In this video I'm going to rate nine passive income ideas based on how hard it is to get started and how hard it is to maintain and make money from it.
These days I've been averaging around 30K USD to 40K monthly, and by end of the year we're expecting to reach 50K USD per month.
A couple of years ago, I used to think that only way to make a lot of money was becoming a doctor, engineer or a lawyer.
And that's completely a myth.
And there's so many ways you can also make $10,000 per month with the right approach.
So whether you're working a nine to five and want some passive income on the side, or you're looking to start a new side hustle and maybe eventually quit your nine to five job, this is the perfect video.
Before we begin, I want to inform you that I recently launched my new Skillshare class on how to effectively learn languages.
The link to my free course is included in the description, and this video is sponsored by Skillshare and I will provide more information about it later.
I wanted to promote my own class because I believe it's genuinely helpful and enjoyable for people.
The class offers tips on learning a new language in your spare time.
Now, let's begin the video.
To make things easier to understand, let's clear out what passive income is.
Despite what people would like to think, passive income is not like you're doing nothing and money grows on the trees.
It's more like you do a certain work upfront or set a system that generates income over time with minimal ongoing effort.
I'm not saying no effort.
The key concept is that, once the initial work is done, the income continues to flow without requiring constant active involvement.
In other words, you're not exchanging your time for money directly.
So think about writing a book.
To write a book you need to spend a lot of time in the beginning, but once it's published you don't necessarily need to continue writing to generate income.
That is called passive income.
Investing in the stock market is an investment method that everyone needs to consider in my opinion.
It's super easy and much better than putting your money in a bank and waiting for it to lose its value.
By investing in the stock market, you have the potential to earn much higher returns on your investment.
After you have your emergency fund of six to eight months aside, just in case something happens, start investing and make it a habit.
Index funds are considered safer investment option as they track the performance of the overall market rather than individual stocks.
But depending on your risk tolerance, you may also want to consider investing in crypto.
By investing in the stock market, you're not only earning passive income, but you're also giving your money the opportunity to grow over time.
This is important because inflation can cause the value of your money to decrease over time.
By investing in the stock market, you are protecting your wealth and giving yourself potential to earn even more.
Affiliate programs are a popular way to earn passive income.
They allow you to earn a commission by promoting other people's products.
Companies like amazon and iconix the keyboard that i use have affiliate programs that you can join for free.
Once you join, you can promote their products by sharing special links.
When someone clicks on your link and makes a purchase, you earn a commission.
Getting started is super easy.
You just sign up for a program like Amazon Affiliates and paste the links into your blog, social media, YouTube page, newsletter or whatever platform you're using.
The tricky part of affiliate marketing is driving traffic to your links and convincing people to make a purchase.
This process can take time and effort, especially if you're starting from scratch with no audience.
But with the right strategies, such as like high quality content building community that trusts you, you can attract more traffic to your links and potentially earn a substantial income.
Maintenance is super easy.
You just need to paste links.
Every year I make like a little bit of money from my affiliate links by simply mentioning the products I use and love, such as my desk setup, keyboards and services.
Creating digital products like Notion templates GoodNotes, digital planners and ebooks is an effective way to generate passive income.
Once created, these products can be sold multiple times without any additional work, resulting in a continuous stream of income.
For example, Thomas Frank, a famous YouTuber with almost 3 million subscribers, abandoned his main channel and focused on his second channel, which has only 174k subscribers, to sell Notion templates.
Last year, he earned over $1 million in revenue from selling these templates.
The difficulty of starting depends on your familiarity with creating these types of digital products.
If you're already tech-savvy and familiar with tools like Notion and GoodNotes, Getting started can be relatively easy, but if you're new to these platforms, it might take some time to get up to speed.
Writing an ebook requires an in-depth knowledge of your subject and the ability to effectively communicate your ideas.
It can be a significant time investment, especially if you're aiming for a high quality comprehensive.
The challenge in making money from digital products lies in the marketing and gaining visibility in a crowded marketplace.
Platforms like Etsy and Gumroad can help you sell your products, but you will need to actively promote them to drive sales.
As with affiliate marketing, the key here is driving traffic to your products.
This can be done by leveraging SEO, social media, email marketing or maybe paid advertising like Google Ads.
You'll also need to keep your products updated to ensure they remain relevant and appealing to the customers.
The effort required for maintenance is minimal.
Once the product is created, it doesn't require much upkeep, but you may need to update your products occasionally, based on customer feedback or changes in the platform they're designed for.
So this option can be a profitable venture if you have the expertise and create valuable digital products and the marketing skills to promote them effectively.
Creating online courses is a powerful way to diversify your income.
Platforms like Skillshare provide an incredible opportunity for anyone with a unique skill or expertise to share that knowledge and earn money.
Take Ali Abdaal, for example.
He's a successful YouTuber and doctor ex-doctor who teaches productivity courses on skillshare.
According to him, he makes almost a million dollar a year just from his skillshare courses, and that's a life-changing amount of money and testimony to the power of online courses.
And it's not just ali.
Even i've jumped on this trend and recently i published a language learning course designed to help you effectively learn a new language in the least amount of time.
This has opened up a new stream of income for me all, while enabling to share my knowledge with others.
But Skillshare isn't just about making money.
It's also a place to learn new skills.
Whether you want to start a side hustle, develop a new hobby or focus on personal development, Skillshare has thousands of classes that can help you achieve your goals.
Looking to master video editing for your channel?
There's a course for that.
Want to learn about social media marketing to boost your online presence?
Skillshare has you covered.
From graphic design to creative writing to coding, the possibilities are endless.
What's even better is that Skillshare offers a one-month free trial and you can access all these incredible courses without paying a dime.
If you feel it's not for you, you can cancel your subscription within the trial period, so it's risk-free.
Learning new skills is an investment in yourself, and I encourage everyone to embrace the culture of continuous learning.
Kaizen mindset.
So let's make a collective goal to learn more this month.
Use my link to sign up for a one month free trial of Skillshare.
You have nothing to lose and a world of knowledge to gain.
And remember, the more you learn, the more you can earn.
Also check out my Skillshare course.
Twitter can be a powerful platform for creating passive income.
It's not only a place where you can promote products and services, but it also offers a unique opportunity to build an audience and influence.
Twitter is different from Instagram, TikTok, or YouTube in several keys.
First of all, anonymity.
Unlike platforms like Instagram and YouTube, where showing your face or creating personal content can be a significant part of gaining popularity, Twitter allows for more anonymity.
You can build a following without ever showing your face or revealing your personal details, making it a great platform for who value privacy.
Starting a Twitter account is as simple as signing up, choosing a handle, creating your profile.
Begin by sharing relevant, valuable content and engage with others in your industry or interest area.
And if you don't follow me on Twitter, Make sure to follow me.
Maintaining a Twitter account can be as easy, as hard as you make it.
It can be as simple as tweeting a few times a day, or as complex as managing a content calendar and making strategies around trending topics.
To make money, you'll need to build a sizable, engaged audience.
This can take time and consistent effort.
Once you have an audience, you can monetize through various methods.
This can include promoting affiliate products, selling your own digital products, sponsored tweets or even offering paid subscriptions through Twitter's new super follow feature, where followers pay for exclusive content.
With the right approach and consistent effort, Twitter can become a profitable side hustle or even a main source of income.
It's all about providing value to your followers and building a community around your content.
Instagram and TikTok have become key players in the world of passive income.
Both platforms have massive user base, providing an excellent opportunity to reach wide audience and diversify your income.
Starting on these platforms is obviously really easy, like Twitter and other platforms, but growing your following can be challenging.
You'll need to create unique, engaging content that appeals to your target audience.
And the difficulty of these platforms is that, due to the nature of these platforms, favoring short form content, it can be quite labor intensive to maintain your presence.
Unlike long form content like YouTube, where one video a week might suffice to make significant impact on Instagram or TikTok, you ideally need to show up five to seven times a week.
It is quite time consuming and requires a solid content strategy so that you won't burn out.
Making money on these platforms can also be challenging, particularly since they don't have built-in monetization features like YouTube.
But if leveraged correctly, Instagram and TikTok can open doors for other income sources like affiliate marketing, sponsored posts and selling your own products or online courses.
Both Instagram and TikTok are powerful tools to build an audience and, by extension, a source of passive income.
They allow you to establish a personal connection with your followers, who can get to know who you are and what you stand for.
This familiarity can make them more willing to purchase products or services you recommend or you create, as opposed to buying from an unknown person from online.
Even though it's hard work, the potential rewards make it worth considering these platforms in your passive income strategy.
Remember, the key to succeed on these platforms is consistent, engaging content, authentic interactions with your audience.
Starting a YouTube channel is straightforward, but creating content that stands out among the vast amount of the videos on the platform can be quite challenging.
High quality videos are crucial for gaining viewership.
While you don't necessarily need super expensive gear to get started, investing in decent lighting and ensuring good sound quality can make a significant difference in the viewer experience.
Also, creating a YouTube channel isn't about just filming.
It's about a comprehensive process involving research scripting filming, editing and creating good thumbnails.
All of this takes quite a lot of time and effort, actually.
Consistency is key on YouTube.
To build and retain an audience, you need to regularly upload new videos, but the potential rewards are also.
Because of the long-form content nature, viewers on YouTube can form a deeper connection with creators, which can lead to a higher engagement and potentially more revenue compared to short-form content.
Monetizing on YouTube can come through multiple ways, like ad revenue sponsorships, affiliate links and promoting your own products or services, giving coaching a lot of different things.
And in my own journey, YouTube has played a significant role.
I've.
I've been trying to become a YouTuber since 2016, but initially I didn't gain much traction, despite posting a lot of videos.
But everything changed in 2020, when I decided to study the platform and take my content creation seriously.
And thanks to that, we managed to gain 100k subscribers in just 3 months and hit the 1 million subscribers in only 2 years.
Becoming a successful YouTuber isn't about luck.
It's about understanding the platform and creating content that your audience values.
Although it requires consistency and time, with the right approach anyone can find success on YouTube.
For those interested in learning more about how to grow on YouTube, I have a dedicated video that explains in detail.
So check it out. to learn how you can start and grow your own channel.
Membership platforms are a powerful way to generate passive income while simultaneously building a dedicated community around your content.
Let's consider the case of Hamza, a successful content creator.
Hamza runs a membership platform where he makes thousands of dollars every month by creating a community for like-minded people to enjoy his content.
And also this model like provides significant benefits for both parties involved.
Members receive value through interaction with a supportive community of people with shared interests and goals, gaining accountability bodies and an environment encourages progress.
Meanwhile, Hamza earns a steady income while deepening his relationship with his core fans and providing them extra value.
Establishing a membership programs involves some initial work.
You'll need to define what exclusive benefits you'll offer, set up a payment system and promote your program to potential members.
Plus, it's essential to have a solid follower base which you can market the membership.
You don't necessarily have to have a lot of followers, but core followers that actually loves you and your content.
And, once established, a membership program requires regular engagement and content creation to keep members satisfied and also attract new ones.
Examples of membership benefits might include monthly group coachings, one-on-one sessions, exclusive content or maybe even, like special events, meetups.
Running a membership program can be excellent way to monetize your audience while also providing extra value to your most dedicated followers.
It's not just about generating income.
It's about creating a space where your community can thrive and where you can interact more closely with your audience.
Also, it can offer a more predictable income stream of compared to ad based revenue.
So that's it.
Those are my top picks for passive income ideas based on my own experience and experiences of others.
Keep in mind that passive doesn't mean effortless.
It takes time, energy, and sometimes money to set up these income streams.
But once they're up and running, they can provide a steady source of income with minimal ongoing effort.
Remember, the key to success with passive income, as with any other ventures, is consistency, patience and willingness to learn.
It's about finding what works for you, sticking with it and constantly looking for ways to improve and expand.
Making money is not easy, but you got this.
Bye.
