I hope you learned something from the video. Let me explain briefly the content of the video here…
GOOD NEWS AND BAD NEWS
I have some good news and some bad news for you right off the bat.
The Good News is that you have a computer right now or you have a phone and you know what youtube is – so there’s plenty of ways to make passive income online. You have an internet connection which is the bare minimum requirement.
Now the bad news is that it takes a little bit of time and energy to set up until they are actually profitable. There is no such thing as complete passive income. You can’t just hit the keyboard and print the money – that’s not how it works but if you are willing to invest a little bit of sweat equity or a little bit of TIME on the side and be patient enough, you can make some of the systems work really well.
Let me tell you beforehand that there are tons of ways to make money online out there and this video is not the end of all methods. These are just some ideas that you can get started with. Hopefully, you’ll find 1 or 2 methods from these and stick to it.
INTEGRATED PRODUCT SUITE
When you buy an Apple product, you just don’t buy an iPhone but you also buy an iMac, iPad, and apple watch. They have all these products in an ecosystem. You need to think like Apple and build your business the same way.
When you are starting out or just want to make some money, don’t think in singular terms like just focusing on one sale. Don’t be that guy who keeps all his eggs in one basket.
Think “Integrated Product Suite” – think like instead of having one product, you have a brand which has a branch of products just like Apple. Think in terms of integration and multiple streams of income. All of these goes in tandem with each other and give you that one source of revenue. I hope this is making some sense before we start getting into this.
How cool would that be?
Set up systems once or twice that pays you 24/7 365 days a year. It’s kinda like little minions or robots working for you to make an income online 😉
Let’s start with our methods then:
5 PROVEN WAYS TO MAKE PASSIVE INCOME ONLINE
If you are literally broke and have no money at all to invest, then I would recommend you Freelancing. Now, this is NOT a passive income strategy as you are going to be trading your hours for dollars. I just wanted to put this in here because sometimes using your skills are the best way to get started.
You can start freelancing by registering on these sites:
I personally use Fiverr and Upwork mostly when I need to outsource some of my work. I can recommend you start with those two if you want to go the freelancing route. I have already explained about most of these sites in the video and so not gonna write every word in here – getting a bit lazy… eh :p
I want you to notice something here. As the barrier to entry goes down, meaning it’s easier to do and is easier to get in, so does the money.
What does that say about the passive income?
It says that if you are committed to doing this longterm and focus on building the hard stuff, you will make a LOT MORE money than if you are just looking for a quick fix. I know a lot of you are just getting started – not judging anyone – but I want to encourage you to go down further on the list and not just stop at freelancing.
If you want to get something started or have a need to make some quick money fast. then go ahead but don’t just get caught up in that.
If you want, you can register at Swagbucks as well if you could use some fast money. You’ll earn a few bucks which are better than nothing. If you are here for something serious, then go ahead and read the next income idea.
If you go to Amazon and search the Kindle section, you can find almost any type of books listed in there. Basically, what you are going to do is write 6000 – 10,000 words on a topic that you’ve done the research on and know a lot of. It’s not mandatory to write it yourself as many don’t like to write.
If you don’t like to write, you can simply hire someone to do that for you. There is a site called EpicWrite.com where you can get people to write a book for you very inexpensively. This is something that you can do if you really don’t want to write anything but want to get in on Kindle ebooks space. Simply, outsource your topic once you know the topic and get a cover design from Fiverr – put it together – put it on Amazon.
I know some people who are making $10,000/month passive income online by doing exactly this and that’s why I have put it up on here.
If you really want to dive deep into this, you can go invest in K MONEY MASTERY course – this will be a really valuable learning experience on marketing. The price is around $97 when I am writing this and this is the course that my friends who’ve been working on Kindle benefitted from.
This is my favourite method and my main income source.
You can read this post “How To Start Affiliate Marketing” to know about this in detail.
In simple words – If you promote someone else’s product in exchange for a commission, that means you were an affiliate for that product and the whole process from promoting the product to making a sale to getting a commission is Affiliate Marketing.
Almost everyone is involved in affiliate marketing in one way or another. People like Oprah Winfrey, Casey Neistat, Pewdipie – all do it.
Personally, I believe this is the best way to make money online and there is no real limit that you can reach doing this. If you want to learn affiliate marketing, then I’d recommend a training which I am personally going through and I believe it’s the best training out there for affiliate marketing. It’s called Four Percent Challenge and you can read more about it in this post here or just click the “The Challenge” section from the menus of this blog.
The price is just $1 for a trial period of 1 week and then it goes up to $49/month. It has the potential to change your life – so I definitely recommend checking it out for a week and then decide if it’s for you or not. You can check Four Percent Challenge here.
If you have a good audience already that visits your blog/website or youtube channel, you can enable Google Advertising on your content which is called Google Adsense. When your visitors click on the ad that they are being shown, you get paid.
Adsense is a good way to earn passive income but I certainly encourage you to use other income methods along with this because there is nothing much to do in it. You can easily combine Affiliate Marketing with this.
Youtube average CPM is $3 – $5, so if you see a video with a million views, they probably made around 3-5000 dollars on that video.
Now, what do you notice about that? A MILLION views and 5000 dollars? You can have a video and have something in your description about the gear you are using to create that video and suppose you get 100,000 views with 5000 people purchasing that product which pays you $5 per sale – that’ll alone make you $25000 for just a recommendation. This way you instantly added an income stream without doing almost nothing but just giving out your gear details. So here, you are combining affiliate marketing and advertising to create passive income.
You can do the same with your website(s). If you are going to start a blog or a website, you can add google adsense on it and keep building your content and audience.
If you know a lot about something, then you can create a course in form of an ebook or videos. I wouldn’t recommend this to newbies but if you do want to approach this and create some courses and help people then – by all means – go for it!
You can create a course and go to a site called Teachable.com where you can upload and host your course. I think it’s $39/month and 5% transaction fee which is nothing if you compare it to Clickbank that charges way more. There are other sites like udemy.com but they sometimes undercut the price – sometimes they just charge whatever they want – the problem of not having your own platform.
So you can check Teachable here and again I referred people to it and I hear nothing but great things and from my experience, it’s awesome.
There are more ways to make passive income like investing in stocks or going to some websites – upload your work and get royalties like if you are a developer and developed a WordPress theme and want to make some money out of it – then submit your work to Envato.com and whenever someone purchases it, get royalties on it- again it’s PASSIVE income.
I hope you enjoyed reading this and also please let me know if you have any questions or doubts in the comments section below. Make sure you subscribe to this blog so that I can email you about the new post that I made.
See you in next post 😉