7 Passive Income Ideas - How I Make $67k per Week

Summary

This 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

00:00

💰 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.

05:01

🚀 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.

10:03

🎥 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.

15:05

🧵 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.

20:06

🔗 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.

25:08

🛠️ 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.

Keywords

💡Passive Income

Passive income refers to earnings that are generated with minimal ongoing effort. In the video, it's a central concept where the speaker discusses various strategies to create income streams that don't require daily active work. Examples include dividend stocks, automated side hustles, and renting out assets.

💡Dividend Stocks

Dividend stocks are shares in companies that pay out a portion of their profits to shareholders regularly. In the context of the video, the speaker considers dividend stocks, particularly those from 'dividend kings' and 'dividend aristocrats', as a reliable form of passive income.

💡Automated Side Hustle

An automated side hustle is a business or income-generating activity that operates with minimal direct involvement after initial setup. The video mentions creating digital assets like blogs, courses, or guides and monetizing them through the internet.

💡Content Creation

Content creation involves producing various forms of media like videos, blogs, or podcasts to attract an audience and generate revenue through advertising, sponsorships, or direct sales. The video highlights the potential of content creation as a passive income source.

💡Private Investing

Private investing involves putting money into private companies or startups, often in exchange for equity or a stake in the business. The video differentiates between 'sharks' and 'angels', describing the different approaches to private investing.

💡Affiliate Marketing

Affiliate marketing is a performance-based marketing strategy where an individual earns a commission for promoting products or services. The video describes it as a simple and potentially lucrative way to generate passive income online.

💡Digital Tool

A digital tool refers to software or an application designed to solve a specific problem or streamline a process. The video suggests creating a digital tool as a means to generate passive income through a subscription-based model.

💡Renting Out Assets

Renting out assets involves making money by allowing others to use items or spaces that one owns. The video provides various examples of assets that can be rented out, such as driveways, storage spaces, or vehicles.

💡Peer-to-Peer Lending

Peer-to-peer lending is a form of borrowing and lending money without the involvement of traditional financial institutions. It allows individuals to lend their money to others in return for interest payments.

💡Time Investment

Time investment refers to the amount of time required to set up and maintain a passive income stream. The video rates different ideas based on the time commitment they require.

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.