it right, it can create a true passive income like no other. My husband and I invest regularly each month and we are starting to see a great return on our investment. This is something I definitely need to learn more about.
How does your passive income compare to your active income and your expenses?
My passive income (with the exception of our investments) is very small at the moment compared to my active income. I wish I had started working on my passive income earlier in life but i'm glad i've found ways to increase it and I am now working on building it up.
With the exception of investing, my passive income expenses are actually less than my active income expenses so it really makes sense to put more effort into these areas.
What Are Your Short And Long Term Goals With Passive Income?
In the short term, I would just like to see it start to grow. Like anything, if something starts to work well it gives you the belief and incentive to carry on putting in the effort. In the longer term, I would love to create a passive income that surpasses both mine and my husband's active income.
Early retirement is the ultimate goal and I would like us to have that option in the next 5 years.
What about your active income sources?
I have lots of income sources but my most lucrative active income sources are online selling and matched betting.
What is your favourite passive income source and why?
My favourite passive income source is probably the investing for the return I receive but the digital products for enjoyment and satisfaction. I love knowing that i've created something that makes me money. It gives me a real sense of achievement.
Which passive income source has been the most challenging to build?
I think affiliate marketing has been the most challenging to build. When I first got into affiliate marketing I didn't realise there would be so much to learn. It's been a huge learning curve for me but taking an affiliate marketing course made it so much easier and I have found I am wasting less time trying to work it out for myself.
Do you think your passive income sources will provide consistent income over the long term?
Absolutely! I am already receiving some consistent income, now I just want to increase the amount that is consistent. I'm a great believer that if somebody else can do it then so can I. Just follow in the footsteps of successful people and you'll get there.
What Passive Income Sources Would You Like To Have In The Future?
I would like to increase the variety and number of digital products I create and sell and expand my platforms. There is huge potential here and I sometimes get frustrated that I haven't got the time to get them all up and running! I would also like to learn more about investing and the right places to put my money.
Do you plan to pass on these income streams to your beneficiaries?
Yes of course. We only have one son so he will eventually benefit from anything that we are building now.
Has passive income-building changed how you save, spend and invest? If so, how?
Yes without a doubt. I have recently been looking at life a lot differently and trying to simplify things and although I've never been a big spender, I definitely think twice now before spending my money. I've always been a regular saver but now i'm a little more organised about it. Investing is still something I need to explore more.
What advice would you give to someone looking to build passive income in the UK?
Start today! Don't wait. Do your research now, find passive income opportunities that you would like to pursue and get going. You'll be glad you did.
Thank you for the interview. Would you like to add anything else?
Yes, passive income is the only way to really have freedom. The younger you start the better but you’re never too old to get started!
And finally, where can people find you?
Michelle really has come a long way in her passive income story. What do you think? Remember to hit that like button and leave your comments down below.