10 Passive Income Ideas - How I Make $48k per Week

Summary

This video explores the top 10 passive income ideas, filtering out less viable options like high savings accounts and DVD rentals. It highlights innovative methods such as vending machines, crowdfunded real estate, app creation, and YouTube channels. The top spot goes to online courses, emphasizing their potential for significant, long-term income with minimal effort. The video serves as a guide for those seeking financial freedom through diverse, modern income streams.

Takeaways

• 💰 **Passive Income Opportunities:** There are over 100 ways to earn money passively, but not all are worth pursuing.
• 🚫 **Idea Rejection:** Some passive income ideas like high savings accounts, money market funds, and CD laddering are not recommended due to low returns that can't keep up with inflation.
• 🏠 **Real Estate Shift:** Traditional real estate renting has become less attractive compared to digital real estate platforms, which offer easier management and lower upfront costs.
• 📀 **Obsolete Ideas:** DVD rentals are a thing of the past, made irrelevant by the rise of streaming services.
• 🎨 **Niche Markets:** Idea like main flipping is too specific and requires a unique set of skills and luck, making it unsuitable for most people.
• 🏪 **Vending Machines:** Placing vending machines in high-traffic areas can provide a steady, albeit old-fashioned, passive income stream.
• 🏢 **Crowdfunded Real Estate:** Investing in properties through crowdfunding allows for diversification with small investments, appealing to those looking to avoid traditional real estate hassles.
• 📱 **App Development:** Creating a successful app can lead to significant passive income through ads, in-app purchases, and subscriptions, though it requires initial development and marketing efforts.
• 🎥 **YouTube Channel:** Establishing a YouTube channel can generate passive income from ad revenue and sponsorships, with the potential for long-term earnings as the channel grows.
• 👕 **Print on Demand:** Designing and selling products through print-on-demand services is a low-risk venture, with no inventory costs upfront, but requires effective marketing to succeed.

Q & A

What are some passive income ideas that didn't make the top 10 list?

Ideas that didn't make the top 10 list include high savings accounts, money market funds, CD laddering, traditional real estate renting, and DVD rentals. These were considered less attractive due to low returns, hassle, outdated nature, or specificity.

Why are high savings accounts and money market funds not recommended for passive income in 2024?

High savings accounts and money market funds are not recommended because their returns are often too low to keep up with inflation, making them less attractive for passive income generation in 2024.

How do traditional real estate renting and DVD rentals compare to other passive income ideas in 2024?

Traditional real estate renting and DVD rentals are considered outdated options for passive income in 2024. The former is less attractive due to the hassle and upfront costs, while the latter has become obsolete with the rise of streaming services.

What is the appeal of vending machines as a passive income source?

Vending machines are appealing because they offer a simple and steady stream of income with minimal ongoing effort once placed in high-traffic areas. They require an initial investment but can provide a sweet payoff.

How does crowdfunded real estate compare to traditional real estate investing?

Crowdfunded real estate allows for investment in large properties with a small budget, offering diversification and avoiding the typical landlord responsibilities. It's an accessible alternative to traditional real estate investing.

What are the benefits of creating an app for passive income?

Creating an app can lead to passive income through ads, in-app purchases, or subscriptions. The benefits include the potential for significant revenue and the scalability of the digital market, though it requires initial development and marketing efforts.

Why is starting a YouTube channel considered a good way to earn passive income?

A YouTube channel can earn passive income through ad revenue and sponsorships once a library of videos is built. The key is consistency in uploading and engaging with viewers, which can lead to long-term income potential.

How does print on demand work as a passive income stream?

Print on demand allows creators to design products like t-shirts and mugs without holding inventory. They earn money each time a product is sold, with platforms handling printing and shipping. Marketing is crucial for this low-risk venture.

What are the advantages of selling digital products for passive income?

Digital products like eBooks, online courses, and templates offer the advantage of creating once and selling indefinitely. They are scalable, allowing for sales to unlimited customers without additional costs.

Why is investing in dividend stocks a recommended method for passive income?

Investing in dividend stocks provides a regular income stream as companies pay a portion of their profits to shareholders. It's a reliable method for growing wealth, especially with companies that consistently increase dividend payouts.

How do real estate investment trusts (REITs) simplify earning passive income from real estate?

REITs allow investors to earn a share of a property's income without the responsibilities of being a landlord. They offer liquidity, as they can be bought and sold like stocks, and are required to pay out a significant portion of their income to shareholders.

What makes creating online courses the top passive income idea?

Creating online courses is the top idea because it allows experts to share knowledge and earn income over time with minimal ongoing effort. Once the course is created, the main task is marketing, and the potential for passive income is significant if the course becomes popular.

Outlines

00:00

💼 Exploring Passive Income Opportunities

The paragraph discusses the vast array of over 100 passive income ideas, acknowledging that not all are equally worthwhile. It emphasizes the importance of selecting ideas that offer a good balance of profitability, relevance, and ease of maintenance. The speaker has evaluated numerous ideas and provides insights into why certain ones, such as high-yield savings accounts, CDs, traditional real estate renting, and DVD rentals, have become less attractive due to factors like low returns, inflation, and the rise of digital alternatives. The paragraph sets the stage for revealing the top 10 passive income streams that are deemed most viable and lucrative.

05:02

📈 Top 10 Passive Income Streams

This paragraph delves into the top 10 passive income ideas, starting with vending machines, which offer a reliable income stream in high-traffic areas with minimal ongoing effort. It then covers crowdfunded real estate, allowing small investments in large properties with potential for significant returns. The paragraph also touches on creating an app, which can become a digital gold mine with the right idea and marketing. YouTube is highlighted as a platform for earning passive income through ad revenue and sponsorships. Print-on-demand services are mentioned for their low-risk model, where designs are sold without holding inventory. Digital products like eBooks and online courses are praised for their scalability and potential for indefinite sales. Dividend stocks are recommended for a regular income from company profits. Real Estate Investment Trusts (REITs) are noted for their income potential without the hassles of direct property ownership. Affiliate marketing is described as an easy entry point for earning commissions by promoting others' products. Finally, creating online courses is crowned the top passive income idea, allowing experts to teach and earn significantly from a global audience.

Keywords

💡Passive Income

Passive income refers to earnings that are generated without the need for continuous active work. In the context of the video, it is the central theme, focusing on ways to earn money while not actively involved in the process. The video discusses various methods to achieve this, such as investing in real estate or creating digital products.

💡Inflation

Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, the purchasing power of currency is falling. The script mentions that high savings accounts and money market funds often yield returns too low to outpace inflation, making them less attractive for passive income generation.

💡Crowdfunded Real Estate

Crowdfunded real estate is a method of investing in real estate by pooling funds from multiple investors, often online. The video highlights this as an accessible way to invest in large properties with a small budget, allowing for diversification and potential passive income without the traditional hassles of real estate investment.

💡Digital Products

Digital products are intangible goods that can be distributed electronically, such as eBooks, online courses, and digital templates. The video emphasizes their potential for passive income because they can be created once and then sold repeatedly without additional production costs. They are scalable and can reach a wide audience through digital platforms.

💡Dividend Stocks

Dividend stocks are shares in companies that distribute a portion of their earnings to shareholders in the form of dividends. The video positions investing in such stocks as a reliable method for earning passive income, as it allows investors to receive regular payouts from the company's profits without the need for active management of the investment.

💡Real Estate Investment Trusts (REITs)

REITs are companies that own, operate, or finance income-generating real estate. They are required to distribute at least 90% of their taxable income to shareholders as dividends. The video describes REITs as an easy way to earn a share of property income without the responsibilities of being a landlord, offering liquidity similar to stocks.

💡Affiliate Marketing

Affiliate marketing involves promoting other companies' products and earning a commission for each sale made through the affiliate's unique referral link. The video explains that this can be a lucrative passive income stream, as it requires no product creation or customer service, only effective promotion and traffic generation to the affiliate links.

💡Online Courses

Online courses are educational content delivered via the internet, often on platforms like Skillshare or Udemy. The video suggests creating online courses as a top passive income idea because once the course content is created and uploaded, it can generate income for years to come, with minimal ongoing effort required from the creator.

💡Print on Demand

Print on demand is a service where products, such as t-shirts or mugs, are only produced when a customer places an order. The video mentions this as a low-risk venture for generating passive income, as it eliminates the need to hold inventory and handles printing and shipping, allowing creators to focus on design and marketing.

💡Vending Machines

Vending machines are automated retail devices that provide items such as snacks and beverages when a customer inserts money or credit. The video includes vending machines in its list of passive income ideas, noting that they can provide a steady stream of income when placed in high-traffic areas, with the initial investment being the main consideration.

💡YouTube Channel

A YouTube channel is a platform for creating and sharing video content. The video script describes starting a YouTube channel as a way to earn passive income through ad revenue and sponsorships once a library of videos is built up. It emphasizes the importance of consistency in uploading content and engaging with viewers to build an audience.

Highlights

There are over 100 different ways to earn passive income.

High savings accounts and money market funds often have returns too low to keep up with inflation.

CD laddering offers minimal returns and locks money away for a fixed period.

Traditional real estate renting has become less attractive due to hassle and upfront costs.

DVD rentals are outdated with the rise of streaming services.

Domain flipping requires foresight and luck, and is not suitable for the majority.

Vending machines can provide a steady stream of passive income in high-traffic areas.

Crowdfunded real estate allows small investments in large properties with potential for attractive returns.

Creating an app can lead to passive income through ads, in-app purchases, or subscriptions.

A YouTube channel can earn passive income from ad revenue and sponsorships.

Print on demand allows for creating designs for merchandise without holding inventory.

Digital products like eBooks and online courses can be sold indefinitely with minimal ongoing effort.

Investing in dividend stocks provides a regular income from company profits.

Real estate investment trusts (REITs) offer a share of property income without the hassle of being a landlord.

Affiliate marketing allows earning a commission by promoting other people's products.

Creating online courses is a top passive income idea, allowing experts to share knowledge and earn money.

Transcripts

I've watched over 10 videos diving deep

into more than 100 passive income ideas

that's right there are over a 100

different ways to earn money while you

sleep but let's be honest not all of

them are worth your time so I've sifted

through the noise and pulled out the

gems but before we get to the top 10

let's quickly go over the ideas that

didn't make the cut and why ideas that

didn't make the cut some ideas don't

bring in enough dough to justify the

effort for example High savings accounts

and money market funds while these are

safe the returns are often so low that

inflation can eat them up even the best

high yield savings accounts barely keep

up with the inflation making them less

attractive in 2024 than other options CD

lading similar to savings accounts the

returns are minimal making it hard to

see significant growth CDs lock your

money away for a fix period of time and

while they're a safe the interest rates

are not high enough to make it a

lucrative option ideas that are not as

relevant in 2024 times change and so do

income opportunities someone's hot ideas

have cooled off traditional real estate

renting while still profitable the

hassle and upfront costs have made other

options more attractive with the rise of

digital real estate like rates and

crowdfunded platforms the traditional

route feels outdated unless you're ready

for commitment and potential headaches

of being a landlord DVD rentals A Relic

from a buy go era streaming services

have all but killed the once popular

side hassle remember when you had to

rent DVDs from a physical store yeah

those days are long gone so are the

prophets some ideas are just too

specific and won't work for the majority

of people the main flipping it requires

a knack for predicting what will be

famous which is only some people's cup

of tea it's a game of foresight and luck

often requiring substantial initial

Investments and the ability to hold on

to the mains for potential years before

seeing any return let's get to the juicy

part the top 10 passive income streams

that have been cut these are the crem de

la crem the ideas that offer a good

balance of profitability relevancy and

ease of Maintenance and will be counting

from 10 to 1 so stick around to see

which ideas take the top spot number 10

vending machines snacks and stacks

kicking off our list vending machines

might sound old-fashioned but there's

still a solid way to make passive income

please place them in high traffic areas

like Office Buildings schools or gyms

you've got a steady stream of cash

flowing in the beauty of vending

machines lies in their Simplicity you

stock them and they do the work plus who

doesn't love a quick snack the initial

investment can be significant especially

if you're go for high quality machines

but the payoff can be sweet please keep

an eye on Trends healthy snacks and

sugary sodas are out number nine

crowdfunded real estate property for for

the people crowdfunded real estate lets

you invest in big properties with a

small budget it's like owing a slice of

a luxury hotel or an expensive apartment

building without dealing the tenant or

maintenance you can start with as little

as $500 and diversify your investment

across multiple properties this way

you're not putting all eggs in your

basket the returns can be attractive

especially if the properties are

well-managed and in growing markets

platforms like fundrise and realy mugul

have made this kind of investment

accessible to the average person

allowing you to benefit from the

lucrative real estate market without the

usual headaches top eight creating an

app the digital gold mine if you've got

a unique app idea this could be a ticket

to passive income whether a game a

productivity tool or something entirely

new apps can generate significant

Revenue through ads Ina purchases or

subscriptions The Upfront work is about

development and marketing but once the

app gains traction it can just generate

a consistent income stream the app

market is highly competitive but with a

unique idea and proper execution you can

carve out a niche remember the key to

success is a great idea a great user

experience and effective marketing

number seven YouTube lights camera

income starting a YouTube channel can be

a great way to earn passive income once

you have a library of videos they can

continue to earn ad revenue and attract

sponsorships just remember it's it takes

time to build an audience consistency is

vital upload regularly engage with your

viewers and optimize your videos for

such the beauty of YouTube lies in its

long-term potential a video you create

today can continue to generate income

for years the more videos you have the

more potential for passive income plus

you can earn from AdSense once you hit

1,000 subscribers and 4,000 watch hours

top six print on demands match Madness

design something extraordinary and let

the internet do the rest print on demand

allows you to create designs for

t-shirts mugs and more without holding

any inventory the best part you make

money every time someone makes a

purchase websites like red bubble tpr

and merch by Amazon handle everything

from printing to shipping your job

create an eye-catch and design that

people want to buy it's a lowrisk

venture since you don't pay for

inventory UPF front just remember

marketing is crucial use social media

and SEO to get your products in front of

potential buyers number five digital

products create ones sell forever eBooks

online courses and digital templates are

fantastic passive income streams you

create them once and they can sell in

definitely just make sure they're high

quality and offer real value platforms

like Udi teacher will and gumroad make

hosting and selling your digital

products easy the great thing about

digital products is the scalability you

can sell to to unlimited people without

additional costs and with the right

marketing strategies these products can

provide a steady income stream number

four dividend stocks money while you

sleep investing in dividend pay stocks

is a tried and true method for earning

passive income the companies pay you a

portion of their profits regularly all

you have to do is hold on to the stock

it's like getting a paycheck for doing

nothing investing in companies with

strong track record of paying dividends

is critical look for compan companies

that consistently increase their

dividend payouts over time it's a great

way to grow wealth while generating a

regular income plus with dividend

reinvestment plans drips you can

automatically reinvest your dividends to

buy more shares compounding your returns

number three real estate investment

trusts property Made Easy you earn a

share of property's income all without

the headache of being a landlord real

estate investment trusts typically own

and manage commercial real State like

shopping malls Office Buildings and

apartment complexes their income comes

from rent collected from tenants rates

are required by law to pay out at least

90% of their taxable income to

shareholders making them an excellent

option for income focused investors they

offer liquidity as they can be bought

and sold like stocks number two we're

close to the top affiliate marketing the

easy entry point promote other people's

products and earn a commission Mission

it's as simple as sharing a link

affiliate marketing can be incredibly

lucrative with the Right audience

whether through a Blog social media or a

YouTube channel the key is to choose

products that are relevant to your

audience and that you genuinely believe

in you don't need to create products

handle customer services or deal with

Logistics just focus on driving traffic

to your affiliate links the more

targeted your traffic the higher your

conversion rates will be platforms like

Amazon Associates share asale and

ClickBank offer a wide range of products

to promote and finally number one

creating online courses teach and earn

and here it is the number one passive

income idea creating online courses if

you have expertise in a particular area

share your knowledge and make money

while doing it platforms like skillshare

and udemy make it easy to reach a global

audience once the course is up you can

earn income from it for years the beauty

of online courses is that they can cover

virtually any topic from cooking to

coding the initial work involves

creating a course content but once it's

done your main job is to Market it the

potential for passive income is enormous

especially if your cours is become

popular with a well-crafted course you

can help others while earning a

significant income so there you have it

the top 10 passive income ideas that can

help you make money with minimal ongoing

effort whether you look looking to

supplement your income or eventually

escape the 9 to5 grind these options

offer something for everyone remember

the keys to start small find what works

for you and scale up who knows you might

even find yourself saying goodbye to

that cubicle for good watch our previous

videos here subscribe stay tuned for

more insights and get started on your

passive income Journey see you in the

next video