9 Passive Income Ideas - How I Make $27k per Week

Hello friends, welcome back to the channel. In this video, we're going to talk about nine different ways that you can

make

passive

income

and for each of them, I'm going to talk about how hard it is to get started, how difficult it is. Making 100 a month from it and how hard is it to maintain it once you've created it first of all for me in my business these nine different sources

make

about 27,000 a

week

these days with varying degrees of passivity and obviously this It took me about eight years to develop, so don't expect to hit those kinds of numbers when you start, but this is the video I wish I'd had when I started my financial independence journey many, many years ago.

Okay, when I say

passive

income

I always quote it because there really is no such thing as passive income, there is no way to make money without doing anything at all, but when I say passive income what I mean is that it is money. that's not directly related to our time, so let's say you write a book, if you write a book, you publish a book, that book is now on the shelves, you've done the work once to write and publish the book, but now any Every time the book is sold, you make money from royalties, that is, passive income, you could literally be making money while you sleep because you have created this thing that is out in the world and that generates income for you.

The other thing with passive income is that it always takes a long time to get started, so if you see any ads before this video that talk about how you can get rich quick with any plan or if you see people in the comments pretending to be me saying: " "My God, that's how you can get it." get rich quick with cryptocurrencies, what about this number? It's all a scam, it won't work, there is no way to get rich quick, it doesn't exist, so if you are looking for a get rich quick scheme, those things simply don't exist.

You might as well not even try and the way I think about this is that ultimately money is just a medium to exchange value, the only way to make money is to provide value and the only way to generate passive income, Passive money is providing value in a way that is not directly related to your time, so please don't try to join a get-rich-quick scheme. They do not exist. I have received many messages over the years from people who have tried to sign up for a get rich quick crypto scheme or a gambling scheme or hey this is how you play poker online, neither of these things work, People always end up losing money, the only way to make money is by providing value, so let's talk about The Nine Different Ways You Could Provide Value If You Wanted right before we dive in.

I want to tell you that I just launched my new skills sharing class on productivity for creators, how to start a successful side hustle that is linked in the video. description Skillshare is sponsoring this video. I'll tell you more about Skillshare later, but I want to promote my own class because I think it's really good and people really like it and it will help you get tips on how to get started. in your free time anyway, let's get into the video, so let's start by investing in stocks and shares and in this context the way we provide value is by offering our money, providing money and investing in a service is somehow giving a way of value and therefore when we give our money to a company in the form of purchasing shares, it makes sense that we get some kind of return on that investment and we are starting with this because investing in shares is the easiest. way to make any kind of passive income if you have some kind of savings and they're in a savings account that earns 0.01 interest, they're not really doing much for you, whereas if you had those savings and you put them in stocks, You could potentially be earning passive income from money that would otherwise be there now.

I have a whole video called The Ultimate Guide to Investing in Stocks and Shares for Beginners, which will be linked in there somewhere, so it's a solid half hour long. a long introduction to stocks and exactly how they work, but what I recommend to most beginners as a non-financial advisor and this is not financial advice solely for entertainment purposes, also what people say, or at least what I do , is that basically all of my money that is in stocks and shares is invested in index funds. Now an index fund is something like the s p 500 and when you invest, say, a thousand dollars in the s p 500, that basically means that your thousand dollars are distributed among the 500 largest companies. in the US, so you know size-weighted, so you know two percent would be on Apple, two percent on Facebook, two percent on Google, two percent on Microsoft and then probably You won't have heard of the 500th company on the list, but basically every big American company you've ever heard of ends up investing in all of them little by little, so if you want to get started with that, all you need to do is sign up with a stockbroker if you are in the US, you can use Weeble.

I think I have a link in the description. If you're in the UK, you can use Free Trade or Vanguard, basically whatever country you're in. Just Google the phrase best stock broker platform. the name of your country and you will find something that works for you and then it is very easy to be able to invest in an index fund, so within our famous side hustle evaluation matrix, we will give you the difficulty of starting a one star rating. one in five it's very, very easy to start with stocks. How difficult is it to make a hundred dollars a month investing in stocks?

Well, this depends because it depends on the performance of the stock market in general, so in the last 12 months from 2020 to 2021, the S P 500 is actually up about 50 percent, I mean, it's a lot, it's like having up a solid 50 despite greed and everything going on, so if in April 2020 you had invested 2,400 in the s p 500 the fact that it is up 50 means that you would have made 100 a month, but obviously this is not the way to look at it because you know that things can go up and down and the stock market has different levels of performance depending on the time. period you are looking at, but if we average the last 30 to 50 years, the sp 500 has returned about 10 percentage points, which means that each year on a long-term average it increases by about 10, this is not adjusted for the inflation.

For any economist among us, then, if we do some general calculations, if we want to earn a hundred dollars a month passively through stocks and shares, we would need about 12,000 invested in the s p 500 to get that ten percent twelve hundred. dollars a year, which is a hundred dollars a month, but as I talk in that video about stocks over time, we have compounding, so if you put seven thousand five hundred dollars in the sp 500 and you leave it there for five years, then five years later you would be earning about 100 a month if we stick to this average figure of 10 a year or if you invested 5,000 in the sp 500, 10 years later you would be earning 100 a month in purely passive income, again assuming that the average out of 10, so overall, how hard is it really to earn 100 a month in passive income from stocks and shares?

Well, it depends on how hard it is for you to earn five thousand seven thousand five hundred or twelve thousand dollars in savings and put it in a stock market index fund, uh, and the most important thing is that this is money that you shouldn't need to touch in the next five to ten years, at least, basically, how easy is it for you to make that amount of money? Obviously, it varies enormously. depending on what country you're in, what your circumstances are and what your job is, but if you're in the UK or the US, where the average salary is around fifty thousand dollars, something like that, then it depends on In your circumstances, it's not that hard to come up with ten thousand dollars in savings, obviously if you're supporting a family of fifteen on fifty thousand dollars, it's different if you're a single person again, it's different, but I'll give this about a three. five stars for the difficulty of getting a hundred dollars a month, obviously, if you live in a country like India, where the average salary is three thousand six hundred dollars a year, it is very, very difficult to save ten thousand dollars in general and, Finally, The third category in our side hustle evaluation matrix is ​​how difficult it is to maintain this income once you have it set up in the first place and we will give this one star out of five because once you have the money you just like to set it up and forget it and it's not that difficult to maintain.

There are other sources of passive income that require greater degrees of maintenance over time, but stocks and shares are a very, very easy way to generate passive income and to use my personal example. These days, my stocks and shares portfolio that I've been investing in since 2015 is now worth around 350,000 and the vast majority is in the SP 500 index fund. Now I can't be bothered to calculate actual adjusted inflation. returns for that, but again, if we assume a very rough average of 10 per year, then that averages out to about $682 per

week

in purely passive income. Alright, idea number two to generate passive income is to start a YouTube channel, this is something that I will specialize in because I am here on youtube and I actually teach a course called part-time youtuber academy, linked in the video description , where I teach people how to do this kind of thing, so let's use our side hustle evaluation matrix and I'll talk about this, how hard is it to start a YouTube channel?

Well, I'm going to give this one out of five stars because it's actually very, very easy to start a YouTube channel. You just go to youtube.com, click Create a channel and you can upload videos by simply recording them with your phone and uploading them, it's actually much harder to make good videos and making good videos is how you grow on youtube, but starting on youtube is very , very, very simple, the real question is how difficult is it. Actually, to make real money from YouTube, let's say again that we want to make a hundred dollars a month in passive income.

What does that look like? Well, first of all, to be eligible for monetization on YouTube, you need one thousand subscribers and four thousand hours of viewing. It took me six months and 52 videos to get my first 1000 subscribers and if we look at the averages, it actually takes on average 90 videos to reach a thousand subscribers, so it's quite difficult if you're thinking about starting out. a YouTube channel and start making money from day one, you know that's basically not going to happen. It took me 52 videos and six months to get there, so if people message me like, hey, I want to start YouTube, I was like, look, you have to do it. be able to put in the effort and do this for a very long period of time, at least once a week, I say, for at least two years before you can expect anything in return, but let's say you've reached a thousand subscribers on your 4 000 hours of watch time, how hard is it to really earn 100 a month?

Well, on average the type of income per thousand views on YouTube is around two dollars, so this varies wildly, but let's say on average about two dollars per thousand views, so if you want to earn 100 per month, you need 50,000 views on YouTube to earn 100 per month. Let's say you make one video a week and let's say you get no traffic on your older videos, which means every video you make needs to move. about 12,500 views and roughly the average YouTube channel can expect about 20 percent of their subscribers to match the average view count for each video, so on YouTube, if you had about 62,000 subscribers in average you can expect 20 of them i.e. 12,500 views on each video and assuming you don't have long term evergreen content you would need around 60,000 subscribers to earn 100 a month, you actually earn 100 a month long before 60,000 subscribers, I think I was making 100 a month. month when I had like 10,000 subscribers, it was pretty early, but when it comes to evaluating how difficult it is to do this, I'll give it 4 out of 5 stars, it's actually very difficult to make YouTube attractive. videos and it's very easy to start but it's hard to do well, it's totally worth it, it's a great skill set, it's a lot of fun, you get to meet people over the internet, you learn how to talk to a camera and how to film and record videos. edit and it's really great but ultimately it's very difficult to make money with youtube in terms of effort to maintain it since getting the first 1000 subscribers is much more difficult than keeping it growing because once you have a thousand subscribers and once the channel is growing, it means that you have found a formula that works and therefore maintaining it becomes easier than starting from scratch,so in our secondary activities evaluation matrix we will provide maintenance of a passive income stream from the YouTube channel. about 2 out of 5 stars to use my example, i made 70 videos before i started making money with youtube adsense and today youtube channel generates around 12k a month in passive income from youtube ad sets, now again, This is not entirely passive. because I keep uploading new videos, but actually most of the amount of money we make from ads comes from older videos rather than videos that were uploaded this month, so with that caveat, twelve thousand dollars a month Passive income is equivalent to about three thousand dollars. a week thanks to this YouTube channel and thanks to you for supporting it and all that, there are other ways to monetize YouTube, like brand offers and selling products, and there are many other ways.

That kind of stuff, but they don't really count as passive income through YouTube, so I do not include this in this secondary evaluation matrix. Idea number three for generating passive income is to start a podcast. This is generally easier than starting a YouTube. channel, although growing a podcast is much more difficult than growing a YouTube channel because, because podcasts themselves don't really have an algorithm to help them grow, in fact, many podcasts grow by having a YouTube channel. youtube, which is a bit strange, right? Is starting a podcast again good? One out of five stars. It's very, very easy to start a podcast.

Go to Anchor FM and you can literally use your phone and you can pass it between you and your friends and you can start a podcast. You can use a website called riverside.fm that I have recently invested in as an angel investor. Riverside makes it very easy to record remote podcast interviews. It's very, very easy to start a podcast, but how difficult is it to earn 100 a month passively? income from a podcast well again this is not entirely passive income because the way podcasters make money is by relying on brand deals there is no youtube adsense for podcasts so you need a sponsorship or sponsorship deal brand to make money through your podcast generally speaking. and apparently you can expect to earn around 18 for a 30 second ad on a podcast and 25 for every thousand views or thousand listens for a 60 second ad, so if you want to earn 100 per month and assuming you have a stream of sponsorships that They offer you that level of sponsorship based on your download numbers, you would need about a thousand downloads per episode if you have a weekly podcast, so you would have 4,000 downloads a month and if you put a 60 second ad on there for $25 per thousand views, that would give you about a hundred dollars a month with a thousand downloads per episode and four episodes per month.

This begs the question: how difficult is it to get a thousand downloads per month? Well, it's a lot harder to get a thousand podcast downloads a month than it is to get a thousand YouTube views a month because, again, YouTube has so much built-in distribution that it's different than podcasts and also there are a lot more people on YouTube than podcasts, but If we look at the statistics, then it is the top 20 podcasts in the world that get on average more than a thousand downloads per episode. To use a friend of mine as an example, my housemate Sheen started her own podcast about five months ago.

There will be a link to that in the description if you want to check it out and on average his podcast gets between 400 and 500 downloads per episode, this isn't bad at all especially considering he started five months ago and had no audience when he started so I didn't have the unfair advantage that I did it when I started my own podcast, for example, and because she just launched the second season of her podcast and just started posting videos about it on YouTube that will really help the podcast grow and I'm pretty sure in the next six months she.

Will she get to a point where she can easily make a hundred dollars a month from her podcast, so going back to our side hustle evaluation matrix, when starting a podcast, one in five stars makes a hundred dollars a month. I'll give it three out of five stars because it's hard, but not as hard as monetizing on YouTube, where you have this minimum threshold and then eventually maintenance. Well, it's not really a passive income because you have to keep making podcast episodes because the brand offers are associated with that, but again, once you've found a formula that works once you know how to be a podcaster, it's easier. continue once you've already started, as is the case with most things, and in terms of maintaining The podcast I'm going to give it two stars to use me as an example, so my brother and I have a podcast called Don't think too much, link in the video description if you want to watch it, but we make about 625 a week. the podcast in general of the brand offers and our membership, okay, so idea number four to generate passive income is to become an affiliate marketer.

Affiliate marketing means that you are selling other people's products, but now you get a percentage of the sales of those products. apparently 48 of the affiliate marketers worldwide make 20,000 a year which is 1,660 a month which is actually not bad at all since people do very well with affiliate marketing in So overall, how hard is it to get started with affiliate marketing? Well, I'm coming. To give this a 2 out of 5 stars, you can basically sign up for an affiliate program like Amazon Associates so Amazon has their own affiliate program, which I think is probably the largest in the world, and then once you have your little ones special links, you can post them on your website, on Twitter, on social media or whatever, and if people buy the product through your link or, in fact, buy any product on Amazon through your link, They will get a small percentage of the sales, something that is quite easy to achieve.

I started affiliate marketing, but how hard is it to make a hundred dollars a month? Well, this is actually a little difficult, so let's say you have a product that costs fifty dollars and you're trying to sell it and you get a five percent commission. It would be pretty cool if Amazon didn't offer as much as five percent, they offered like two or three percent, something like that and let's say their average conversion rate, meaning people who visit the product versus people who actually buy the product after visit it, let's say it's one. Percent, which is pretty reasonable for a conversion rate.

You would need 8,000 visits to your website or whatever to make 100 a month. It's actually quite difficult to get 8,000 visits per month to your website for a specific product page and generally get good results as an affiliate. Marketing requires a lot of upfront effort in terms of building an audience or creating that domain authority in whatever space you're in and getting traffic organically. Besides Amazon, there are a few other affiliate programs that I am a part of. One of them is Skillshare, who kindly sponsors this video. I'll tell you about the sponsor segment later, but Skillshare has an interesting affiliate program where if you refer someone to sign up for a free Skillshare trial, you can get seven dollars. affiliate commission just for that, so if you wanted to make 100 a month from affiliates, you would need 15 people each month to sign up for Skillshare with your affiliate link.

How difficult is it to get 15 people a month to sign up with your affiliate? link well it's not that hard if you have an audience and it's not that hard if you have your own classes on Skillshare like I have like nine so if I want to make money through Skillshare affiliates I can tell people hey . Guys, I can tell you that I just launched my latest skills sharing class on productivity for creators, how to start a successful side hustle, so there will be a link in the description of the video if you want to check it out so hopefully.

Many of you will see that we will click on that link in the description and then I will be the one making some Skillshare affiliate income for this video, so going back to our side hustles evaluation matrix, how hard is it to make 100 a month ? I'm going to give this a 3.5 star rating because again you need an audience and as we always talk about on this channel, the way to build an audience is by creating useful content, putting it on the internet for free once a week and doing it for at least a week. Two years, if you follow those three steps, I guarantee you'll have an audience and you'll be able to make some kind of money through this passive income, but that's pretty hard to do, no one sticks with it for at least two years. so we're going to give it a 3.5 star rating, but the good news is that once you've built it and started making money from affiliates, it's actually pretty easy to maintain because, especially if you have evergreen content, the sword that is not.

Relying on current affairs or the latest news, the kind that people might search for a long period of time, this becomes a relatively reasonable real passive income now if you look at my business, these days thanks to skill sharing We earned around eleven thousand. dollars per month in affiliate income approximating around two thousand seven hundred and fifty dollars per week and from Amazon, on average, around 450 per month from the Amazon store in the UK and a little more from the US. and Canada, all good. Number five to generate passive income is to sell digital products. Now these are products that you create once, like an ebook, a download, an app or something, so you create it once and then you can sell it multiple times because selling digital products doesn't.

There is usually no cost associated with it. A really good example is this guy called traff who I follow on Twitter, who created a set of icons for iOS 14 and sold them for about thirty dollars each a few months ago and ended up making, I think, three hundred thousand dollars over the course of about few weeks just because a lot of people around the world wanted to buy his icon pack, so he dedicated himself to creating the pack and now he is selling it for a lot of money. Another example is my YouTuber friend. olio, who has made, as he says, seven hundred thousand dollars selling his website's Tumblr themes since 2014.

So he created the website themes for Tumblr. He sells them and makes seven hundred thousand dollars on average, well, generally since 2014. That's nice. Great, so how hard is it to start creating digital products? I mean, anyone can write an ebook. An ebook counts as a digital product, so I'll give this a two star rating, two out of five stars, but obviously, again, money is an exchange of value, so what you're selling you have to provide enough value to offset the price you are selling it for and that is often quite difficult, especially if you don't have any experience in this type. field and how difficult it is to earn a hundred dollars a month.

Well, you know it's very easy to create an ebook, but it's a whole different ballgame to try to get people to actually buy your ebook or buy your icon set or buy your app or buy. the themes of your website and because the market around these things is so competitive you have to be really good at getting people to buy your stuff and the way you get people to pay you money for something is by identifying a problem you have. You solve that problem and then you charge money for it and if you can do those three things, then you know, I wouldn't say it's easy to make a hundred dollars a month, but it's very doable to make a hundred dollars a month.

We have to have something that solves a problem that other people are willing to pay for, so we'll give it 3 out of 5 stars to make 100 a month selling digital products and finally in terms of maintenance, let's give this a 2 out of 5 stars because you usually have to maintain your products a bit, but it is often easier to do so as it is much easier to maintain a product than to create a product in the first place, idea number six for passive income generation. is to create an online course, an online course is something like a digital product, but usually online courses are in video format, in fact this entire video is so long that it basically could have been a full online course , maybe I'll do one on this. topic and in terms of how to get started, we'll give the initial difficulty two out of five stars because it's not that difficult to do an online course, but in general you need to know how to make videos, so yes, you can really film. an online course on your iPhone or phone, whatever phone you're using, if you're one of those Android heathens, put your phone aside, talk to the phone, teach something so it's not difficult to create one, but in terms to earn 100 a month again.

At that point, your course must be really good and although the only reason people will pay for it is ifthe course is really good, now you can avoid having to charge for your online courses by using a website like Skillshare who are very kind to sponsor. In this video, I have tons of classes on Skillshare. I think we have nine in total. I've been teaching on Skillshare since September 2019 and I actually just launched my new online class called productivity for creators, how to start a successful one. Side hustle where I teach you the Internet and how you can create your own side business in your free time without quitting your job.

If you want to watch this, the first 1000 people to click the link in the video description will get 30 off. Skillshare's annual premium membership is actually a very good deal. Payment by Skillshare. I've been paying you for it for years, even after I started teaching because it's really a fantastic place to learn things, they have thousands of classes and everything. There are other types of themes, but you should definitely check out mine, like the nine I have. There's three about productivity now, like the fundamentals of productivity, the productivity kind of equation, which is how I think about productivity and productivity for creators.

I have two on how can you study for exams if you are in school if you have exams to prepare for apparently they are really good they have very high scores and if you have already had a free trial of Skillshare you can still use them that offer is if you are a of the first 1000 people to click the link in the video description you will get 30 of the premium membership and you will be able to watch my class which i must say is pretty good anyway thanks for sharing skills. sponsor this video, but actually Skillshare is a great place to teach things because you can teach things on Skillshare without having to charge directly for them, which is why I love putting my courses on Skillshare.

It's like having something on Netflix in the sense that the end user doesn't have to pay directly for the product and the other good thing about Skillshare is that it's like YouTube in the sense that anyone can upload a class to Skillshare as long as they comply with certain quality requirements and therefore it's much easier than having to create your own website and create your own course platform and all that kind of stuff. It's easy enough to get started, we'll give this a two out of five, but how hard is it to make a hundred dollars a month teaching online courses?

Now this depends if you go the route of skill sharing and then earn 100 month on Skillshare you need around 1700 minutes of watch time which is equivalent to 28 hours of watch time so if you have a one hour class on Skillshare, you need 28 students to take that class each month and watch it with a premium membership generally speaking. and that will get you about a hundred dollars a month at least, that's based on my numbers from the last two years of being on Skillshare. Now, how hard is it to get 28 people a month to see your class well if your class really is?

Pretty good, it shouldn't be too hard to get 28 people a month to watch it if you have an existing audience. It's very easy to get 28 people a month to see it because people already know that you like it and hopefully trust you and therefore they will see your stuff and I give you a chance because you've already built that goodwill with them , but the good thing again, the good thing about Skillshare as a platform is that they have their own algorithm, so the good things rise to the top, so if you really have a really, really, really good class and you put it on Skillshare, Even if you don't have an audience, there is still a high chance that if the class is really good and people watch it a lot, they will recommend it and give it high ratings.

You will rise to the top and start being recommended to people who find you on the Skillshare homepage or search for you specifically. The other way to make 100 a month with a course is to just charge 100 for a course and then if you do that, you only need one sale each month, so how hard is it to get one person a month to buy your course well? again? If it's good, you know that the world of online education is exploding so much every year that more and more money is being spent online. education, especially with the whole pandemic thing, so if you have a valuable skill that you can teach, I think courses are one of the best and easiest or easiest, one of the best ways to generate passive income because it's fun create a course that you can teach things. you don't need as many technical skills like creating a website or something, just put it on Skillshare and then people can take your course and learn on the internet and like you know, it's great overall and the nice thing is that once they did the course and once you make a hundred dollars a month, maintaining that level is pretty easy, we'll give it two out of five stars because you generally don't need to update the course that frequently. and you can do that from time to time and you just need to make sure you get a reasonable amount of traffic and hopefully that traffic will grow over time these days on the vast majority of my online courses, at least the more passive ones.

They're hosted on Skillshare and it's kind of ridiculous, but nowadays they make between sixty thousand and sixty five thousand dollars a month in purely passive income, like I literally did nothing for my Skillshare classes once I did them , apart from responding to comments and apart from occasionally plugging them into videos and that's like sixty thousand dollars a month in passive income, which means it's about fifteen thousand dollars a week and this makes up most of the twenty-seven thousand dollars per week that this business currently generates in purely passive income idea number seven for passive income is to create some type of paid membership or community model.

Now this is generally a bad idea unless you have an existing audience that we keep coming back to, everything becomes easier when you have an existing audience by creating content that has been valuable for a long period of time in a very consistent way to let the audience know that they like and trust you, so when you say "hey guys, sign up for my patreon", some people will probably do that another way. a membership is creating a value proposition that is so compelling that people would be willing to pay for a service similar to a community if we use patreon as an example.

My friend hannah witton, who is a youtuber, has around 600,000 subscribers on youtube. and I think she has about 600 patrons 626 last time I checked, which means if we look at our patreon stats, which are public, she's making between two thousand and five thousand pounds or like three thousand seven thousand dollars a month on passive income from this audience. but it's like six hundred people out of an audience of six hundred thousand, so one in every thousand of her subscribers has signed up to her patreon, so you clearly know if those stats are true across the board and they are if you look at Matt.

Patreon developers also need a large audience to make a significant amount of money from Patreon again. This depends on how much you are charging for them and exactly what value you are providing. Another example of a paid membership community is my friend. and lore who runs a website called Nest Labs and they have a paid membership community that costs five dollars a month and she started this when it was the summer of 2019, she had no audience at the time and she only wrote a hundred blog posts for a hundred business days and built such an audience that in March 2020 when it launched a membership it initially had some paying members and I think last month it just surpassed a hundred thousand dollars a year in annual recurring revenue which is pretty amazing for something.

That started less than two years ago, so how easy is it to start a membership program? Well, it's actually very easy. We can give this one star because it is very easy to start one. Just create an account on some kind of membership platform like Patreon, but to earn 100 per month you need to provide 100 per month of value and that's actually quite difficult to do, we'll give it four out of five stars, but the good thing is again a once you have that formula once you earn 100 a month it's actually a lot easier to maintain it because the way the economics of membership communities work depends on you continuing to show up and providing value in some way you know people already signed up for it, so it's not too difficult to maintain that level of support that you're offering them for this business we have a community of members for our part-time youtuber academy for alumni, which is called the inner circle of part time youtuber and we make about 2800 a week from this membership The community is not very passive, we host three or four events a week along with co-working events twice a day on Zoom and we have a lot going on so It takes a lot of work, but 2800 a week is pretty good for a membership community is almost there, so passive income idea number eight is to create a business that sells goods or services and then automate or delegate aspects of that business to that the income it generates is reasonably passive.

This is what you need. Ferriss talks a lot about the four-hour work week, where there are a lot of businesses you can do where you sell a good or a service and then you can delegate outsourcing, automated, smart ways to make income passive, again. Using my friend Ollier as an example on his YouTube channel, he talks about his million dollar Shopify store that designs, makes and sells these really cool vegan leather desk accessories, bags, mouse pads and stuff, and this was a lot of work. at the start-up, but now he has a team of three other people running the business, so he spends proportionately less time running it, so it's a sort of passive income for him, although today he still spends around 10 hours up to date. week keeping things on a level playing field if you go the service route.

I have a friend who runs an Instagram and Facebook ads marketing agency where he has clients who pay him, I think, a few hundred dollars a month to manage his Facebook and Instagram ads. and for him it's like a small amount of work initially to set up Facebook and Instagram ads, but then it's kind of automated and he has a team around him and he's used to using things like zapier to automate aspects of that business so that every month You have to do a very small amount of actual work to keep it running, so these are different ways to generate passive income from a goods or services based type of business, but it's quite difficult to get started with this to begin with, come on To give this a 4 out of 5 star rating because again you need to build a business and it's quite difficult to build a business that actually provides value.

Likewise, we will give you a 4 out of 5 star rating for earning 100 per month. in income because, again, you have to be able to provide value and providing value is difficult because it is not as easy as creating an account on a stock platform and just putting some money in, you actually have to provide value to people, which is a little difficult, but The good thing is that once you get started, maintenance is a little easier, so we'll give it a rating of three out of five stars. Finally, idea number nine for generating passive income is to create an app or a website or some type of software product that you can offer on a one-off basis or, more likely, today as a subscription service and there is a whole category of this so called sas software as a service.

Now, if you look at the indiehackers.com website, there are literally hundreds of examples of people who have created software businesses that generate passive income and share their income numbers and tell you how they started and give you their advice. In fact, I was recently interviewed on an episode of the Indie Hacker Podcast which is really cool because I've been listening to it for years and I've followed the website for years and they interviewed me about the concept of starting an online course like YouTuber Academy. part time. Now I've had some personal experience with this. So when I was in college I created a website called bmat ninja and uk cat ninja, so the software as a service was a question bank for medical applicants applying to medical school to help them get good. results on the admissions tests and this was something that me and my brother coded completely from scratch.

He and I know how to code. We learned when we were young, so we worked through the summer of 2015 to make these things happen. I think in the first year we made about ten thousand dollars and in the year. five last year was about twenty five thousand bmat ninja dollars so you know, it's pretty good money, but it was a lot of work setting these things up and in terms of getting started, I'm going to give this a five out of five. star rating because to create an application is quite difficult, you have toknowing how to code for the most part, you have to be able to deliver something attractive and you have to build it, which is a lot of work and very difficult, but it's a lot of fun and then once you've done that I'll give a four star rating to the difficulty of 100 per month because again it's easy, pretty easy, you can create an app but then getting people to pay for the app is a completely different process fish hug so we'll give it four stars but the good thing is that with all the maintenance it's a little bit easier so we'll give it a three star rating if you like this video and want to get it.

He started his own venture, a journey of passive income generation on the Internet. Check out this short playlist here, which are some of my favorite videos I've made on advice for entrepreneurs. How I started creating my businesses from scratch. How I learned to code. That kind of stuff is all on the playlist here. Thank you very much for watching and I'll see you in the next video. Bye bye.