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

Summary

The video discusses nine strategies for generating passive income, including investing in stocks, creating a YouTube channel, starting a podcast, affiliate marketing, selling digital products, offering online courses, establishing a paid membership community, automating a business, and developing software as a service. The creator shares personal experiences and provides a candid assessment of the effort required to start, maintain, and scale each method, emphasizing the importance of providing value and the reality that passive income often requires significant upfront work.

Takeaways

• 📈 Passive income sources require time and effort to build up, with no quick riches guaranteed.
• 💰 The speaker's nine passive income sources generate around $27,000 per week, built over eight years.
• 📚 Writing a book is an example of creating passive income through royalties.
• 🚫 Avoid get-rich-quick schemes; they are scams and do not work.
• 💼 Money is a medium for exchanging value, and providing value is the key to earning money.
• 🔄 Investing in index funds like the S&P 500 can be a relatively easy way to start earning passive income.
• 📊 The difficulty of making $100 a month from stocks depends on market performance and personal savings.
• 🎥 Starting a YouTube channel is easy, but making compelling content and gaining subscribers is challenging.
• 🎤 Podcasts can be easier to start than YouTube channels but growing an audience is harder.
• 🔗 Affiliate marketing is accessible but requires an audience or domain authority to be successful.

Q & A

What are the nine ways to generate passive income discussed in the video?

The nine ways to generate passive income discussed are: 1) Investing in stocks and shares, 2) Starting a YouTube channel, 3) Starting a podcast, 4) Becoming an affiliate marketer, 5) Selling digital products, 6) Creating an online course, 7) Creating a paid membership or community model, 8) Creating a business that sells goods or services and automating or delegating aspects of it, and 9) Building an app, website, or software product as a service.

How much passive income does the speaker generate per week?

The speaker generates around $27,000 per week from their various passive income sources.

What is the average time it took the speaker to build up their passive income sources?

It took the speaker approximately eight years to build up their passive income sources.

What is the speaker's stance on 'get rich quick' schemes?

The speaker strongly advises against 'get rich quick' schemes, stating that they are scams and do not work. They emphasize that the only way to make money is by providing value.

How does the speaker define 'passive income'?

The speaker defines 'passive income' as money that is not directly tied to one's time, such as royalties from a book or returns from investments.

What is the recommended strategy for beginners in stock investing according to the speaker?

The speaker recommends that beginners invest in index funds, specifically mentioning the S&P 500, as it allows for diversified investment across the top 500 US companies.

How many subscribers and watch hours are required for YouTube monetization?

To be eligible for monetization on YouTube, a channel needs 1,000 subscribers and 4,000 hours of watch time.

What is the average revenue per thousand views on YouTube?

On average, the revenue per thousand views on YouTube is around $2.

How much does the speaker make from their YouTube channel in passive income per month?

The speaker's YouTube channel generates around $12,000 per month in passive income from YouTube AdSense.

What is the speaker's advice for starting an online course?

The speaker advises that starting an online course is relatively easy but making it good and getting people to pay for it is the challenge. They recommend using platforms like Skillshare, which do not require direct charging of the end-user.

How does the speaker describe the difficulty of starting a membership program?

The speaker describes starting a membership program as very easy, giving it a one-star rating. However, making $100 a month from it is quite hard, earning a four-star rating due to the need to provide significant value.