5 Best Passive Income Ideas Right NOW [How I Make $783 a Day!]

i've been growing my online business since 2014 and you see here it's been a pretty great ride making over half a million dollars and growing it to an average of over 23 000 a month this year but it is not all passive income that's what a lot of the passive income videos here on youtube won't tell you the work involves setting these up and managing them in this video i'll reveal five of the best passive income sources i use legit passive income ideas you can get started right now to make a lot of money we're talking making passive income today on let's talk money make money make your money work creating the financial future you deserve to talk money hey bow tie nation joseph hogue here with the let's talk money channel i want to send a special shout out to all you out there in the nation thank you for spending a part of your day to be here if you're not part of that community yet just click that little red subscribe button it's free and you'll never miss an episode nation really important video for you today not only to show you how to make that passive income but more importantly to pull back the curtain on some of the fake ideas that people pass off as that passive income here on the internet passive income is a regular stream of cash flow you collect without having to do any work at all sounds great right money for nothing and if you just had that song pop into your head you're my kind of people but the problem is when people start massaging that definition of the word work it doesn't mean no work to set up it doesn't mean absolutely no work maintaining that project or or maybe just a very little so i wanted to do this video not only to show you those five passive income ideas that i've used but to walk you through each i'll show you right in my own business accounts how much i make and how much of the income is really passive i'm also going to blow the lid off of three income sources that are not passive income three income streams that you see preached on every other channel here that take more work than people tell you finally i'll reveal three hacks to make all five of these income sources more passive so stick around towards the end of the video for that our first passive income idea here is surprisingly easy and something you can automate a lot of the work selling digital bundles online now i wanted to start with this one because it's a great option for those of you without a lot of time to set something up maybe you work full time and you don't have that time to create a book or other digital products but you still want to make that money i'm talking about selling bundle deals online and we've all seen these in an email right it's that deal offering a selection of courses books maybe memberships to different groups all packaged together for a crazy discount off of everything now the idea here is that you reach out to people that already have these products the books the courses the digital products and you ask them to include their product in the bundle and why i love this income store so much is because it's a win for everyone involved you've obviously got some great discounts for your customers so that massive discount on the bundle makes it a no-brainer you also have all the creators of the courses the books and the other things these are the bloggers and instructors they earn a percentage of the sales plus earn a commission on any sales that they make through an affiliate link finally you've got the organizer the person that manages this offer they get a percentage of those sales as well you see these deals more around black friday and that's when i did mine last year but that discount of 50 or more really makes these hot offers any time of the year the one i tried out i put it together in just over a month part-time on less than 10 hours a week and here you can see my plan and schedule for this just this one bundle deal i sold made almost four thousand dollars in profit that's after paying out everyone that helped now with all the passive income ideas we'll talk about today i want to give you the list here help you see that idea in each and how much money you can make i'll then be linking in the video description below to a video for each that's going to walk you through step by step and how to be successful we've still got four passive income ideas to go but i want to throw this out to the community as well which of these passive income streams is your favorite whether it's one of the five here or another maybe you've tried so watch through the list and then scroll down and let us know in the comments below which do you think is most passive this next one was one of my first online income sources and still one of my favorites self-publishing books on amazon those of you that have been in the community for a while you know this is really what enabled me to go full time on my online business it was the fact that i was able to get this self-publishing income up to a thousand dollars or more a month within that first year that really helped pay the bills while i built the rest of these income sources and this can be any book fiction or non-fiction it can be about an experience in your life how to do something or just a story that you've always wanted to share honestly nation everyone has a book idea in them because you have your own unique set of experiences and talents that i guarantee you someone else wants to read about and this is a lot easier to do than you might imagine i'll link to a complete video in the description but this process will get you started for a non-fiction book just start with what you want people to be able to do or or learn then break it down into 10 to 15 tasks working backwards to that one goal each one of these is going to be a chapter so you do the same with each chapter break it down into a few tasks and then instructions in each then you're just going to focus on one chapter a week don't try to sit down and write a book all at once just do one chapter at a time and you can see i slowly built this up from just fifty six dollars in that first month to almost four thousand dollars and have made over a hundred and six thousand on this one income source this is also one of the most passive because after launching my books on amazon i do absolutely no work each month i've got about twenty dollars in ads running on the platform and then i've got some links in the blogs and the videos here on youtube but it takes no work whatsoever to keep that money coming in where two passive income ideas down and still three of my favorite to go but i also want to warn you on some of the income streams that you're going to hear about here on youtube that are not passive income nation knowing what is not passive income is just as important as knowing these other sources because this is going to save you a lot of time and frustration you're not going to fall for some of those fake passive income stories that you hear about and you'll be able to focus on what actually works so let's start with the most obvious and that's blogging or youtube now i think i would include some of my ad revenue some of my online business income as passive from youtube and blogging but for the most part this is a business that you have to keep adding content or videos to if you want to keep making money i'm going to share a way to make both of these a little bit more passive later but for the most part definitely not passive income surveys oh this one brings out the comments surveys are not passive income now surveys can be a side hustle something you work on an hour or two a day but you're not making money unless you keep doing those surveys i have seen it argue that surveys are so easy to fill out that you can do them during your wasted time like maybe watching commercials or or just doing nothing so it's kind of like no effort at all but it's a pretty weak argument to make our third income source that is not passive ebay reselling and amazon fba now these two can be great business ideas but again definitely not something you're going to be making money on without that continuous work even amazon fba where i guess you could rank your products so you get that daily flow of orders and and you could have a shipment of new products sent to amazon each month but you're still having to watch all of this all this logistics on your amazon dashboard let's get back to our list though and i wanted to show you how to make blogging as passive as possible with this next idea affiliate websites now an affiliate website an affiliate marketing blog is just a website where your primary source of income is going to be those mentioning products or courses and then getting a commission off the sales and we've talked about this business model before on the channel and the pros of this are you don't have to spend a lot of time creating your own products or the courses you just partner with those other businesses the products that you already believe in and promote that to your audience and this can also be a great passive income business because once you've got some articles on your blog that are really pulling in that traffic from google you're going to be getting that traffic every single month whether you post on the blog or not you'll get that continuous stream of visitors to the blog a percentage of those visitors is going to click through your links and then a percentage of that is going to buy it and make you thousands of dollars a month on very little work so this isn't going to be as intensive as running a traditional blog or a youtube channel because each post is really focused on that affiliate product so so you don't have to do nearly as many and you don't have to do them every single week getting started here is even easier than those other two business ideas and this is why i wanted to include it in the list first you just pick a topic you know something you like talking about like health or money investing or just homeschooling anything any hobby or interest you have then you create that website and sign up for what's called an affiliate network which are just websites that connect people and blogs to those affiliate partnerships in those affiliate networks like share cell or cj affiliates you'll sign up to those affiliate programs which are just individual companies that want to promote their products you'll get a special link that you can use whenever you talk about the product so when someone clicks on that link from your blog the company is going to be able to track that person and know to give you the commission if they buy something and you can see here i'm averaging about 7 100 a month from affiliate commissions and that's not even really focusing on this type of income source i might include affiliate links and partners in some of the posts or the videos but it's not to the extent that you would use in like a pure affiliate marketing website now what we're talking about here is a purely focused affiliate website where every post you write you're specifically targeting an affiliate product or a group of affiliates to mention and to link to that means you're making much more money on each post and those articles become those passive assets to generate your income our next passive income idea is going to be similar to self-publishing creating courses or digital products in fact you can take those books that you self-published and turn them into those digital products like spreadsheets or courses with almost no additional work here i've just started selling courses over the last 18 months but you can see i've already made about 23 000 on two courses and a spreadsheet now this one does take a little longer to set up even after you've got that information down so if you've already done a book on it you still need to organize it into a course and then get those video segments down but it's really more the time than the work you already know what you want to teach you just need to put it into that video and maybe include some handouts but spend just a little more time setting these up and they can be major money makers this is a chart by teachable the platform i use to deliver my video courses and you can see four in ten course creators here on the site make over fifty thousand dollars a year and it doesn't even have to be a full video course you can create short digital products like spreadsheets or or easy printable guides for people to follow really anything that can be delivered digitally next here before i share those three secrets to make any income stream passive managing virtual conferences i did a whole video on this a few months ago detailing how our blogger friend made over six thousand dollars on one virtual summit and that was before the ronavirus these virtual summits are really similar to the bundle idea that we talked about earlier but with videos and live presentations if you look at this you can do everything virtually that you can do with a live conference you invite experts to give maybe 20 to 40 minute presentations you can record panel discussions and you can present these live on that first day to include questions and answer sessions and you can sell different levels of tickets to these you've got one price to attend that live recordings and the q a for the summit you can use zoom or any video conferencing platform to manage all this then what you can do you can sell another level of tickets for the access to the recorded summit so maybe people that couldn't watch live or just that want that recorded version you saw this as a video course on teachable beyond those ticket sales you can also sell sponsorships to the companies for brief promos during the presentations and and mentions on social media i've participated in two of these as a speaker and they make so much money honestly even a small virtual conference can easily make ten thousand dollars for the organizer and that's profit after paying affiliates and speakers i'm gonna link to another video in the description below check that out because this one is a great one to combine with a few of these other income sources i know it's a lot to work through and each of these passive income ideas can produce all you need to pay the bills now though i want to reveal three quick tips that are gonna make any of these even more passive three hacks you can use whichever of these income streams you go with to make more money with less work first here is consider hiring freelancers to help set these up now you'll notice that most of these passive income ideas are going to take a little time to set up this is why dividends and income stocks usually top those lists of passive investments you hear about because all you have to do is invest your money well if you think about it you can apply that same strategy to any of these income streams instead of investing in your money in a group of stocks you're investing in a freelancer that's going to help you set up one of these other sources you can find freelancers for next to nothing on sites like fiverr and upwork and that return on your money here is going to be higher than any dividend stock my recommendation for this one learn everything you can about setting up this income stream first that way when you go to hire the freelancer for help you'll know exactly what you need our next hack here get something out of it besides just the money now if you look at my online income it didn't happen overnight even some of the ways that make money faster they might take a few months to really produce that cash flow so if you can find something anything one of the income streams that we talked about that give you something more than money maybe it's a hobby of yours maybe something to brag about that you've built personally even a learning experience if you can get something out of it besides the money that's going to motivate you to get started that's going to motivate you to stick with it to see those checks start coming in my favorite strategy on all this though combine a few of these for multiple income streams now again if you look at my online income i'm not depending on just one source to pay the bills i could many of these average several thousand dollars a month but you never want to be dependent on just one source of income instead set up one passive income idea then move on to the next and then the next pretty soon besides that cash flow every month you're going to be driven by the challenge that excitement in finding a new income source and setting up for that passive income look in the video description below for more videos and resources on these passive income ideas click on the video to the right for a free five video course on how i make thousands of dollars a month blogging and don't forget to join the let's talk money community by tapping that subscribe button and clicking the bell notification

Channel: Let's Talk Money! with Joseph Hogue, CFA

Views: 368,810

Keywords: passive income ideas 2021, best passive income ideas, passive income ideas for beginners, passive income ideas with no money, passive income ideas for college students, how to make passive income, passive income online, make money online, passive income 2021, online income

Id: Zgc43M8ydbE

Length: 14min 32sec (872 seconds)

Published: Fri Nov 20 2020