The Ultimate Guide To Passive Income Ideas
Wouldn’t it be nice to make money while you sleep?
Imagine: you wake up in the morning, check your phone and see you have 5 new PayPal notifications.
When you open PayPal, you notice you made $100 from one of your income streams.
$100 before dawn; $100 before most people have arrived at work to earn today’s pay.
All over the world, people dream of being able to make money while they’re, erm, dreaming.
Truth be told, this lifestyle is attainable; however, it takes years of hard work, dedication, and some elbow grease.
We’ve compiled a list of some great ways to start building a passive income source. If you want that “make money in your sleep” lifestyle, pick up some of these in your free time and get to work.
1.) High Yield Savings Accounts
To start off our list, let’s talk about high-yield savings accounts.
These types of savings accounts are just like your average savings account, except the amount of interest you earn isn’t negligible.
See, most normal savings account pay you a paltry interest rate; not only does that interest rate fail to keep up with inflation (which generally falls between 2 and 3%), but you need to be a billionaire to earn an appreciable amount of interest.
Take Chase’s standard savings account, for example. Their APY is a mere 0.01%. If you had a $1 million in a Chase savings account, you’d earn $100 a year.
If you can afford to put $1 million in a savings account, I guarantee that $100 is less than meaningless to you.
Contrast that rate with Ally Bank’s savings account rate. At 2.25%, that same million will earn you $22,500. That’s a good chunk of change!
Now, we wouldn’t recommend high-yield savings as your main source of passive income. It would take millions of dollars for even the highest of high-yield account rates to live off the interest (as you can see from the Ally example).
Instead, consider using the high-yield account to passively build an emergency fund. All your interest earnings could be reinvested into a better passive income opportunity.
2.) Robo-Advisors
A robo-advisor is essentially an automated version of a real life financial advisor. They are companies that use advanced computer technology to help you build and manage a legitimate investment portfolio.
Their primary advantage over a human financial advisor is cost: robo-advisors have lower fees than human advisors, and they require much smaller (if any) account minimum.
Also, the “robo” part means you can outsource your investment management to them; they’ll automatically invest a portion of your funds each month if you let them.
Robo-advisors can provide other services, such as
- Tax optimization of your portfolio
- Rebalancing the portfolio
- Financial planning tools
Once you’ve figured out how you’d like to invest, the robo-advisor takes the burden of portfolio management off your shoulders, allowing you to grow an investment portfolio (and thus a source of passive income) on autopilot. If you are ready to start but want to start small, consider using a robo-advisor to micro invest.
3.) Airbnb
Thanks to all these technological advancements, the “sharing economy” is growing insanely fast.
Now, it’s possible to create a “sharing economy” passive income source by using Airbnb.
If for some reason you haven’t heard of Airbnb, we’ll break it down for you.
Airbnb is an app that lets you rent other people’s residences (or portions of their residences); you can also sign up to be an Airbnb “host” and rent out your own as well.
It’s been likened to ride sharing companies, with some going so far as to call it “the Uber of travel accommodations”.
Here’s how to start renting out your residence on Airbnb:
- Create your account – Signing up is quite easy. However, make sure to fill in every section and be as detailed as possible. The more information you have on your profile, the more trustworthy you appear to potential guests. This includes having a nice looking headshot. You don’t need formal attire, but smile for the camera!
- Verify you profile – In addition to the picture, complete the rest of the identity verification steps.
- Create your first listing – Spend plenty of time here, as this is what will sell your resident to guests. List every single amenity you’re willing to provide. Triple check everything for accuracy, as you want all your bases covered. If there’s any drawbacks to your location, do your best to highlight how those could actually enhance the guest experience. As for pricing, Airbnb recommends a nightly price to you based on everything about your residence; you can take this price or come up with your own if you’d like.
- Pictures – Enticing descriptions are great, but quality photography will make guests even more excited to rent from you. Get photos of every area, some amenities, and the surrounding neighborhood for the best results.
As you build your Airbnb presence, keep providing the highest level of customer service and you’ll be rewarded with Superhost status.
Superhost status indicates you’re a great, trustworthy host to guests. You’ll have potential guests proverbially banging down your door for the chance to stay at your property.
Visit Airbnb’s website for more information about Superhosts.
Anyways,
This is one of the best passive income methods on the planet if you live in a highly desirable location, such as Fort Lauderdale in Florida (popular spring break destination).
High demand not only guarantees you customers, but you can afford to charge hefty prices without losing too much business.
Now If you’re a renter, there’s one important caveat to Airbnb; make sure renting your residence or a portion of your residence is not disallowed in your lease. If you lease doesn’t allow you to rent out to others, we highly recommend not breaking your lease just to make a few extra bucks.
In this case, it would be better to build other passive income sources instead.
4.) Crowdfunded Real Estate
Real estate investing is a very lucrative way to make passive income if you know what your’re doing, but it is by no means some magical path. It takes a lot of time, effort, and money to build significant passive income streams in real estate, just like with any other business.
After all, you do have to buy entire buildings or plots of land; those aren’t simple nor are they cheap.
But you can still get in on the passive real estate income fun by investing in crowdfunded real estate.
Crowdfunded real estate is exactly what it sounds like; multiple smaller investors pool their money together and invest this pool into a piece of real estate.
Where does the passive income come from?
Types Of Crowdfunded Real Estate
The are 2 common types of crowdfunded real estate investments:
- Debt crowdfunding – Mortgage is the debt used to buy real estate. Everyone pools their money together to cover the mortgage; your debt crowdfunding investment buys you a “portion” of the mortgage on the property.
- Equity crowdfunding – Passive real estate income comes primarily from rents paid by tenants. Everyone pools their money together to cover purchase of the property/portfolio itself; your equity crowdfunding investment buys you a portion of the property/portfolio.
Both types pay you dividends.
Where do the dividends come from in each scenario?
- Debt crowdfunding – Your dividends come from interest income earned on the mortgage payments. You don’t earn any money upon the sale of the property itself, since you only own part of it’s debt.
- Equity crowdfunding – Your dividends come from both rental profits and proceeds on the sale of the crowdfunded property since you own a “portion” of the actual property.
But you’re probably thinking “there has to be a trade off to both types”. If so, you’d be right.
Equity investments provide potentially higher returns with less investment fees. The downside is equity investments take a much longer time to pay off.
In addition, buying the actual property means the risk of the venture failing exists. If this happens, you aren’t guaranteed to get your money back since this type of investment is “unsecured”.
On the other hand, debt investments tend to last a much shorter amount of time AND they’re secured by the property itself. This means you’ll be paid first if the mortgage goes into default.
Also, the regular payment schedule is pretty nice.
Offsetting these benefits is the fact that you don’t actually own the property and therefore aren’t entitled to any profits. Thus, your potential returns are lower than an equity investor’s.
It all comes down to risk vs. reward.
Compare It To The Stock Market
To better understand what exactly crowdfunded real estate is, compare it to stock investing.
Unless you’re Bill Gates, you don’t have enough money to buy an entire publicly traded company; instead, you buy shares in the company.
These shares represent how much of the company you own. Owning 5 shares of Amazon means you OWN whatever percent of Amazon is 5 shares, however small that may be.
With crowdfunded real estate, it works the same way on a slightly smaller scale.
Crowdfunded Real Estate Vs. The Stock Market
So why invest in crowdfunded real estate over the stock market, aside from investment diversification?
The primary reason is the potential return. The entire stock market’s historical average return is commonly cited to be between 7 and 8%; real estate’s tends to be higher than that.
Most crowdfunded real estate investment opportunities can be found online. Examples of sites that provide these opportunities include
- Fundrise
- Rich Uncles
- RealtyMogul
- Alphaflow
The former 2 are open to non-accredited investors, while the latter two require you to be an accredited investor.
There are plenty more options for both, though. Just browse the web and you’ll find them.
5.) Dividend-Paying Stocks
Perhaps the simplest way to earn passive income is by investing in dividend paying stocks.
Dividend stocks are simple: you first invest money in them like any other normal stock. The dividend-paying stock(s) you invested in will pay you a sum of money based on your portion of ownership. This payment is known as, well, a dividend.
These types of stocks typically pay their dividends once a quarter, but some of them have different schedules. Consider that when you’re doing your research.
If you’re confused about what a dividend is, think of it like this: when you own a business, you pay yourself after figuring all your revenue and expenses. That’s called profit-sharing.
Dividends work in a similar way; you own a portion of the company, and so you’re paid dividends proportionally to your ownership of the company; pending a shareholder vote, of course.
Wait, all I have to do is invest in certain stocks and they’ll fund my lifestyle? Why aren’t more people doing this?
Well, there’s one huge catch to relying on dividend paying stocks: you need A LOT of money for this to serve as a legitimate passive income source.
How large? Thousands? Tens of thousands?
Nope. Think millions.
Assuming your portfolio’s dividend-paying assets provide an average 3% dividend yield, you’d need about $1.67 million invested solely in dividend-paying assets to make $50,000 per year.
Personally, we don’t know too many people with that much money lying around; if they did, they would’ve put it to work by now.
Dividend paying stocks are best used as a “background” investment; over your lifetime, invest a little bit of each paycheck into dividend paying stocks (in addition to your other investments) and continually reinvest the dividend income to take advantage of compounding.
6.) Rental Properties
Crowdfunding is a great way to lower the barrier to entry in real estate investing; however, nothing beats the income potential that full rental property ownership brings.
Don’t think of real estate as some distant, abstract money-making method for the ultra wealthy. If you’ve ever rented a small single-family home or duplex, that building was owned by somebody not too different than you.
In fact, if you were living in a duplex, the owner could’ve been your neighbor! By extension, that could be YOU collecting those rent checks every month.
Now, It’s important to differentiate this from that other common real estate business model: house-flipping.
Flipping houses is a much more active business model than collecting rent check; it’s a full-time job for a lot of people, just as keeping the books is a full-time job for a bookkeeper.
The primary purpose of investing in rental properties is not to flip them and collect the capital gains as profit like it is in house-flipping.
Instead, the focus is on rental cash flow. Your aim is to maximize the rent you can charge while minimizing your expenses.
Thus, rental real estate is much more passive (there it is) and easier of a business to build on the side while holding down a full-time gig.
Still, it’s important to keep in mind that rental real estate (or any real estate for that matter) isn’t a get-rich-quick scheme; otherwise, everyone would be in it.
Real estate is a business; just like any other business, it takes a long time and a lot of blood, sweat, and dollars before you can enjoy the fruits of your real estate labor.
That being said, it’s quite possible to live off rental income once you build up your empire to a sufficient degree.
7.) Cashback Credit Cards
At first, it seems like the only person earning passive income off a credit card is the card company itself if you’re paying interest on credit card debt.
But by using cashback credit cards effectively, you can generate a few extra dollars per month completely on autopilot.
It’s quite simple.
Barring any credit card processing fees, simply use cashback credit cards for all your necessities such as
- Rent
- Utilities
- Groceries
- Gas
- Housekeeping supplies
Take advantage of those “quarterly rotating categories” credit cards; many offer 5% cashback on the rotating categories, and they usually list necessities as at least one category.
For example, if you spend $300/month on groceries, this card could net you a nice $45. Not much, but it could cover a nice night out.
Here’s another way to make cashback money on autopilot: if you have any subscription-based services, make sure your cashback card is your payment method for those.
Now, don’t give in to credit card temptation. This whole idea doesn’t work if you’re buried up to your eyeballs in credit card debt.
To make this work best, only use your credit card for absolute necessities and subscription services.
That is, unless you have an iron will and refuse to put yourself into debt.
Of course, cashback isn’t technically an income stream; it’s more akin to saving money than anything else.
Not to mention you aren’t really able to retire on cashback rewards.
But by doing it our way, you can pad your pockets a tiny bit more without much work.
8.) Blogging
When done right, blogging can be that rare thing in life that is both extremely fun and extremely lucrative.
To illustrate the financial possibilities: many bloggers who strike it big in their niche earn upwards of 6 figures per month.
You read that right: not 6 figures per year, 6 figures per MONTH.
They aren’t curing cancer or performing rocket surgery, they’re just writing about a topic they know a lot about.
The best part is you can do this too!
Now, there’s no guarantee that you’ll pull investment banking salary numbers every month.
However, putting in consistent work on a blog for even 6 months could create a real nearly-passive income stream for you.
Monetization tactics include
- Ads
- Affiliate marketing
- Books/eBooks
- Courses
- Coaching
Ads and affiliate marketing can be set up right away, but you won’t see significant income until you have a lot of regular visitors.
The latter 3 tactics won’t work very well until you’re established in your niche to some degree; after all, no one trusts some “nobody” in their niche.
But once you have a reputation, books and courses provide yet another way to scale up your blogging income. Coaching isn’t as scalable, but you could command high rates and pad your pockets if you become an expert in your field.
Someday, your blog could expand beyond just another “income stream” and turn into your full-time job!
9.) Niche Sites
Blogs are known by some in the “make money online” space as “authority sites” because the blogger aims to become an “authority” in the niche. “Blog” is more of the colloquial term, as any website can have a blog.
The authority site has a little sibling that is much more focused than a blog.
These are called niche sites, and they can be lucrative if you’re willing to dig in and do the work.
So what distinguishes a “niche” site from an “authority” site?
Both types of sites have blogs.
Both types of sites take advantage of keyword research and SEO (Search Engine Optimization) to rank highly in search engines.
Both are monetizable, although niche sites place more of an emphasis on monetization vs. authority sites.
However, while authority sites strive to become “the” place to go for all things in it’s respective market, niche sites are zoned in on ranking for a few hyper-specific, relatively “untouched” keywords.
For example, a fishing-related authority site might cover “fishing”. They’ll try to rank fairly well for a ton of keywords related to fishing, while competing harder for the most lucrative keywords like “best fishing gear” or “best fishing locations”.
On the other hand, someone building a fishing-related niche site knows they won’t be able to compete with their niche’s industry giants. They instead target extremely specific long-tail (longer, hyper-specific phrases) keywords like “best fishing gear from 2010”.
Monetizing niche sites is very similar to monetizing an authority site, although your options diminish due to the lack of focus on authority.
Rather than offering coaching or consulting, niche sites are typically only monetized through ads and affiliate marketing (with the occasional course for big niche sites).
Speaking of big niche sites, the line between niche and authority site has blurred as the internet’s exploded in popularity. If you plan on creating a niche site, make sure to keep your focus on the keywords you’re trying to rank for.
Anyways,
When you think about it, websites are like digital real estate. Once you grab a domain name, you carve out your little slice of “internet land” that no one else can claim unless they buy it from you.
Sticking with the real estate analogy:
If a huge authority site like Nerdwallet was the digital equivalent of a massive apartment building, then a niche site might be the internet version of a single-family home.
One has broad appeal across an entire niche of buyers with varying levels of interest, while the other is focused on identifying a small market of very interested buyers.
And just like real estate, niche sites won’t bestow mountains of passive income upon your right away.
Only consistent action day-in and day-out will make your passive income dream your reality.
10.) P2P Lending
Money lending has been around for time immemorial; from the grain loans of ancient societies to the modern mortgages of today’s housing market, money lending seems to be an integral part of human interaction.
P2P lending companies have been growing in recent years, again partly due to increasing accessibility to the internet.
If you think about it, it’s functionally quite similar to a bank. When you deposit money in a savings account, the banks uses your money to lend to others. They then compensate you with an interest rate lower than the one they lent out so they can profit.
P2P lending works quite the same; hand money to the lending company, they lend it out to borrowers, then the borrowers pay back principal and interest.
There’s just one small difference.
Banks are FDIC-insured up to $250,000, meaning the FDIC guarantees you’ll get your money in the even the bank goes under or something else happens.
But P2P lending companies don’t have this protection we all take for granted. Although the biggest players in the industry pride themselves on their strict underwriting standards, there’s a chance that your borrower will default on the loan.
If the borrower defaults, say bye to the portion of the money they haven’t paid back yet!
Don’t let this deter you, though; it’s just like any other investment.
When you invest in real estate, there’s a chance it could rapidly lose value and therefore kill you in terms of your investment.
When you invest in stock, there’s a chance the company’s stock plummets for any number of reasons.
Not to mention that some P2P companies have solid returns. Prosper, a big name in P2P lending, claims they average between 5% and 10% returns.
That’s much more than the paltry 2.5% interest your earn every year on your high-interest savings account.
11.) YouTube
It’s easy to get lost in YouTube for hours; Usually, you start by watching a tame video about current events, but you somehow find yourself hours later deep into intriguing yet crazy conspiracy theory videos.
As you can see, YouTube can easily hook people in. Therefore, it’s a great place to make some money both as a standalone income stream AND as a supplement to another income stream.
But more on that in a second.
You can monetize your YouTube channel a few ways:
- Ads – The most common method. If your videos meets all of Youtube’s ad-friendly guidelines, you can earn some ad money.
- Affiliate marketing – You can also affiliate market on YouTube, both in the video itself and in the video description. Perhaps your channel is solely dedicated to reviewing some type of product; affiliate marketing could make you a killing. Maybe your YouTube channel is just another part of your non-affiliate marketing business/brand; still, take advantage of any opportunity to market products and services you find useful.
- Premium channel membership – If you have more valuable “premium” content, you can make your channel only available to paying subscribers.
- Super chat – A special type of chat your viewers can purchase for one-on-one communication with you.
- YouTube Premium – This isn’t something you activate; it’s ALWAYS on, and it’s simple. Every time a YouTuber with a premium YouTube subscription views your content, you get a small slice of the subscription revenue. Every single video that meets YouTube’s guidelines is eligible.
- Merchandise – Have a loyal following? YouTube makes it easy to sell merch to your audience. Create some merch branded with your channel/your catchphrases/other channel inside jokes and YouTube will display your offerings on some of your videos.
Set up the easiest ones first (ads, superchats, affiliate marketing). Once your channel starts hitting it big, try to work in some of the other methods, such as merch.
Continue to work in more affiliate marketing offers without coming across as too “salesy”.
Follow this advice, and you’ll make some good money off videos of yourself. A great personal finance Youtuber, named Graham Stephen, recently published a video on how he earns 6 figures a month just through his channel. Not bad!
12.) Write an eBook
Ask any book author if you can get rich writing books, and you’ll get something along the lines “no, unless you’re J.K. Rowling”.
Truth is, they’re right. Except in extremely rare cases, no book (whether it’s a fantasy trilogy or a how-to book) will make you rich unless you build up a huge catalog of successful works over a long writing career.
Hmm. Sounds like other passive income methods.
Even with that in mind, eBooks are still a great method of creating passive income.
There are a few ways you can directly or indirectly monetize an eBook.
Sell the eBook Itself As A Standalone Product
First and most obvious, sell the eBook!
You can either create your own site specifically for the book (not recommended, but read the next section), try to strike a publishing deal (if you believe it’s really that great), or sell it on platforms like Amazon.
Selling it yourself means you keep all the profits, but all marketing is on you.
Publishing deals rarely happens unless you write the next great self-help book, so that’s not a likely option.
As for listing your ebook on Amazon or another platform, you instantly gain access to a massive market.
In exchange for that, eBook platforms like Amazon take a pretty significant commission. The bigger they are, the bigger the commission tends to be.
Sell It On Your Blog/Site
If you’re an expert in your field or run a popular authority blog, forget about Amazon. Sell it on your website!
Make sure to market it properly, though; even if you write your audience’s version of the Bible, you won’t make many sales if you don’t put effort into marketing to your audience.
Use It As A Lead Magnet
While “lead magnet-ing” an eBook won’t earn you any money directly (since lead magnets are supposed to be free), a helpful eBook with some solid sales copy and a “DOWNLOAD NOW” button can go a long way for your bottom line.
Shorter eBooks work best for this method; after all, you shouldn’t put most of your work into making a free goodie for you audience. Most of your effort should be directly adding to your revenue!
13.) Create a Course
Continuing with the theme of info products, another fantastic digital passive income tactic is course creation.
See, back before the Internet, you had to actually go to an educational institution and pay a lot of money to take a course.
You can still do that (and we recommend it if it’ll help you snag a raise or promotion), but online courses have drastically lowered education’s barrier to entry.
Due to that lower barrier to entry and the proliferation of course-creation software, online courses have exploded in popularity.
It’s only fair that you get your piece of the online education profits, so let’s look at how you can do so.
Pick A Subject You Know About
With niche sites and blogs, you can theoretically write about subjects you have no interest or expertise in, as long as you give accurate, helpful info and you’re able to make enough money.
But for courses, you have to be knowledgeable about what you’re teaching.
You don’t need a Ph.D in the subject (although that’d make for killer marketing), but customers trust you more if you have experience in the field.
Think about it: would you trust random course creator #3243242 to teach you gardening, or would you go to your neighbor that maintains an impressive display of tomatoes and peppers?
Anyways,
This topic could be from any aspect of your life.
Are you an all-star spreadsheet jocky at work? Create an Excel course.
Great at the guitar? There’s tons of courses on guitar out there, but there’s plenty of room for yours!
Do your friends consider you THE authority on style? Believe it or not, many people don’t know good style, but understand it’s importance. If you can position yourself as knowledgeable, they’ll beg you to take their money.
Pack That Course Full Of Value
For bonus points with your customers, cram a few metric tons of value into the course; so much so that the price seems hilariously low.
This’ll put some of your marketing on autopilot: your first customers will rant and rave about how amazing your course is, leading more curious customers to make purchases.
It’ll also alleviate the worries of customers who have previously been burned by scammers claiming their course was the ticket to wealth.
Sell It With A Unique Angle
There are multiple courses for almost any useful subject you can think of.
Don’t let yourself get lumped in with all those other “boring” courses; try to sell it on a unique angle. It’ll help market your course, as it’ll be refreshing to see next to the older courses.
But more importantly, deliver. Make sure the course content is congruent with how you marketed the course.
Also, try to infuse some personality. People like learning from other people, not boring course scripts.
Update Your Course Periodically
Once you create your course, you can almost forget about it and make sales on autopilot. The only work you’ll ever have to do is occasional maintenance, such as updating outdated content or adding new bonuses for customers that bought your course.
And you SHOULD try to add content for customers that already bought; not only will customers love you more and spread the word, but you can work some urgency into your marketing (such as “course price goes up $50 at midnight when I add the new bonuses!”)
Then you can increase the price, too.
As you can see, info products are perhaps the easiest method for create a passive income stream.
Public schools may have been a large step towards democratizing education, but online courses and other info products may be the digital age’s next giant step.
14.) Certificates of Deposit
Rounding out our list is the venerable CD.
We’ll keep it short, seeing as we have another article that explains CDs more in-depth.
A CD is a bank product that acts like a savings account with a higher interest rate. In exchange for the higher interest rate, you aren’t allowed to touch the money for however long the term of the CD is.
Once a CD’s term has run it’s course, the CD is said to have matured.
CDs work best when you don’t need the money all that much; they provide the security of a bank account with a rate of return that tends to beat inflation.
Again, we have an article outlining a great strategy for investing in CDs so make sure to check that link above.
Final Thoughts
Just because you built one stream of passive income doesn’t mean you can live the dream.
Think about it: for most people, their job is their primary source of income. If they lost the job, they’d have to rely on savings (an asset, not an income stream) and perhaps unemployment (not a significant income stream).
Thus, the thought of losing their job can cause unnecessary stress in their lives.
But if they have a side business, some of that worry decreases; they could lose their job tomorrow and still cushion their losses with their business.
In the same way, you want at least 2 income streams. The more you can build, the better.
At the same time, we’d recommend building one income stream at a time rather than scattering your efforts among multiple projects.
See, going all in on one thing at first lets you focus on learning the ins and outs of that income stream. If you instead tried to start three new streams at once, you might burn yourself out and lose the drive to build your wealth.
The key is to pour your heart, soul, and money into one passive income source until it provides a decent income (not necessarily enough to live on, but a noticeable amount).
From there, you can scale it up while investing your extra cash into your next passive income stream.
And the cycle continues.
We’d be remiss to neglect mentioning that true, 100% passive income is nearly (but not completely) impossible to achieve. Even when you’ve built up an income stream, you have to do a little bit of maintenance work.
This is true even for investing; you might read investment news and take a look at your portfolio to ensure everything’s running smoothly.
However, the security of multiple income streams (and the amount of money that accompanies multiple income streams) is well worth the minimal maintenance work, especially since maintaining income streams isn’t usually a full-time job.
We’d also be remiss to neglect reiterating one last time: passive income doesn’t happen overnight. It takes time. In fact, If you haven’t noticed already, many passive income methods require a lot of money upfront; money you’ll have to seek out through either other passive income or a job.
Lastly, we’ll let you in on a little secret: you can combine some of the digital income sources so they play off each other and grow your earning exponentially.
How?
First, build an authority site. Get known a bit in your space.
Then, start monetizing through ads and affiliate marketing. Do some marketing work for those, so you establish a decent passive income stream while you continue this plan we’re laying out.
Anyways, once you’ve got that first income stream, continue to pump out valuable content on your blog.
Make a YouTube channel so you have another avenue through which to grow your audience. Link your YouTube to your blog and vice-versa. Do some affiliate marketing on YouTube.
Once you have these established, you should have a fair-sized audience. Time to take monetization to the top.
In other words, write an eBook and create a course! And maybe some YouTube merch if it makes senses for your brand.
At long last you’ll be pulling in passive income from various sources:
- Blog and YouTube ads
- Blog and YouTube affiliate marketing
- eBooks
- Courses
- Coaching
This method (or any variation, you can do the steps out of order) will grow your audience quite fast once the ball is rolling, and your audience will have tons of ways to make you money.
All parts of your marketing funnel will play off each other while you make wads of cash with little effort.
This method might also be the quickest way to make a decent passive income, as many other methods require tons of capital.
Now that you know a ton of ways to generate income on autopilot, go forth and make your passive income dream your passive income reality.