7 Passive Income Ideas - How I Make $67k per Week
Summary
TLDRThis video script debunks the myth that money doesn't grow on trees and offers seven strategies for generating passive income. It covers investing in dividend stocks, automating a side hustle, creating online content, private investing, affiliate marketing, developing digital tools, and renting out personal assets. The speaker shares personal experiences and provides practical advice on how to succeed in each method, emphasizing the importance of understanding the market, building digital assets, and leveraging existing resources for financial freedom.
Takeaways
- 💰 The traditional narrative of working hard for a lifetime to retire is not the only path to financial success.
- 🌳 The concept of 'Money doesn't grow on trees' is a myth that can be debunked through understanding passive income.
- 📈 Passive income is a way to generate money without actively working, such as through dividend stocks.
- 🏆 Dividend stocks, especially those from 'dividend kings' and 'dividend aristocrats', can provide a reliable stream of income.
- 🚀 To create passive income, consider building digital assets like blogs, courses, or online products.
- 📊 Investing in the stock market requires capital, but the right dividend stocks can yield significant returns.
- 🔄 Private investing allows you to get in on the ground floor of promising businesses, potentially leading to high returns.
- 💼 Affiliate marketing can be a lucrative way to earn money by promoting products you believe in.
- 🛠 Creating a digital tool or software can lead to a subscription-based income model.
- 🏠 Renting out assets you already own, like a driveway or spare room, can provide a source of passive income.
Q & A
What is the biggest lie young people are told according to the transcript?
-The biggest lie young people are told is that 'Money doesn't grow on trees,' which implies that they should follow the traditional path of getting a job and a mortgage.
What is the speaker's perspective on making $67,257 per week?
-The speaker suggests that making such an income isn't about getting a high-paying job or starting a side hustle, but rather about creating passive income streams.
What is the difference between passive income and a bonus according to the speaker?
-Passive income is actual money flowing into your bank account every month without the need to sell the asset generating it, while a bonus is a one-time gain, like the increase in stock value.
What are dividend stocks and why does the speaker consider them a form of passive income?
-Dividend stocks are shares in companies that pay out a portion of their profits directly to shareholders. The speaker considers them a form of passive income because they provide a consistent income stream without the need to sell the stocks.
What are the three categories the speaker uses to rate the ideas for passive income?
-The categories are: the amount of time required, the amount of money needed, and the ease of making a hundred dollars per week.
What is the speaker's recommendation for an investing app in the USA and Europe?
-The speaker recommends moomoo for the USA and Lightyear for the UK and Europe.
How does the speaker differentiate between dividend kings, aristocrats, and working class stocks?
-Dividend kings are stocks that have increased their dividends for 50 years, dividend aristocrats have done so for 25 years, and the working class are those that may become aristocrats or kings but are harder to predict.
What is the speaker's advice for someone starting out with little money to make passive income?
-The speaker suggests using time instead of money by focusing on building a digital asset, such as a blog, manual, or online course, and then monetizing it through the internet.
What is the speaker's opinion on the importance of choosing a niche for content creation?
-The speaker believes that choosing a niche is crucial because it helps to specialize and stand out in a competitive market, making it easier to attract a dedicated audience and sponsorship opportunities.
How does the speaker describe the process of creating a digital tool for passive income?
-The speaker describes it as a time-consuming process that involves identifying a problem, developing a solution, testing, and iterating. It requires a significant investment of time and potentially money, but can lead to a consistent stream of passive income.
What are some examples of assets that people can rent out for passive income?
-Examples include driveways, storage spaces, vehicles, camping equipment, camera gear, garages, spare rooms, and even money through peer-to-peer lending platforms.
Outlines
💰 Debunking the Money Myth
This paragraph discusses the common misconception that money doesn't grow on trees and challenges the traditional path of getting a job and a mortgage. It introduces the concept of passive income as a way to earn money without working constantly and suggests seven ideas for achieving this, starting with investing in dividend stocks. The speaker emphasizes the importance of choosing the right stocks and understanding the hierarchy of dividend-paying companies, such as dividend kings and aristocrats.
🚀 Automating a Side Hustle
The speaker explains how to turn a skill into an automated side hustle using the internet. They suggest identifying a niche and creating a digital asset like a blog, manual, or online course. The paragraph highlights the use of tools like Hostinger for building a website and promoting the digital product on social media, particularly through TikTok. The speaker rates the time, money, and effort required for this idea and provides a step-by-step guide to making a hundred dollars per week.
🎥 Making Online Content
This section focuses on the potential of making money through online content creation, drawing a comparison with traditional media. The speaker advises on the importance of understanding how content creators make money through advertising and emphasizes the need for good content designed for algorithms. They also stress the importance of picking a niche and creating consistent content to attract sponsorships. The paragraph concludes with the speaker's personal experience and advice on content creation.
🧵 Private Investing
The speaker introduces private investing as a way to invest in early-stage businesses, comparing it to the TV show 'Shark Tank'. They differentiate between 'sharks' and 'angels' as types of private investors and discuss the process of finding a business to invest in. The paragraph also mentions the importance of understanding the business's exit strategy and how to make passive income through private investments. The speaker shares their personal experience and provides a rating for the time, money, and effort required.
🔗 Affiliate Marketing
Affiliate marketing is presented as a simple and profitable way to make money online. The speaker uses the example of a bank promotion to illustrate how affiliate marketing works and emphasizes the importance of choosing a niche and having persuasive skills. They discuss the process of becoming an affiliate, promoting products, and the potential earnings. The paragraph also includes advice on providing value to the audience and the time and money required for affiliate marketing.
🛠️ Creating a Digital Tool
The speaker shares the story of a friend who became a multimillionaire by creating a digital tool for membership organizations. They discuss the process of identifying a problem, choosing the target customers, and adapting the tool based on feedback. The paragraph highlights the time and money required to create a digital tool and the potential for it to generate passive income. The speaker also provides advice on partnering with a coder and attracting angel investors.
🏠 Renting Out Your Stuff
The speaker suggests making passive income by renting out personal assets, such as a driveway, storage space, or a spare room. They mention various platforms for renting out items and discuss the potential risks and the importance of insurance. The paragraph provides a rating for the time and money needed to rent out assets and explains how easy it is to make a hundred dollars per week through this method.
Mindmap
Keywords
💡Passive Income
💡Dividend Stocks
💡Automated Side Hustle
💡Content Creation
💡Private Investing
💡Affiliate Marketing
💡Digital Tool
💡Renting Out Assets
💡Peer-to-Peer Lending
💡Time Investment
Highlights
The traditional narrative that money doesn't grow on trees and the need to work hard to earn it is a lie often told to young people.
Passive income is a way to make money without working day in, day out, which is key to financial freedom.
Investing in dividend stocks is a form of passive income where you receive a share of company profits without selling the asset.
Dividend stocks are ranked in a hierarchy with dividend kings at the top, having increased dividends for 50 years, followed by dividend aristocrats with 25 years.
To make significant passive income from dividend stocks, a substantial initial investment is required.
Automating a side hustle by creating digital assets like blogs, manuals, or courses can turn a skill into a passive income stream.
Hostinger is recommended as a platform for building and hosting a website for an automated side hustle.
Creating online content, such as YouTube videos, can generate passive income through advertising and sponsorships.
Private investing allows individuals to invest in early-stage businesses, potentially leading to high returns.
Affiliate marketing can be a profitable way to earn money online by promoting products and earning a commission on sales.
Creating a digital tool can lead to a consistent stream of passive income, especially if it's subscription-based.
Renting out personal assets like driveways, storage spaces, or equipment can generate passive income with minimal effort.
Peer-to-peer lending platforms allow individuals to rent out their money and potentially earn a return on their investment.
The importance of choosing a niche and creating valuable content for a targeted audience in content creation.
The concept of 'stealing like an artist' in content creation, which involves taking inspiration from various sources and combining them with your own ideas.
The potential for content creators to earn a significant income through their channels, as demonstrated by the success of traditional media.
Transcripts
The biggest lie young people are told when they're 18, 19,
and 20 is "Money doesn't grow on trees."
This process starts in school when we're taught to follow
the traditional path of getting a job and a mortgage,
which leads to working every hour of the day
just to earn enough money to retire at 67,
and finally die.
Let's be real for a second.
Do you think that's how I make $67,257 per week?
There is clearly something else going on,
and no, I'm not talking about getting a high paid job
or starting a side hustle.
To achieve this,
you need a way of making money that doesn't rely
on you working day in, day out.
It's called passive income,
and here are seven ideas I strongly suggest you consider,
along with my ratings of each.
Idea One, invest in stocks.
There's a bit more to this than just invest
in the stock market and you'll make passive income.
I mean, I can see why people might think this,
because let's say you buy a share in a company
and it goes up in value.
Technically, you've generated some money
without doing anything,
but in order to actually get your cash out,
you have to sell your stock.
Some will consider this passive income,
but instead I just think of it as a bonus
and not something to rely on.
I consider passive income as nothing less than actual money
flowing into your bank account every month without the need
to sell the asset that's making you the money.
That's why the only form of stock market investing
I consider to be real passive income is dividend stocks.
These are chunks of companies you can buy.
Think Starbucks, Pepsi, and McDonald's,
and in return for owning them,
you get a share of the profits paid directly
into your pocket, as well as benefiting
from the stock going up in value as a bit of a bonus.
They're one of the easiest ways to make money
on a consistent basis with absolutely no work.
Well, that's as long as you pick
the right ones to invest in.
I strongly suggest you listen to this next part carefully
so you avoid making any crucial mistakes.
To help you sort the good from the bad,
dividend stocks are ranked in a kind of social hierarchy.
At the top you have dividend kings.
These are stocks that have not only paid a dividend
but actually increased it for 50 years in a row.
Under that, you have the dividend aristocrats.
These are the stocks that have increased their dividends
for 25 years.
That's where the official definition stops,
but I like to think of the stocks under this
as dividend working class.
Sure, some of them will eventually become
aristocrats and kings,
however, it's very hard to tell which ones will make it.
I'd be very cautious with these as a lot of people get drawn
in by companies offering extremely high dividends.
I can understand why, but remember,
as much as it's about the amount of money
you're being paid, it's also essential
that it's sustainable long-term.
So you can easily compare these seven ideas,
I'm gonna rate them in three different categories.
Firstly, how much time does dividend investing take?
I'll rate this, say, one out of five,
as all you have to do is download an investing app,
deposit some money and buy a few dividend stocks.
Look, this isn't financial advice,
but some apps I'd recommend are moomoo for the USA
and Lightyear for the UK and Europe.
Apps like these often give out free stocks for joining,
so if I find any,
then I'll pop them down in the description below.
Secondly, how much money do you need?
I'll give this a five out of five.
As it's so quick to do, the trade-off is that you need
a lot of money invested to make a significant income.
Thirdly, how easy is it to make a hundred dollars per week?
This also gets a five out of five.
Let's do the maths.
As dividends are calculated on a yearly basis
and are paid out at the end of each quarter,
let's first work out how much money you need per year,
which is pretty simple.
There are 52 weeks in a year,
so let's multiply that by a hundred,
which gives us $5,200.
Now, let's say we invest in one of my favorite companies,
Starbucks, who currently pay an annual dividend of 2.4%.
In order to make $5,200 per year,
or a hundred dollars per week,
you would need to invest a grand total of,
wait for it, $216,666.
Now, I know what you're thinking.
This sounds great for people that already have money,
but what if I'm just starting out?
In that case, it's a much better idea to use your time
instead of your money to make passive income,
which is what the next idea is all about.
Idea Two, automate a side hustle.
A lot of people don't understand the difference
between a job and an automated side hustle.
When I was younger, I had a friend called Jamie
who had a small dog training business.
He was fantastic at what he did.
I remember seeing him tame the craziest of dogs.
One day when we were sitting in the park,
I asked him how much money he made,
and I was surprised to find out he was only just getting by.
It didn't really make sense to me how such a skilled person
who obviously had a lot of value to give
was unable to make the money he deserved.
If we put aside the fact that he probably
wasn't charging enough, we get to the real issue,
which was the business model.
He only had a limited amount of hours he could sell
and dogs he could train.
Therefore, he could only earn so much
before his potential was capped
as at the time there was no way to automate and scale it.
But now we have the internet,
these little side hustles can become much more passive
and make a lot more money.
So how do you go from having a skill like Jamie to having
an automated side hustle?
Well, here's the steps I'd take,
and I'm pretty sure I could turn a small side hustle
like Jamie's into a million-dollar business nowadays.
Firstly, you have to identify what you're really good at.
Ideally, you should have some kind of unfair advantage,
but this is where the majority of people get caught
in the same trap as Jamie,
as they start to sell every minute of their time
for a small amount of money.
Instead, you need to focus every waking hour
on building a digital asset of some kind.
For Jamie, this could have been a blog
where he talked about training dogs,
a manual for owners to train their own pets,
or a course that teaches other people
how to start a dog training side hustle.
Secondly, when you've decided what kind of digital asset
you want to build,
you have to put it on the internet
so that your future customers can find it.
The best solution I've found for this is a tool
called Hostinger, which is an all-in-one platform.
I'm talking hosting, website builder, logo maker,
and free domain name with annual plan.
I'll personally choose this
as the drag-and-drop website builder makes it so easy,
as I don't have any coding skills.
Then it's just a case of effectively advertising
your digital product on social media.
I'd highly recommend making viral TikToks about your product
as you can reach so many people
without too much time and effort.
So, how much time does automating a side hustle take?
Well, if you're doing it on your own,
I'd give it a five out five
as it does take a while to build a digital product,
and then you have the added headache of making a website.
However, if you do decide to use something like Hostinger,
then I'll give this a three hour five,
as you don't need to worry about having any technical
or design skills for the website
as you can just use the built-in AI website builder
to make the website for you.
Or alternatively, you could use the designer-made templates,
which is great news for a boomer like me,
but for the people that are a bit more knowledgeable,
you can further grow your website
by choosing the WordPress option.
Now, let's talk about how much money you need.
I'd give this a one out of five
as this passive income idea
is way more about spending your time than your money.
It depends what digital product you want to build,
but if it's just a course of some kind,
you can do all of that on your laptop
using a program like Canva.
When it comes to hosting it on the internet,
if you get Hostinger's 24-month plan
then it comes out less than $3 a month.
I've actually been using Hostinger for a while now,
so I thought, as I was mentioning it so much in the video,
why not reach out to them and see if I could get a discount?
They actually did get back to me.
So if you use the code Mark Tilbury,
you'll get an additional 10% off.
I'll leave a link in the description below.
Finally, the part that everyone wants to know,
how easy is it to make a hundred dollars a week?
I'd give this a one out of five,
because once you're up and running,
let's say you price your digital product at $25,
all you have to do is make four sales a week
and you've made a hundred bucks.
So within a couple of weeks you can make all your money back
and then start making profit.
This is easy enough if you're posting
TikTok videos every day.
You might even get a really viral one
and end up making way more sales
than you initially expected,
and that brings me perfectly onto Idea Three,
make online content.
For decades, millions upon millions of dollars
have been hoarded by the traditional media.
I'm talking about the radio stations
and television networks.
The public had no idea how much money was in advertising
until YouTube opened their doors for the public
to create their own content.
Then the curtain was well and truly lifted.
The traditional media hate it,
and that's why every opportunity
they try and discredit social media.
The people leveraging online content are dipping their hands
into the previously extremely guarded money pot
and rightfully taking their fair share.
It still shocks me how some people don't understand
how content creators make money.
I mean, the concept of advertising is hundreds of years old
and online ads are far more trackable
than just putting a random advert on the TV
and hoping it increases a business' sales.
Here's the best piece of advice I've received
about social media.
It's not if you do it, it's how well you do it.
So how can we use it to make money?
Well, it's like I previously mentioned.
You can start a YouTube channel,
and once you reach a thousand subscribers
and 4,000 watch hours,
you can start getting paid from the adverts on your videos.
Whenever I say this to people,
they come back with something like,
"Well, the people that succeed are just lucky."
Maybe this was the case a couple of years ago,
but now if your content's good
and designed for the algorithm, you will be successful.
The harsh truth is, too many people think their content
is good when it's actually just terrible,
and no one wants to tell them this.
This is because they only ask family and friends
who sugarcoat the truth to protect their feelings.
If you want an honest judgment,
you need to ask people who don't care about offending you.
Care more about people who don't care about you.
It's best to pick whatever you feel
the most comfortable with, be that writing, taking photos,
speaking into a microphone, or recording a full-blown video.
As long as you can capture people's attention,
then you're onto a winner.
It's also worth mentioning
that picking a niche is important.
In the early days of the internet,
you could get away with talking
about anything and everything,
but now there is so much competition that you need
to specialize in something in particular.
Think about it like your favorite TV show.
Every time you tune in, you kind of know what to expect.
Similar characters, locations, and storylines.
So you wanna make sure your viewers know what kind
of content you produce and put it out on a regular basis.
This also makes it a lot easier for you
to attract sponsorship opportunities.
I like to think of every video I put on this channel
as a little asset that will make me money for years to come.
It also helps that it's extremely fun to make content.
So how much time does content creation take?
I'm gonna give this a five out of five rating
as it's one of the most time-consuming things in the world.
I'm not gonna beat around the bush,
but making content is a long, hard process.
I mean, this video has probably taken us
more than five days to produce.
However, the upsides are worth it in my opinion.
Just think, the harder that something is to do,
the less competition you actually have.
Now, how much money do you need?
This is a one out of five
as you really don't need much to start.
I see way too many people buying the latest equipment
or going on crazy long courses
to learn how to create content.
This is a terrible idea.
You just need to become an avid consumer
of whatever you want to create.
Take the good parts from all of those different things
and then mix them with your own ideas.
There's a great book about this called
"Steal Like an Artist."
Most importantly, how easy is it to make
a hundred dollars a week?
Well, this has to be a one out of five too.
Within a couple of months of starting
this YouTube channel,
it was able to make more than a hundred dollars per day,
and you can do the same.
No wonder the traditional media wanted to hoard
all this money for themselves.
The opportunity is insane.
Idea Four, start private investing.
Now, I want you to imagine you're an investor
on "Shark Tank."
An entrepreneur walks in with an incredible business
you think you can help with,
and they're looking for some money to expand.
You have the opportunity to get in on the ground floor
of this business.
Are you gonna take the risk?
How about if you're having a conversation
with a family member and they share their plan
for a world-dominating business
and they just need a small amount of money to start?
If you answered yes,
then private investing could be for you.
Your first step is deciding which kind
of private investor you are.
There are two main types, sharks and angels.
Some stay angels and some morph into sharks,
but it'll help you to know the difference.
Angels often invest in businesses run by friends and family.
They often don't have lots of money
nor an interest in taking control of the business.
They're generally seen as nicer and more forgiving,
hence their name.
On the other hand, sharks may invest small amounts
of money but have deeper pockets.
They may also seek a controlling interest at the start
as they're confident their expertise
can make the business more profitable
and therefore grow their investment.
I'm personally more inclined towards the shark end
of the spectrum as I like to have as much control
over my investments as possible.
But whichever private investment strategy you pick,
you can also combine it with content creation.
Believe it or not, the actor Ryan Reynolds
is a great example of this.
He's one of the smartest people on the planet right now,
and I'm not exaggerating.
He's extremely good at playing the everyday guy,
but under the mask,
he's a business-savvy venture capitalist
with many multi-million dollar exits under his belt,
giving him a net worth of over $350 million.
He finds interesting companies,
offers to buy a small percentage as an angel investor,
uses his social media to drive up the value,
and then when the company sells,
he gets a huge check for tens of millions of dollars,
and this is almost all passive income.
It's genius.
Now, of course, Ryan is a worldwide star,
but you can replicate this strategy on a smaller scale
and use it to make a lot of passive income.
I mean, even if you could replicate 1% of his success,
that would give you a net worth of $3.5 million.
So how much time does private investing take?
I'm gonna give this a 2.5 out of five
as it takes a while to find a business
that you really believe is worth investing in.
Don't just jump into anything.
Take your time and carefully consider
if you can see that business being successful in the future.
You also have to ask the entrepreneur how dividends
will be paid and their ultimate exit strategy
as that's how you're gonna get the majority of your money.
The actual investing part doesn't take long
as it's just a case of handing over the money
and being assigned your percentage of the business.
Now, how much money do you need?
I'm gonna give this a three out of five,
as it really depends on the business
that you're investing in.
I've personally invested anywhere between a thousand
and a hundred thousand dollars.
Of course, the earlier you get in,
the less you're going to have to invest,
but also the more risk you're taking.
So you have to decide how much risk you're willing to take.
If you do this,
I'd also recommend making more than one investment,
as I've often found that one good investment
can make up for nine bad ones.
But importantly,
how easy is it to make a hundred dollars a week?
I'm gonna rate this a two out of five as it really depends
on your negotiation skill and how much you invest.
I've invested 5,000 in a business
and helped them to upgrade their equipment
as well as helping them grow their client base.
I started making it an easy hundred dollars
per week in dividends.
The more value you can offer,
the more you'll get in return as you are taking money
out of the entrepreneur's pocket,
but instead helping to grow the pot of money for everyone.
Idea Five, become an affiliate marketer.
I remember when recently a big bank had a promotion.
My son's girlfriend sent a signup link
to all of her friends,
letting them know if they downloaded the app,
they could get a free $10.
She was shocked by the results.
Every few hours a new friend had signed up
and thanked her for the free cash.
Before she knew it,
30 of her friends had signed up using the link
and she'd hit the limit.
But she wasn't just doing this
out of the kindness of her heart.
Although she is a kind girl.
She also got paid $10 for everyone that signed up,
meaning that day she made $300
just sitting in the bed texting a few people.
Just imagine if there wasn't a limit.
She could have made far more.
This is essentially affiliate marketing,
but real affiliate marketing doesn't have a limit,
so you can make as much as you want.
It's considered to be one of the simplest,
yet most profitable ways to make money online
as it doesn't require you to have any extra skills
or previous experience.
All that's typically needed as an affiliate is a passion
for your niche and strong persuasive skills.
Think about all the products you love
and maybe even use on a daily basis.
The chances are that other people
will also like those products,
and you are the perfect person to sell it to them.
Most big companies have an affiliate scheme,
so all you have to do is go onto their website
and do a bit of digging.
If you can't find anything,
then it's worth reaching out to them directly
and asking if you can become an affiliate.
There are also websites like impact.com
where you can see a lot of different affiliate schemes
that you can easily sign up for.
Now, you have to make some noise.
You can do this by writing blogs,
using social media or posting reviews.
You may have already seen this done on TikTok
with those videos about Amazon products you need to buy.
Every time someone buys through your link,
you as the affiliate marketer receive a kickback
and make a profit, but bear in mind if you're doing reviews,
you should actually purchase the product and test it.
Using it over a period of time
and reporting your findings will make sure your content
is useful and genuine.
One thing to keep in mind before you start
affiliate marketing is to consider
how you can provide value to your audience
that exceeds what you get in return.
So how much time does affiliate marketing take?
I'm gonna give this a 3.5 out of five.
I'm not gonna lie.
It's gonna be hard to begin with,
so it's important to have realistic expectations.
While it is a great way to make money online,
it's not a get-rich-quick scheme.
It requires patience and a willingness to learn.
It's totally understandable to feel discouraged
if you don't see results right away,
but keep in mind that success in this field takes time.
You need to build trust with your audience
and create valuable content for them.
Now, how much money do you need?
This gets a one out of five
as you don't need any money whatsoever.
That's assuming you already have a phone or a laptop
you can use to access the internet and make your content.
But how easy is it to make a hundred dollars a week?
I'm gonna give this a two out of five.
If we take the example of my son's girlfriend,
she was kind of doing affiliate marketing
without even knowing,
and she managed to make $300 in one day.
Of course, this wasn't very passive
as she was texting people.
However, once you have your content up and running,
it'll do most of the heavy lifting for you.
It's been reported that affiliate marketers earn an average
of $66,029 per year passively,
with earnings ranging from 35,000 up to $124,000.
Idea Six, create a digital tool.
My best friend decided to do this,
and now he's a multimillionaire who spends more time
on vacation with his wife than he does at home.
He noticed a gap in the market for a digital tool
that helped large membership organizations
keep track of all their customers' data.
At first, he decided to sell his software
as a one-time purchase.
However, he always had to search for a new customer.
When he made the switch to a subscription-based model,
he was able to make a very predictable
amount of passive income every month.
Well, I say passive income.
Of course, he still had to offer support to his customers,
but eventually he hired people to do this for him
and was completely hands-off.
He later went on to sell his business for multiple millions.
Before you start thinking you have to be some kind of nerd
to create a digital tool, hear me out.
The most important thing to do is to identify a problem
that needs solving.
Often you find people who have the ability to code
aren't that creative and need a lot of direction.
So if you can't code, then you can be the ideas person,
the business brain behind the talent.
You then need to pick the customers your software
is going to serve.
There are two main categories, business or consumers.
Serving other businesses is often seen
as the least risky and you can make
more money per customer.
When you've got this,
you'll really be able to see how people respond
to your solution.
You've got to make sure you aren't too attached
to your ideas as you may find
it doesn't actually fix the problem you intended.
Therefore, it's very important to be able
to adapt your digital tool after receiving criticism.
Even if this isn't something you think
you can start right now,
it's worth just noting down problems you see businesses
are facing just in case you stumble upon a solution
no one has thought of before.
So, how much time does creating a digital tool take?
I'm gonna give this a five out of five.
Not only does the process of coming up with the idea
take a long time,
so does the testing and the building of the tool.
So if you decide to go down this route,
I don't want you to be under any illusions.
Make sure you don't sink years into building the final tool
before testing it though.
I've seen way too many people do this and realize
they've actually just ended up wasting years of their life
on something no one wants.
But like I mentioned with my friend,
if you do manage to build an amazing digital tool,
then it will pay you a consistent stream of passive income
and you'll have the added benefit
of being able to sell it for potentially millions.
Now, how much money do you need?
I'm gonna give this a 3.5 out of five
as making anything like this
is gonna cost you a decent amount of money.
However, there are two things you can do
to bring down your costs.
Firstly, you can partner with a coder,
and therefore you won't have to pay for his time,
but you will have to give away equity.
Secondly, once you've made your first version
of your product or MVP, if it's good,
you'll start to get some interest from angel investors.
At this point, you have to make the decision
to either keep using your own money,
known as bootstrapping, or take on investment in return
for giving away equity in your business.
But the big question,
how easy is it to make a hundred dollars per week?
This is a one out of five.
If you manage to build and fund it to the stage
where it can be released to the market
and were to price your subscription at $20 a month,
then you'd only need 20 paying customers
and you'll be making a hundred dollars a week.
Of course, you will have other expenses,
but these will be limited to customer support
and software updates.
It's also likely you'll charge a lot more than $20 a month
and have a lot more than 20 customers.
I must spend at least a thousand dollars a month
on digital tools, so the money's definitely out there.
So we've talked about investing in assets
and building your own,
but one thing that often gets overlooked
is actually making money from the assets you already own,
which brings me onto Idea Seven, rent out your stuff.
Most people don't realize that they're sitting
on a gold mine and could already own
what they need to make some passive income.
I remember a few years ago,
one of my friends revealed to me
that he was struggling to pay his bills.
I then suggested that he rented out his driveway
to make some passive income.
He looked at me and laughed, but then a few weeks later,
he texted me back and said it was working amazingly.
This is because he lived near Bromley Train Station,
which meant he could charge people $70 a week
to leave their car in his drive
when they went to London to work.
He had capacity for two cars,
so he was actually able to make $140 a week
in extra passive income.
I'm aware not everyone has a driveway to rent out,
but most people have something they could use to make money.
Make a list of everything you own
and see if anything jumps out at you.
A few ideas that come to mind are storage space
such as an attic or a basement, a vehicle,
camping equipment, camera gear,
a garage or a spare room in your house,
or dare I say it, money.
Of course, you could always go down the route
of buying a second property to rent out,
but you would need a considerable amount
of money to do that.
The world is definitely becoming more familiar
with renting things as things
are getting more increasingly expensive.
Renting out your stuff can be a great way
to actually justify buying the asset in the first place.
I mean, if I knew that an expensive camera
would pay for itself after a certain amount of rentals,
didn't it make sense to buy it?
Once you thought of what you can rent to others,
all you need to do is find an app that matches you
with potential customers.
There are so many of these.
In the past, I've used Fat Llama to rent camera equipment
and camping gear, Turo to rent vehicles
and Airbnb to hire filming locations.
Peer-to-peer lending platforms also make it possible
for you to essentially rent out your money to others.
While it does involve some risk,
many lenders have successfully generated
a nice income from this investment.
For example, Prosper, one of the leading platforms,
has an average historical return of 5.4%.
So, if you're willing to take a bit of a risk,
this could be a great option to explore.
So, how much time does renting something out take?
I'll give this a one out of five,
because all you have to do is take a few pictures
and upload them to an app or a website
that does all the work for you.
The biggest drawback of this is the potential risk involved.
Not everyone will take the same degree of care
with your items as you would.
That's why having some kind of insurance is important.
Normally, this comes with the platform
that you decide to use.
Now, how much money do you need?
I'll also give this a one out of five
because if you're just renting out things you already own,
it's not gonna cost you anything.
The only cost will be if you decide
to get separate insurance
or you decide you want to buy things in order
to rent them out.
And the big question,
how easy is it to make a hundred dollars a week?
I'd give this a two out of five
as it's very easy if you have enough assets to rent out.
Most people have a house they can use
to make an extra a hundred dollars a week,
even if that means renting out a driveway or a spare room.
If you'd like to know how you can get ahead of everyone else
this year, then you can watch this video next.
But don't click on it just yet.
Make sure to subscribe if you want to grow your wealth.
Okay, I'll see you over there.
Посмотреть больше похожих видео
9 Passive Income Ideas - How I Make $27k per Week
My 6 Sources Of Income as a Software Engineer
Stock Market for Beginners | Step by Step Guide (2024)
Autopilot Passive Income: 25 Best Ways to Make Money
9 Passive Income Ideas-How I make $7500/Week
Change Your Life In 365 Hours (The New Rich Focus On These Tasks Daily)
5.0 / 5 (0 votes)