Episode 36: 25+ Passive Income Ideas That Will Blow Your Mind - Part 1 (I promise this is not Uber or Dog Walking!)
In this episode we cover:
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On this episode of the personal finance podcast, we're gonna talk about 25 plus passive income ideas, part one. What's up everybody, and welcome to the personal finance podcast. I'm your host, Andrew, founder of dollar after dollar.com. And today, on the personal finance podcast, I'm going to bring you extreme value. And we're going to talk about 25 plus passive income ideas. And if you've listened to the personal finance podcast for any amount of time now, you know, the personal finance podcast is all about increasing your income, it is the number one way to ensure that you can build wealth for you, yourself and your family. But not only just one stream of income, but increasing to multiple streams of income, stack those streams of income. And that's one of the biggest ways to catapult yourself to building wealth. And it's one of the fastest ways that you can build wealth. And not only that, it's going to allow you to stack up enough cash so that you can actually start investing money. And that money is going to create freedom, or buying assets or doing things with that money that's going to allow you to leave your job if you want to. And that only starts by stacking up income streams. So that's why I want to start off this episode, by talking about the fact that if you start stacking income streams, you're going to be way better off than someone who does not because it is extremely risky to have one income stream, if the past couple of years have taught us anything. A lot of people have lost their jobs, the 2009 recession, a lot of people lost their jobs COVID-19 a lot of people were furloughed. If those have taught you anything, it's that one income stream is extremely risky. just relying on your job for an income is extremely risky. And when a lot of people are getting laid off or furloughed or getting fired. What happens during those times is usually one out of three people lose their income stream. I don't like those odds, and you shouldn't like those odds either. So the answer to that is to diversify your income have multiple income streams, so that you can work on things that that put that fire in your gut, you can actually work on things that you're passionate about. And that's the beautiful thing about this. Having passive income streams allows you to actually work towards things that you're interested in and monetize those things instead of playing victim when you're getting furloughed or getting fired. What if you already had income streams, that's what you have to ask yourself. And it's having these additional income streams, that's going to catapult you to the next level. So what do I mean by passive income? Before we get into this, the caveat is that with passive income, it may require some upfront work, you're gonna have to build up something. But then once you have it set in place, then you can allow it to create income for you every single month, and maybe you have a little bit of time where you're gonna have to maintain it, it'll still be minimal amount of time for maximum profit. And that's what the cool thing about these ideas are, I didn't want to talk about the typical ideas that everybody talks about where they're talking about, go go do Uber, or go do Lyft, or all these other stupid passive income ideas, those aren't passive, those are active income ideas, those are active side hustles. And if you have to work at it all the time, it's not passive at all. And there's no way to stack income streams, if you have to continuously work at it. If Uber is your side, hustle, you have to spend all your extra free time running Uber, not to mention the maintenance on gas, the taxation on your car, all these items add up. And that's the problem with doing side hustles like that, where you don't make enough money. So what I'm talking about here is creating something once and being able to sell that for a long period of time. And then just making adjustments and updating and doing things of that nature. Now, most of these are going to be online and but some of these are not some of these are boots on the ground, you can set it up boots on the ground in your local area, and some of these you could do anywhere. So that's the cool thing about these. And that's the big thing, because a lot of traditional side hustles don't make you smarter, these are gonna make you smarter, you're gonna have to research you're gonna have to work through and find ways to create income for yourself. And we'll have a separate episode for each of these income streams coming up. But I wanted to compile a big list for you guys, because this is the year you can do it. This is the year that you can increase your income. And this is the way to start. You want to start at your job. And if you can increase your income at your job right away, then you can start one of these side hustles one of these passive income side hustles and allow yourself to start to create income streams. And once you see that first dollar, it's gonna change your life forever. Once you start making money online, or making money locally on the side, you're going to realize I can make money doing anything. There's so many options out there, but you just have to pick one, go after it for a while, stay in the game long enough to actually make money and then stack up another income stream then do the next thing that interests you once you have it going and have it running. So with that, let's get into the 25 plus passive income I do. So the first one is to manage other companies. Social media now you can do this with local businesses. Or you can do this with companies that are online. And I lost my mind when I saw how much people make at this. And I have a friend who does this full time now, who used to actually do it on a side and made so much money managing other people's social media, that he now does it full time. And you can make upwards of 15 1617 $100 a month for just a couple posts a week for four big businesses. That's the amazing thing about this. I've heard of one person who posts four photos a month, and they make 15 $100 a month, managing a big business social media account. So you may be saying to yourself, Well, hey, this isn't super passive, you still have to actively be working at it. Well, here's what you do to set that up. You can manage social media accounts, where you work on it for like an hour or two a month, you create the posts, you get them ready. And then you can have them automated, so you can automatically post them through services like buffer, and what that's gonna do is going to take you out of the equation, so you have an hour or two of maintenance work every single month, and then it's going to start posting that on that specific social media account. And that's one way to make a passive income. Now, how can you do this locally, you can go to local companies in your area, maybe it's gyms, maybe it's nutrition stores that you like, maybe it's a restaurant, all these different places, need more engagement, especially on social media. And if you have expertise in social media, you can go to those businesses and say, Hey, I'll take this over, I'll create value for you, here's what I do, you can put together a pitch deck or anything like that, and show them, hey, here's how I can create value for you. Here's how much my services costs, let's work together. But this is a way that you can put boots on the ground, get some clients, and have a truly passive income source where you can work one Sunday a month, and literally bring in one to $3,000 a month by doing that number to buy an online business. Now, if you have a little more cash than you do time, buying an online business is something that you could be interested in. There's websites like Flippa, which allow you to buy online businesses, whether it's profiting niche sites, or e commerce sites, which is a lot of things that I look at are either niche sites or e commerce sites where you can buy those businesses that are already making money, maybe it's through affiliate products, or ad sales or things like that, and you can buy them and they'll create a passive income for you. So usually what those things trade at is 20 to 30 times their monthly earnings. And the cool thing about it is it once you put the money down, that's going to be passively earning an income for you. Now you need to have a little bit of background knowledge and websites and actually understand what you're doing. But what a lot of people do when they start doing this is they have some knowledge on SEO and different aspects in terms of how to improve these websites. And that they can actually add value to these websites and increase the passive income that comes in. Because once you have these websites rolling, a lot of times, you only have to spend a couple hours a month, just making sure everything's maintained maybe writing an article or two if you want to if you're interested in the subject, and just ensuring that the site is growing. And if the site's growing, you have a healthy site that can produce income for a long time for you. And this is what a lot of big businesses are getting into now they realize the profitability of these websites. And they're going towards creating some of these websites. So they can either sell them off or buying them so that they're allowing themselves to create additional cash flow. And the beautiful thing about buying a business, it's already established in Google. And if it's already established in Google, you don't have to go through the process of what they call the Google sandbox, which is the amount of time that really takes for Google to start to see your website in search results, which a lot of times just starts to crack the ice at eight months. So you're bypassing all that time, and allowing yourself to start to create an income. The third one, this blew my mind. And I just found out about this recently, but what a lot of people are doing now is you can buy Instagram accounts or YouTube channels, or tic tocs. And you can actually sell products on them. So you can buy an Instagram account with 400,000 followers for 2000 bucks. And what people will do is they'll buy a 400,000 follower Instagram account and start selling relevant products to that audience. And what's gonna happen is they can do partnership deals with companies and things like that to make some income. So you do two partnership deals a month, that equals two posts a month, and you're allowing yourself to increase income right there. And a lot of companies will pay 500 1000 2000 3000 $4,000 per post, depending on how many followers you have. Upwards of if you have over a million, it's going to be significantly higher. But if you already have that audience, you can start to push towards bringing in a million dollar audience because of that. So the cool thing about this business model is it requires a small startup capital. So you can get a 10,000 follower account for 300 bucks on a website like fame swap. And if it's something you're interested in, it'd be great because then you already have an account that you can actually go after and ensure that it's something that you really want to do and you can push towards it because if you sell products, this is a fantastic way to make an income on the side. And this also goes right in line on number four if you have an Instagram account that actually He has a decent amount of followers, you can sell things on that Instagram account, you can partner with local companies, if you're if you're doing things local, you can partner with companies and affiliate deals. But there's a great market out there for selling things on Instagram. So you can either buy an account, or you can sell things on Instagram that are going to allow you to create additional income sources. Number five, upsell places that you frequent. So this is one of my favorite creative ideas for people. And this is a local boots on the ground idea. So let's say for example, that there's a gym that you like, and maybe it's a boxing gym, that you frequent. And you love this gym, you think this gym is awesome to go to. But what if you put together a package where you could work with the owner of that gym. And it's a package in terms of like, you can create a course. Or you can create a product list for new members. Or you can create an action item list for new members. And what's happening here is you can create a list of items that you can get an affiliate commission on on what will be the best thing to buy if you're a new member at the boxing gym. So maybe it's boxing gloves, its wraps, its boxing shoes, it's things that ensure that you have the best experience at that boxing gym. And every time someone buys some of those upsell items, you get a cut of it, either through Amazon or other affiliate deals that you have together and you in the boxing gym, get a cut of it together other ideas you could put together like a nutrition guide, or a website or email campaigns or all different types of things, and create a system for these new members to actually get these packets put together. And once they start buying things and upselling them that allows you to create an income and take a cut of it. So you can do it two different ways, you can either get paid a lump sum every single month for putting these packages together. Or you can get a cut of a deal every time. The gym sells items, there's two ways to do it. And there's two ways to set up. But it's a very creative way that you can go about creating a side income with a company. Because once you have this system in place and set up, maybe it's the nutrition guide, and it's the best products that you need to buy, in order to have your best experience at this boxing gym. Maybe it's those two pieces. Once you have that set up, you're done. So think about local places that you could do this with number six, passive investment income. So there's sites like fundrise, if you've never heard of fundrise, it's a website that you can actually invest in real true real estate property. So you can actually go ahead and invest money into real estate deals, it's similar to like a route where you can invest in real estate deals and make a cash flow off of that. Now it's not going to be as profitable as investing in real estate, I would recommend more so to invest in actual physical real estate. But if that's not something that you want to do, you don't want to mess with tenants, you don't want to mess with phone calls from tenants in the middle of the night or anything like that, then this may be an option for you if you still want to invest in real estate, because it's a passive way for you to make some cash flow. Although Be it, it's going to be less than what you would make in real life. But you'll still be able to have some skin in the game. Number seven, sell merch on Amazon. So if you've never heard of merch by Amazon, it's a really cool way to sell products on Amazon. So all you do is you can create things like t shirts, mugs, notebooks, things like that. And if you're really good at graphic design, or you're witty or you think of really funny ideas, you can sell t shirts, or hats, or beanies, or all these things on Amazon directly on Amazon. So they have a little design center that you can put together some products. And once you have one product on there, and that product actually takes off, you're actually making a passive income because all you have to do is do the work one time upfront. So a lot of people will do this where they pick out niches. So maybe they pick out a niche like nursing, and they'll target that specific niche with a bunch of different t shirts, or mugs or whatever it is. But it's a really cool way that you can sell on Amazon get your feet wet, and Amazon for no cost at all. What happens here is Amazon takes a cut of it and you get a cut of it. So let's say you sell a shirt for 20 bucks, you're gonna make six bucks off that sale, Amazon does everything for you, they create the shirt, they distribute it, they ship it, all those items, they handle the customer service all those pieces, and then you just make a cut for coming up with a design. It's a really cool system and something that you should truly consider if you're just getting your feet wet in the side hustles number eight, put together a guide or a mini course. So if you've never heard of the website gumroad it is an extremely cool website because it's absolutely free to use. And you can create courses, you can create ebooks, you can create guides and sell it to people. So if you have a little bit of an audience, or maybe you have a nice Twitter following or the Instagram following we were just talking about, you can put together a guide on say how to increase your income at your job. And you can charge for that guide. So you can charge 10 2030 bucks and how gumroad makes money is they take a 3% cut on the back end. So let's say you write a 25 page guide on how to do something, you market it to your audience, your market it to your friends, or whoever else out there that you know would want to buy that guide. And then you can make a passive income on that guy. I've done this a number of times in the past. And the cool thing about this is you create it once and then you make money on it forever. And all you have to do is update it from time to time just to ensure that everything is correct, which leads us into the next one. Number nine, you can turn that guide into a book if that guide is long enough. Let's say you have 100 page guide, you could turn that guide into a book and there's websites all over the place that will create books for you where you can sell books on Amazon, just by having a PDF. So you can take that PDF copy and literally create a book out of that now, whoo, you're an author. Now, just by creating that initial guide, see that there's two revenue sources right there, just by creating the initial guide, expanding on that guide, you can create a book and now you have two revenue sources, two income sources, just from doing the upfront work. Number 10. If fiction is more your thing, then you can make money writing short stories. So there's a website called wattpad. If you've never heard of wattpad, it's a website where you can do like fiction stories, or short stories or fantasy stories, or all those cool fiction items. I'm not a fiction guy, this would not be my thing. But it would be something I would do if I was into fiction. And you can connect with over 80 million readers on that website that are going to allow you to actually get paid and monetize those stories. So the way it works is you sign up for it. And then they give you monetization strategies that you can use to make money on your stories. Because when people read them, there's ad spaces and things like that, that you can use number 11, create affiliate content. So if there's products you love, for example, I love personal capital. And there's a reason why I talk about personal capital all the time. And so what I did was I created an article and an affiliate guide for personal capital on my website. And what happens there is every time someone signs up for personal capital, I get a commission on it. But it's just a product that I love. And it's at no additional cost to you. Because personal capitals, guess what, it's my favorite number, it's free. So it costs you nothing. And I make a commission off of it, because it's a product I love and I use. So if there's something out there that you love and use, reach out to that company, and see if you can create an affiliate deal, because a lot of times you can do a percentage share. Or you can do something where it's a flat rate every time someone buys it with your specific affiliate code. Now, if you don't know what affiliate marketing is, it's when you promote a product. And then you get a commission for promoting that product. Every time someone signs up for that product. This could be a digital product, you'd be a physical product could be anything along those lines. But if you have a small audience or an Instagram following or just have friends, this is a way to create a passive side income because I know people who have created if you've ever been to a website, it has like that how to start a blog tab, there's people that make hundreds of 1000s of dollars just by writing one article on how to start a blog. And that's because they created an affiliate product and I blew up their audience, they had a huge audience, they were selling so many of those affiliates, that they were able to make a massive income because of it. Number 12. Sell your services on Fiverr. So Fiverr, I've used for all kinds of things for graphic design for video editing, copywriting, there's all kinds of things that you can do on Fiverr. And go look on Fiverr and see if your services could be used on there. Now this is definitely not passive. Now, if you're going to do something on Fiverr, you're gonna be trading time for money. And that's not exactly what this list is entailing. But it's another way to start making some money so that you can pursue some of these additional side houses, it's a way to stack your income. Now on Fiverr, you could choose whatever job you want. So if you have a little free time and want to create a website for somebody, you can do that and charge them $1,000. But it just depends on exactly what your skills are, there's so many things that you can offer up on Fiverr, that the possibilities are truly endless. So take a look at fiber and see if that's something that you would be interested in. Now before we wrap up part one of this episode, we're gonna have a part two next week, that's going to go into the rest of the passive income ideas. But I want you to think through some of these and see if any of these piqued your interest. And if they do, start to look into them, and don't take too much time and having analysis paralysis or anything like that, but start to look into them and see if this is something that you would want to pursue. If you see something on this list, then just go after it, try it out. Because what's gonna happen is, you're gonna have to weigh out a bunch of failed options to find one that really sticks. And that's what's happened to me over and over and over again, you don't know how many passive income ideas I've tried, and they they fail. And so what you got to do is just keep trying over and over and over again. And once you find one that sticks, then you're going to realize, Hey, I made a couple of dollars on this one, I can really build this if I've worked at it, and then you work at it, and you can build it up over time. And that's the cool thing about these side. hustles is because once you have it work up front done, you can start making money from months to years and years on end. So stay tuned for next week's episode, where we go through the rest of the passive income ideas. Thank you guys so much for listening. And if this is your first time listening, consider subscribing so you never miss an episode and share this episode with a friend. And don't forget to leave a rating and review on iTunes as well because our goal is to bring as much value to you as possible. And we're trying to spread this message that money can buy freedom, that's what money is there to do is to buy more freedom. So thank you again so much for listening and I hope you have a great day.