– I mean, let’s get real. Is there anything better than making money while you sleep?
To wake up and all the sudden you’ve just got hundreds coming from everywhere. I know, it’s a bit much, it’s a bit crazy but it is possible.
How to make a passive income online?
And on this channel, I talk a lot about passive income and how to build a business and outsource and delegate, and today we’re gonna talk about 10 different ways that I make a thousand dollars a month passively.
I think you’re gonna enjoy it. Let’s find out what these 10 ways are right now. (blows loudly) (funky slow jam music) What’s going on? Welcome back to Wealth Hacker TV.
10 Ways to make passive Income online
I am teaching people new ways to grow wealth that is not taught to them by schools or their parents. And today I’m talking about one of my most favorite topics and that topic is passive income.
Now, there are two reasons why this is one of my most favorite topics. One is because it’s by far one of the most controversial topics, especially on YouTube.
If you would see the people that just love to come out and make comments about passive income and that’s not passive income, that’s not passive, you don’t know what you’re talking about, blah blah blah.
I still love you all.
And number two is because passive income has had such a dramatic impact on my life that has allowed us so much to do.I’ve talked about this in other videos. But I can’t tell you the freedom that it’s allowed me to do with my family and my business and myself.
So I just love the topic because it’s one that is so much fun. I totally agree that there is no such thing as flipping on a switch and of a sudden you’ve got money just being deposited into your bank account.
That does not exist. (bills flapping) Those that want to argue about passive income. Most of them have no idea how to build a business. They have no idea how to generate revenue, so you can keep chirping all you want but here’s what I do know.
Those that have pushed through, that have started a successful business. That allows them to, no joke, make money while they’re sleeping, while they’re traveling, more importantly, while they’re not actually working.
They’re not trading time for money. They’re allowed to go out and spend time for themselves, their family, their friends and still make money. Those that have pushed through, they get it.
They get what it looks like, what passive income looks like, and to those people, give me a pound. Pound it out, right here. Pound it out. – Time fighter (screams strangely) – Alright, I’m gonna go ahead and kick this off.
The 10 ways that I make at least $1000 a month from passive income. I’m gonna share with you the 10 different sources. You’re going to want to stick to the end because I think number 10 is going to surprise you. Surprise! Alright, number one.
Now, this is one that anybody can implement as long as you got some money, and this is my investments.
So, most of my investments where I’m earning passive income are dividend-paying stocks, I’ve got ETFs, I’ve got some mutual funds that are also paying dividends.
In addition to that, I do have some real estate notes that are paying me interest. I have my peer to peer lending. I have a Fundraiser which I’ve also talked about in previous videos. So these are all the different investments that I have in a joint account with my wife and me.
We have accounted for our kids. We have our retirement accounts. So, these are all types of investments that are paying us.
Now, to generate a thousand dollars a month passively from your investments, you’ve gotta have a decent amount invested.
You don’t just start generating a thousand dollars a month if you only got $500, so this is something that took a lot of time, but it can happen if you keep investing.
But the key is you gotta start first. Alright, the first one, by far, is the most traditional way that we’ll be talking about today. Investments, that is pretty well common.
People invest, they make their dividends or interest, blah blah blah. So what is number two?
Number two is a bit more fun because now we’re talking about my wheelhouse, online business, so number two affiliates. So with affiliates, this is from my blog, this is from my YouTube channel, where I’m getting a paid affiliate commission from many, many different affiliate platforms.
So when it comes to the blog… So if you don’t know my blog, my main blog is goodfinancialcents.com, and it’s personal finance, it’s an investing site, investing blog. In that, we have affiliate relationships with investment firms, with online savings accounts.
We have insurance providers. Oh my gosh, there are so many different outlets that we have. So if somebody comes to the site, they need some information on life insurance or auto insurance or they want to start a Roth IRA. They come to the blog, they read some information, then we provide options for them to do or take care of whatever it is that they’re looking to do.
And with that, we get paid quite well for all these different affiliate relationships. Now, affiliate marketing doesn’t have to start on a blog. I know people that are crushing it here on YouTube.
I know that those that have great affiliate revenue models through their podcasts. You can do this even just through social media, whether it be Instagram or Facebook.
Affiliate marketing, a lot of other YouTubers talk about it. It is and can be very lucrative, something definitely worth checking out.
Alright, the third way that I make a thousand dollars a month passively is through display ads. Once again, this is going back to the blog. That’s the beauty of having a blog, having an online property, is that you can monetize it in so many different ways.
So in addition to affiliates, we also have display ads or display networks, and the easiest way I can explain this to you is that if you are in your car and you’re driving down the interstate or highway and you see a billboard on the side of the road you know that one, somebody is paying to put their business on that billboard, and two, somebody is sitting back collecting that check from that business that’s trying to market themselves on their billboard.
So if you have an online property that gets a decent amount of traffic like me, I am the billboard owner, so different companies, different corporations that are trying to get in front of people are willing to pay good money to put their ads in front of people.
So with that, we get paid well over a thousand dollars a month from those display ad networks. Now, you can go directly to the company if you’re just starting off.
So let’s say that you have a website that talks about pet-sitting or dogs and that you know that there’s a local kennel or a local dog training school, and you can approach them, say, “Hey, I get a decent amount of traffic.
“Would you be interested in paying to advertise on my site?” That can be done. When you get larger, you get a lot of traffic, then you start approaching ad networks.
So these ad networks basically become the middle man between you and all the different companies that are going to advertise in your space.
Alright, number four. A little bit different than display ads, a little bit different than affiliates, but still in that same genre, still in that same space. What we’re talking about here are CPC ads or cost per click.
So with affiliates, the way you get paid for affiliates is that the person clicks on the link, they fill out the application, and that’s typically when you get paid.
Sometimes you get paid if they just fill out the application, other times they actually have to become a customer, so they actually have to open the account.
Let’s say it’s an online savings account, they gotta open the account, make a deposit before the affiliate, I, get paid. So with cost per click, CPC ads, totally different. The way that I’m getting paid is that if somebody goes to the site, they see an advertisement and they click on it, you guessed it, I get paid.
So it is cost per click (CPC). I don’t have to wait for them to fill out an application. I don’t have to wait for them to actually open the account. I’m getting paid immediately just because they click the ad.
Now, does that mean I can go in and manipulate that and click that thing all day long? I guess I could, but eventually, that’s company’s gonna figure that out, so you don’t want to do that.
And they’re also going to be able to track the click per conversion. So that means that if I get a ton of traffic and I got people that are clicking that link all day long but if none of them actually open account or take action and buy something, then that advertiser does not want to pay me anymore.
They wanna make sure that the people that are clicking are actually doing something. So you might make some money in the short term, but in the long term just not a good idea.
So just make sure that you are partnering with a company that makes sense, depending on whatever you are talking or discussing on your blog, your YouTube channel, your social media, wherever it is that you are marketing yourself.
Moving on to number five and number five is another fun one for me, and this was a whole evolution. Shortly thereafter, I launched a life insurance site.
So when I first launched that blog initially, it wasn’t passive. We were getting in leads. I had an adviser in my office that was calling these leads and trying to close them on buying life insurance. I promise, there is nothing passive about that.
But then it got to a point where we just had so much traffic, we had so many leads that we didn’t have the time to call all of them, and a lot of them were slipping through the cracks. So it finally hit me that it would actually make more sense to sell the leads than actually get paid the life insurance commission.
Now, for those that aren’t familiar with the life insurance industry, you make a lot more money on a life insurance commission than you would sell the lead, but I recognized that the volume that we were getting if I truly wanted to maximize this, I was gonna have to hire more people, I was gonna have to manage a team and it was just something I was not interested in.
So instead of getting the bigger checks on the life insurance commission, decided why don’t we just go ahead and sell the leads. Now, some of the pros with that is that we were getting the money up front so we didn’t have to wait sometimes three months, six months, nine months to get the life insurance commission.
And the best part, especially for this video, is that it was completely passive. So all the leads would come through, they automatically would funnel to the lead buyer and then, bam, we get a check at the end of the month for however many leads that we sent to them.
It is a beautiful thing and just another example of how you can make money passively.
Moving on to number six. So number six is another cool one because I don’t have a lot of these yet. Yes, I just launched or pre-launched, beta-launched another course, but course sales is another way that I make more than a thousand dollars a month passively. So, as of right now, the only course that I have that is fully done is a course on online marketing for financial advisers.
It is something that I’ve used to promote via Facebook ads. I don’t even promote it right now just because I’ve got a lot of other things going on, but even the fact that I’m not proactively promoting it, just because of what I have established for myself in the industry, I still get people trickling in that to want to buy the course.
And the course is not cheap. It’s $2,500 dollars, so even if I get one sale every two months, I’m still getting over a thousand dollars a month. And the one thing you have to keep in mind is that this is a course that I created.
I’m actually trying to do the math in my head. I think it was over three years ago, so three years ago is when I did all this work and created this course, and I’m still making a thousand dollars a month and that’s not counting the hundreds of thousands of dollars I made when I was truly, actively promoting the course.
So once you create a course, boom, it’s done. You can market it for years to come, and just another example of me making a thousand dollars a month passively. Staying in the digital space, number seven is a digital product, and this is another thing that I don’t have a lot of but I do have one that I created, once again, I think two years ago, maybe three years ago.
And what we’re talking about here are digital products. Now, you’ve probably seen this with e-books, it could be Amazon Publishing, it could be an email instruction guide or an email challenge that people will pay for.
In my case, it was the Make $1K Blog Challenge, so it was a challenge where I was showing people how they can make their first $1,000 blogging. So you get the free challenge and then after you sign up for the challenge you have the option, the option, you don’t have to do it.
I’m just saying that because a lot of people sign up and they think that I’m making them pay. No, you have the option. You don’t have to buy it. It’s an upgrade that includes some PDFs, some worksheets and behind the scenes look at one of my top affiliates, and that whole thing is only $7.
So you think $7, that’s not a lot of money, but if you’re selling a couple hundred a month, yeah, you guessed it, now we’re making more than a thousand dollars per month on this thing that I created, once again, years ago.
So with this, I can promote this on my blog which I currently do. I’ve promoted it on my YouTube channel. You could promote it on social media. It’s something that I built years ago that still generates over a thousand dollars a month, once again, passively.
Moving on to number eight, and number eight’s another one that we could go back and forth, is it passive, it is not passive. For the sake of this video, we’re gonna call it passive and that is my YouTube ads from this channel. So, how can I say that it’s passive when I’m still generating YouTube content? Well, here’s kind of the cool thing.
So, here it is, beginning of the year, and I took some time off over Christmas break with all the kids home and I don’t think I recorded but one video. And in that time where I’m not actually producing any content whatsoever, in that month just from YouTube ads alone, I made well over $8,000.
In addition to that, that’s not even counting the affiliates or some of the digital product sales that I have that I mentioned here previously. So, I can easily just eyeball it and shooting from the hip say that I made anywhere between 10 to 12 thousand dollars in that month where I just didn’t do a whole lot of work.
Now, if I stop producing video content on YouTube, would I still be making that same amount of money a year from now? I would probably say not. I think eventually YouTube would catch on and go… Because they wanna promote the new content, they want you to keep publishing more, more, more, more, but here’s the cool thing.
If I didn’t publish, say, for the next three months or six months or even nine months, I still would be making significant income from my YouTube channel.
You can actually check out my other video where I shared how much my most watched video has made on YouTube, and that video alone has made me in the five-figure range and it’s still paying me to this day even though I recorded that video, now I would say, about a year and a half ago.
And it’s still paying me. I think that video alone makes me over a thousand dollars a month so that just shows you that YouTube can be a passive income source. Alright, the last two are actually kind of the same thing but for different reasons, and this is the one that I wanted you to stick to the end about.
So number nine and ten are my financial planning business or my financial planning practice. And you’re probably wondering how in the world is that passive income? How do you have a financial planning practice when people are talking about their financial plans and investing and achieving all their financial goals? Well, let me share with you exactly what I mean and how I was able to do it.
So, once again, at the time of this recording, I live in the Nashville, Tennessee area. My financial planning practice is located in a completely another state. I have not been in that business, I’ve not stepped foot in that brick and mortar location in over, hmm, yeah, about a year and a half.
And yet, that business still continues to deliver very healthy revenue, very healthy profit. How did I do it? So this is a lot of what Dan Lok… If you’ve not checked out his channel, he’ll talk about leveraged income where I have leveraged my team to manage the relationships, manage the clients, manage the investments, so that I don’t have to pop in every single day and make my presence known just for me to feel good.
So, that has generated, once again, yes this video is a thousand dollars a month, but I mean, let’s be honest, it’s a financial planning practice. This thing has generated revenues north of $400,000 for the last three years, maybe even four years consistently and with me not having to do hardly any work.
And when I mean hardly any work, I’m talking Tim Ferriss, 4-Hour Work Week would be proud of me. (loud applause) He would give me a hug, he’d give me a pat on the back, ‘atta boy, good job because there are times when I was spending less than a few hours a week.
Maybe some weeks when I’m traveling, I’m not spending any time on that business because I set up the right system. And it took me time to do that, and I’ll be talking more about this in a future video.
So number nine is the financial planning business from the revenue that I generated because of the team that I trained to run the business the way that it needed to be done.
So if that’s number nine, then how is number 10 the same thing?
And the reason is this, so if number nine is the financial planning business, then you’re probably wondering how does number 10 tie into that and also make you a thousand dollars a month? Well, this is what I’m really excited to share.
So the financial planning business, yes it was generating amazing revenue, amazing profit, but it came to a point in time where it was becoming a distraction, a distraction from the business that I’m growing here, predominately in the online space.
So after being a financial adviser for over 16 years, I am no longer a practicing financial adviser. I sold the business. (sings) It’s time to celebrate. Yes!
So number 10 is when you sell a business, sometimes you can get paid up front, sometimes you can get paid out over a certain year period and in my case, that is exactly what is happening.
So, for the next several years, every single month I’m getting a fat check deposited into my checking account, and you guessed it, without me having to do anything.
That is 100%, I’m talking like 100% passive ’cause I’m not doing anything. I sold 100% ownership so I have no invested interest, no rights, no voting powers in that business whatsoever. They, the new owners do all that. I just collect the check.
And out of all of those, that’s probably… I don’t know if it’s the most fun. I like the online stuff because that continues to grow while this one is a fixed payment, but you talk about doing nothing, just doing nothing.
But, then again, I did invest a lot of time and energy into building that business and building that structure, building those processes and building that team that allowed it to flourish the way it did.
So you’ve got to get the money, you’ve got to build the team, you’ve got to build the business, you’ve gotta build that process before you can sit back and enjoy the money and make money while you sleep.
And here’s what I do know. If you’re one of those that just want to comment that there is no such thing as passive income, then guess what?
Then you’re never going to start the journey to begin making money passively because you’ve already decided it doesn’t exist.
And if that’s you, then you be you. But to the other Wealth Hackers out there, let us be us. Let’s hack our wealth and start growing a significant passive income stream.
As found on Youtube