4 Lazy Ways To Make A Lot of Money Online While You Sleep (Passive Income)
Summary
TLDRThe video discusses four simple, passive income streams that can help people earn money while they sleep. The speaker shares personal experiences, including advice from a multimillionaire named Jim, to demonstrate how anyone can set up income sources like dividend-paying stocks, passive side hustles, real estate investments through crowdfunding and REITs, and affiliate marketing. The video emphasizes the ease and accessibility of starting these streams and their potential to provide financial security, even for beginners, making the topic relatable and inspiring.
Takeaways
- 💤 The speaker emphasizes the importance of setting up income streams that continue to generate money even while you sleep.
- 💼 The concept of 'lazy' income streams is introduced, suggesting that anyone can set up these streams without requiring exceptional skills or knowledge.
- 🏆 A story about a multi-millionaire named Jim is shared to illustrate how even a young person can learn from successful individuals to build wealth.
- 🥩 The luxurious lifestyle of the multi-millionaire, symbolized by the Kobe beef steaks, is used to motivate the audience to strive for financial success.
- 💼 The speaker inquires about wealth-building strategies from Jim, who reveals that his wealth was not built solely through his construction company.
- 💰 The first income stream discussed is dividends from stock ownership, where companies reward shareholders with regular 'paychecks'.
- 📈 The speaker recommends investing in 'Dividend King' stocks, which have a history of paying consistent and increasing dividends for over 50 years.
- 🏦 A brokerage account is identified as a necessary tool for investing in dividend-paying stocks, with specific platforms like Weeble, Fidelity, and M1 Finance suggested.
- 📹 The second income stream mentioned is passive income, exemplified by a business model where high school students record youth soccer games for parents.
- 🏘️ Real estate is highlighted as a significant source of passive income, with a focus on crowdfunded real estate and REITs as accessible investment options.
- 🌐 The final income stream discussed is affiliate marketing, where niche blogs or websites generate income through recommending products and earning commissions.
- 🔗 The power of affiliate links is explained, where a small percentage of a sale is earned each time a reader clicks through and makes a purchase.
Q & A
What are the four income streams mentioned in the script that can work for you 24/7?
-The four income streams mentioned are: 1) Dividends from stock ownership, 2) Passive income streams such as side hustles, selling courses, or creating content, 3) Real estate investments including physical real estate, real estate crowdsourcing, and REITs, and 4) Affiliate marketing through niche blogs or websites.
How does the speaker describe the ease of setting up these income streams?
-The speaker describes these income streams as 'insanely lazy ways' and 'very easy to set up', implying that they do not require significant effort or expertise to initiate and can be managed by a normal person.
What is the significance of the Kobe beef steaks in the story shared by the speaker?
-The Kobe beef steaks symbolize the wealth and lifestyle of the multi-millionaire Jim, which the speaker aspires to understand and emulate through learning about income streams.
What is a 'dividend King stock' as mentioned in the script?
-A 'dividend King stock' refers to stocks that have a strong history of paying consistent and increasing dividends for 50 consecutive years or more.
How does one start receiving dividend paychecks from companies like Apple?
-To start receiving dividend paychecks from companies like Apple, one needs to open a brokerage account, research and select dividend-paying stocks, buy shares of those stocks, and then wait to receive dividends paid out by the company.
What is the concept of 'passive income stream' as discussed in the script?
-A 'passive income stream' is a source of income that requires minimal effort to maintain and can generate revenue with little to no ongoing work from the individual, such as through investments, automated sales, or content creation.
Can you explain the real estate investment strategy of 'crowdsourcing' as mentioned in the script?
-Real estate crowdsourcing is a method that connects investors with real properties through the internet, allowing them to invest in real estate projects with minimal capital and without the need to manage the properties directly.
What are REITs and how do they provide passive income?
-REITs (Real Estate Investment Trusts) are companies that own and operate income-producing real estate. They provide passive income by paying dividends to shareholders, similar to dividend-paying stocks, from the revenue generated by their properties.
How does affiliate marketing work as a passive income source?
-Affiliate marketing works as a passive income source by promoting products or services through a blog or website and earning a commission for each sale made through unique affiliate links provided to the marketer.
What advice does the speaker give for building scalable and passive income streams?
-The speaker advises focusing on passive income streams with low overhead, such as starting an Etsy print on demand shop, selling courses on platforms like Skillshare, or creating a YouTube channel, which can be started with minimal investment and are easily scalable.
Outlines
💸 Passive Income Streams for Wealth Building
The paragraph introduces the concept of setting up multiple income streams that work continuously, even while the individual is asleep. It emphasizes that these streams are easy to set up and can generate significant income. The speaker shares a personal anecdote about meeting a wealthy individual, Jim, who owns a commercial real estate construction company. The speaker learns that Jim's wealth was not built solely on his company but also on various income streams that are accessible and manageable for a regular person. The paragraph piques interest by suggesting that the information shared could be life-changing for viewers, especially those who consider themselves 'normal' individuals.
🏦 Building Wealth Through Dividends and Passive Income
This paragraph delves into the first of the four income streams mentioned by Jim: earning dividends from stock ownership. The speaker explains that companies like Coca-Cola and Apple pay dividends to their shareholders, which can be a passive income source. The process of setting up this income stream involves opening a brokerage account, researching dividend-paying companies, and investing in 'Dividend King' stocks that have a history of consistent dividend payments. The speaker also suggests that viewers might be able to live off these dividend incomes, highlighting the potential of this investment strategy to generate significant passive income.
📹 Passive Income from Youth Soccer Videos and Real Estate
The second income stream discussed is a passive business model where high school students record youth soccer games, and parents pay for the videos. This model is an example of creating passive income by outsourcing work. The paragraph then transitions into discussing passive income in general, suggesting various methods such as creating online courses, writing eBooks, or starting a YouTube channel. The speaker emphasizes the importance of creating scalable and low-overhead passive income streams. The paragraph also touches on Jim's real estate investments, highlighting two accessible methods for anyone to start with little money: real estate crowdfunding through platforms like Fundrise and investing in Real Estate Investment Trusts (REITs), which also provide dividends.
🌱 Affiliate Marketing as a Passive Income Source
The final paragraph focuses on affiliate marketing as a means of generating passive income. The speaker describes how Jim used niche blog websites to earn affiliate income by recommending products and earning commissions on sales made through affiliate links. The paragraph also discusses the speaker's own experience with affiliate marketing as a secondary income source for their YouTube channel. The speaker suggests that affiliate marketing can be a 'lazy' way to earn money if done correctly and invites viewers to request a dedicated video on the topic if interested. The paragraph concludes with a call to action for viewers to like and subscribe to the channel, emphasizing the community and the value of the information shared.
Mindmap
Keywords
💡Income Streams
💡Passive Income
💡Dividends
💡Dividend King Stocks
💡Brokerage Account
💡Passive Side Hustles
💡Real Estate Crowdsourcing
💡REITs (Real Estate Investment Trusts)
💡Affiliate Marketing
💡Niche Blogs
Highlights
The speaker has established four income streams that generate money while they sleep.
These income streams are accessible and easy to set up for anyone, not requiring exceptional intelligence.
The potential earnings from these streams can be life-changing.
A story is shared about meeting a multi-millionaire who owns a commercial real estate construction company.
The multi-millionaire's wealth was not built solely by his construction company but also through other income streams.
Many millionaires use similar income streams, suggesting their effectiveness and accessibility.
The first income stream discussed is receiving dividends from owning shares in companies.
Dividends are 'many paychecks' sent by businesses to shareholders.
Examples of companies that pay dividends include Apple, Microsoft, Coca-Cola, and PepsiCo.
To start earning dividends, one needs to open a brokerage account and invest in dividend-paying stocks.
Dividend King stocks are recommended for their consistent and increasing dividend payments over 50 years.
Passive income streams can be built through various methods, such as side hustles, selling courses, or creating content.
The multi-millionaire's passive income included hiring high school students to record youth soccer games for parents.
Passive income should be scalable and low overhead, like starting an Etsy shop or a YouTube channel.
Real estate can be a significant source of passive income, even without owning physical properties.
Real estate crowdsourcing and REITs (Real Estate Investment Trusts) are recommended for those starting in real estate investing.
REITs pay dividends similar to stocks, providing a passive income stream from real estate investments.
Affiliate marketing is another income stream where one earns commissions by recommending products.
Niche blogs or YouTube channels can be effective platforms for affiliate marketing.
Affiliate marketing can be a secondary source of income, as demonstrated by the speaker's YouTube channel.
Transcripts
when I go to sleep at night I can rest
easy knowing that as I'm sleeping my
pockets are continuing to get filled
with money that is lots and lots of
money and that's because I've set up
four income streams that work for me 24
7 even while I'm sleeping and the best
part is that it doesn't take a genius to
start these income streams no these are
four insanely lazy ways that any normal
person can make money while they sleep
and all of these income streams are very
easy to set up and can potentially make
you life-changing money and so if you
consider yourself to be a normal person
then these next 10 minutes could
literally be game changing for you now
don't worry we're going to talk about
exactly what these four income streams
are but I want to tell you a story so
several years ago I had the privilege of
meeting this multi-millionaire through
an acquaintance of mine and this guy
owned a commercial real estate
construction company and so he was
insanely wealthy and I remember we're at
this guy's house and his house was
absolutely beautiful and I'll never
forget it okay so in the kitchen they
have this big tray of these like
perfectly seasoned juicy Kobe beef
steaks and they're just tossing these
steaks on the grill and passing them out
like it's nothing and just in case you
don't know one of these Stakes can cost
anywhere from like 100 to 200 for a
single 12 ounce steak but anyways fast
forward a little bit I got acquainted
with this guy and I decided one day to
send him a text message and so I asked
him I said hey Jim that was his name his
name was Jim Ernest okay so I said Jim I
don't want to be rude or anything but
I'm really hungry for more of those Kobe
beef steaks and that's that's not what I
said okay I said I'm really hungry to
know how exactly you built your wealth
like I'm just really curious because I
want that for myself as well and at the
time I was just turning about 19 or 20.
and so a couple hours goes by and I'm
getting nervous because I'm like I hope
I didn't ask the wrong question but
eventually he replies back and he says
Hey Joshua I appreciate the question I
appreciate your forwardness my biggest
source of income right now is through my
construction company but that's not
actually how I built my wealth to begin
with and that's that's when I got really
intrigued because if his only source of
income was through his Construction
Company then little Joshua didn't have a
chance because that was way out of my
league fortunately though what he did
end up saying were a few things that
were not not out of my league and he
also alluded to the fact that many of
his millionaire friends also had all
these income streams in some form and so
obviously their income streams that are
profitable enough for millionaires to
continue using them but they're easy
enough to start that a regular person
can start them and so now I'd like to
talk with you about exactly what these
income streams are and how you can start
building them for yourself so the first
income stream that he talked about were
the many paychecks that businesses would
send him on a regular basis now this
isn't like Mafia level stuff right he
wasn't going around to different
businesses whacking people for not
paying him his cut no let me put it this
way okay imagine a company like
Coca-Cola that's been around since like
1892 decides you know we've been
building this company for over 100 years
now and we make too much money I think
that we want to start rewarding people
for buying our stock and so when you go
and buy shares of Coca-Cola stock at 50
a share or whatever it's currently
trading at Coca-Cola will start sending
you what I like to refer to as many
paychecks and some of you might know
them as just being called dividends and
so the way this works is many companies
that trade on the stock market will will
pay their shareholders these mini
paychecks or these dividends just for
owning shares of their stock and large
companies like Apple at T Microsoft
Coca-Cola PepsiCo and hundreds of
America's largest companies pay their
shareholders these micro paychecks and
so the question becomes how exactly can
you start making this income stream work
in your life like how can you set it up
so that when you go to sleep at night
you know that you're continuing to make
money because Tim Cook at Apple is
writing checks for you while you sleep
here's how you do it the first thing you
need is a brokerage account I recommend
going with either Weeble Fidelity
Vanguard or M1 Finance of those four
Weeble is probably the most user
friendly if you're new to buying stock
plus right now if you open up an account
with Weeble and deposit just one penny
we will give you 12 free stocks valued
up to thirty six thousand dollars next
once your account is open you'll do some
research to figure out what companies
actually pay dividends now I'd
personally recommend that you only go
with dividend King stocks these are
stocks that have a strong history of
paying consistent increasing dividends
for 50 consecutive years or more and
here's a list of some of the best
dividend King stocks feel free to pause
the video here and write some of these
down next once you've selected which
dividend King stocks you want to
actually invest in you're going to go
into your brokerage account and actually
buy those stocks now the good thing is
that with Brokers like Weeble you can
buy fractional shares of these stocks
and so this means if you wanted to start
receiving paychecks from say apple but
you didn't have 150 to spend on Apple
you could just buy a fraction of that
150 share as little as one dollar and
then after you buy the stock that's it
you just wait and then every month or
every quarter whenever the stock pays
dividends you'll receive paychecks
directly to your brokerage account which
you can use for whatever you want and
believe it or not some people can even
live off of the dividend paychecks they
receive and never have to work it does
take time to build this type of
portfolio up but a lot of people do it
now if you'd like me to make a dedicated
video about this about how you can live
off of your dividend paycheck drop a
comment down below and say Yes Joshua I
would love a video about dividend
paychecks and leave a heart emoji or
something so that I know you mean it
anyways the next income stream that Jim
talked about that contributed to his
wealth and allowed him to make money
passively was having passive income
stream now Jim specifically had this
business where he would hire these high
school kids and he would have these high
schoolers go out to these youth soccer
games and record the games for the
parents and these parents would pay a
lot of money to have you know a high
quality video of their little Sammy
running up and down the field playing
soccer and this was all completely
passive for Jim right because remember
he hired the high school kids to
actually record the games for him and
all Jim had to do was just collect
payments from all the parents who wanted
to buy a DVD now obviously I'm not
saying that you should go out and start
you know a youth soccer video company
but what I'm saying is you need to
figure out how you can start building
passive streams of income in general and
this could be from starting a passive
side hustle like the dozens of side
hustles that I talk about on my channel
it could be from selling courses or
writing ebooks or starting a YouTube
channel or anything that's going to
create passive income for you this means
when you go to sleep at night or when
you sit down to watch Netflix or when
you hang out with your friends or go
walk your dog or do whatever it is that
you do when when you're not working
you're still actually making money
because these passive income streams are
always working behind the scenes for you
now I tell people this all the time okay
you want to build passive income streams
that are actually going to be scalable
what exactly does this mean well for
example going and starting a pressure
washing business is not really scalable
nor is it passive right because in this
situation you're having to trade your
time for money you have to physically go
out to properties and do work before you
can get paid now you certainly can you
know make it more scalable and a lot
more Passive by hiring people and then
having those people that you hired go
out and pressure wash for you and that's
exactly what Jim did he went out and he
hired high school kids for cheap to go
and record these soccer games for him so
that he didn't have to use his time to
be at every single one of these soccer
games recording the event it's
definitely an option but it does come
with a cost and so something that I've
always preferred for myself and I would
recommend this for most people as well
is to find passive income streams that
have low overhead things like starting
an Etsy print on demand shop or you
could do things like selling courses on
skillshare or are starting a YouTube
channel these can all be started with
just one person you little to no money
and are very easily scalable and passive
the next passive income stream was one
that Jim said was probably his biggest
source of passive income and that is
real estate but he was really quick to
point out the fact that although he did
own physical real estate a larger
percentage of his real estate portfolio
was actually not in physical real estate
but in a couple of other real estate
Investments and he mentioned two
different real estate Investments that
basically anybody can start with very
little money and both of these real
estate Investments are very lazy and
passive the first real estate investment
that he mentioned was real estate
crowdsourcing this is a method of real
estate investing that connects investors
with real properties through the
internet and the best thing about
crowdsourcing is that you don't need a
lot of money to start investing and so
with crowdsourcing you're using sites
like fundrise to go and invest in real
estate projects and so this could be
anything from single family homes to
entire apartment complexes and different
types of commercial real estate and so
to get started with real estate
crowdsourcing all you would do do is
sign up for a site like fundrise choose
your Investments and start investing
it's super simple completely hands off
and a perfect way to get your money
working for you 24 7. the next Real
Estate Investment that he talked about
was buying REITs or real estate
investment trusts so a read is a company
that owns and operates income producing
real estate and So when you buy shares
of a Reit you're essentially investing
in all of the underlying real estate
that that we own and so this could be
shopping centers hospitals Office
Buildings and even cellular towers now
you may be thinking right now yeah but
Joshua how exactly does a Reit pay me in
my sleep well very similar to dividend
paying stocks REITs also pay a monthly
or quarterly dividend plus just like
stocks reitsar also bought and sold on
the stock market and so they're
extremely easy to invest in all you
would do is go to your brokerage account
type in the name of the read that you
wanted to invest in buy shares of it and
then from that point you'll start
receiving dividend paychecks whenever
the Reit pays dividends which is
typically every month or every quarter
and so yes Jim did own physical real
estate but he also owned a lot of REITs
and he did a lot of investing using
crowdsourcing websites and the last
source of income that Jim mentioned was
affiliate marketing and what he did
specifically was a built and ran Niche
blog websites that generated affiliate
income now I don't know exactly what
nisha's his blogs were in but an example
of this would be like a gardening tips
blog an entire blog dedicated to
gardening right how to grow the biggest
and juiciest Tomatoes what type of
fertilizer to use to make your tulips
big and tall and then inside of that
blog because you're talking about one
subject and you're becoming an authority
on that subject and you're building
trust with your audience you would
recommend products and services within
the blog post and so for example perhaps
the best fertilizer to use to make your
tulips grow big and tall is Frankie's
ferocious fertilizer and so you would
mention that fertilizer in the blog post
and there would be a link for the reader
to click on that would lead them to
maybe Amazon or somewhere else where
they can buy that fertilizer however
this link is not just an ordinary link
this is actually an affiliate link and
so anytime a reader clicks on that link
and then proceeds to buy that fertilizer
you're going to receive a small Kickback
or commission for them purchasing that
fertilizer now what I've learned over
the years is that you can either treat
affiliate marketing as a primary source
of income or a secondary source for
example here on my YouTube channel
affiliate marketing is a secondary
source of income I make anywhere between
10 and 15 000 per month with affiliate
marketing but that makes up a smaller
percentage of my total monthly income
for my channel now if I wanted to I
could focus a lot more of my energy on
affiliate marketing to make more money
but I choose to keep that income source
as passive as possible so that I can use
that energy somewhere else now obviously
whenever I can I'll try and post
affiliate links in the descriptions of
my videos but in most cases I'm not like
actively pushing those links in my
videos all the time it's just kind of
this secondary thing in the background
right where if someone happens to click
on my video description and they see my
Amazon storefront for example and they
click on it and they buy a product from
it well great I'll get a small
commission from that but it's not
something that I'm always actively
promoting now if you did run like a
specific Niche blog or even a niche
YouTube Channel then in that situation
it might actually make more sense to
focus more energy on affiliate marketing
especially if that's going to be your
primary source of income now affiliate
marketing is a very broad complex
subject that goes Way Beyond the scope
of this specific video once again if you
guys would like a dedicated step-by-step
video about how to get started with
affiliate marketing drop a comment down
below but generally affiliate marketing
can be a very lazy and passive source of
income that if Done Right can make you a
lot of money and if you have not already
dropped a like down below for the YT
algo or subscribe to the channel I
really don't know what you're waiting
for it would mean the world to me if you
did both those things you guys are all
truly amazing and I appreciate every
last one of you watching I mean that and
I hope that you have a beautiful rest of
your day or night or afternoon or
whatever and as always I will see you
again very soon take care
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