Many of us spend most of our time making other people rich. We spend our waking hours doing the things we “have” to do. It’s tough to get ahead when the bills keep piling up. People feel even lower when the previous paycheck is already spent before they get the next one. How can people get ahead? The answer is passive income.
Passive Income is making or doing something once that is sold over and over with little to no effort. Bytique and Affiliate Marketing are perfect examples of Passive Income because the work is done automatically.
You only have so much time in life. Trading most of that time for a little bit of money is not a very good value. That’s why every wealthy person I know does this one thing to change the equation. That one thing is to earn a passive income. Here is a list of 5 ways to earn passive income.
Every idea on this list is something you can do in a short time to earn a passive income for years to come. I encourage you to spend some of your available time (when you’re not working hard to make someone else rich) on one or more of these projects to completely change your life and your future.
Build a Passive Income Website
This is actually what we do full-time and what we teach. Building your own informational website is a great way to earn a large, passive income for a long time.
Here’s the basic idea. Make a hit list of the 20 or 30 best keyword ideas. The way you do this is to search a topic you really know, or want to know, in Google. See how much is already written about it. Does the Google search box “autocomplete”? If it does, then there are enough searches for Google to be able to autocomplete your keyword with suggestions. (Google won’t know any suggestions if the search volume is too low.). Repeat this process for each keyword idea.
The next step is to look at how many web pages are already written about this subject. If there are not too many pages, look at the first few pages for ideas and to get an idea of how much is written. If the top pages know more about this subject than you do, try another topic. If there is room for your contribution, get started.
The next step is to get ideas. Look at the bottom of the page of the Google search. Google should show related searches. These are good ideas for topics. Explore these topics in the same way you just made a keyword search. Make a list of the best ideas. Now you have a keyword hit list.
Armed with this hit list, begin researching the first keyword. Write a blog post about it that is about 2000 words long. It can be shorter or longer, that’s up to you, but the point is to really cover the subject as if someone asked this question. Write the post answering the next few questions someone would ask. You outline this page the same way; by making a hit list of the questions you will answer. Each of these questions will become a subhead. Write a paragraph or two about each subhead.
When you have a good article, complete with title, headlines, subheads, images and or graphics, publish it. Alternatively, you can save it as a draft and sleep on it. You will see little flaws the following day. Fix them and publish.
This is really quite simple and easy. Write about what you know. Start with what is already known and link to those pages. Then write about what you can add to this subject. Then say why you agree or disagree if you have an opinion. Don’t pretend to be an expert if you’re not.
There are several ways to make this project pay for itself and more.
Affiliate Marketing. Find some products that you can comfortably recommend. List them in a resources page and link to them from your articles.
Advertising. If you are comfortable, add a few select ads on a few pages. Too many ads will send your visitors away. Information products. You might have a video or audio about this topic that you can present or sell.
This is actually a lot simpler and easier than most people would think. When you do a project like this in smaller pieces, you can get a lot done in a short time.
The biggest mistake people make is that they quit too soon. They write their 30 articles and when they don’t earn an money in 3 months they quit and delete their site! This is a HUGE mistake. It’s normal for a new site to take 3-6 months for its content to start to bring in any substantial amount of traffic.
It’s easy to get overwhelmed even thinking about building a website. We’ve got you covered. I’ve taught hundreds of people how to do it with TapSuccess, now rebranded as Bytique.
In Income Website School we help you build up your online income so that it can replace your full-time income.
Time to Earn Your First Dollar: 3 months
How Long You’ll Keep Getting Paid: 2 to 15 years depending on the topic
Earning Potential for 30 Days Work: $500 to $5,000 per month
Ongoing Work Required: Check in every couple months
Write an eBook
One of the most often overlooked sources of passive income is ebooks. You can write the book first, if you want. There are several reasons I recommend you make the website first.
You are already online doing the Google searches for keywords. Your hit list can include links to sites that can serve as resources. You can write this website one page at a time, or even one subhead at a time. When you are finished with the website, you have written your ebook. I recommend that you include a little more of something in the ebook, but you are done. Now you can promote this ebook on your website. Remember to link back to your website (YouTube channel, Podcast channel, and more from your book)
Ebooks might not seem as exciting as other sources of online income, or even profitable. In my experience, they can be a great source of long-term passive income. Especially if you’re looking for something you can create this month to generate passive income for years.
If you work on the book first, you can literally start now and be done in a month’s time. If you started with the website, you are done. Just take that information and reformat it into book form and publish. There’s no real ongoing work or updating required to earn income from it unless you use some other channel to market it. Really, if you want, you can write it, list it, and be done. Though you can, and should, link back to your website to update factual statements in your ebook that may have changed with time.
You can earn income for years! Some other sources of passive income fizzle out really fast if you don’t keep updating them or adding new content. In my experience, ebooks will keep earning you a paycheck for several years.
Lots of people are afraid to write an ebook. They don’t think they know enough or they think they’re not a very good writer. You don’t have to be an expert or an amazing writer to earn an income from an ebook. Just pick a topic you know something about, or that you’re passionate about. Write what you know and don’t pretend to be an expert if you’re not. Books from the perspective of a beginner or someone who’s learning have a lot of value. The reader can relate to these much easier.
So here’s what you do. Write your book in a word processor like TextEdit for Mac, one of the text editors for Linux or Word for Microsoft. Most ebooks are about 50,000 words. If you can get above about 30,000 then you’ll probably be fine. If that seems intimidating, try breaking it down into sections. Once you’re done, have a friend or someone read through it and help you fix any typos or things that don’t make sense to them.
Next, go to smashwords.com. They’ll take your Word document and put it in the format it needs to be in and distribute it out to Amazon, Barnes and Noble, and all the other major ebook sites.
Then you’re done!
If you have a website or YouTube channel to market your ebook, that’s great. But if not then you can check the box. You’re now an author. And then get back to normal life.
Time to Earn Your First Dollar: 1 month
How Long You’ll Keep Getting Paid: 10 years
Earning Potential for 30 Days Work: $100 to $1,000 per month—really depends how you market it
Ongoing Work Required: Almost none
Start a YouTube Channel
YouTube is a huge opportunity right now. In fact, we recommend to everyone in Income Website School that they also make a YouTube channel for their website. But even without a website, a YouTube channel can be a great source of passive income.
This works just like the website. Pick a topic you can share information about and then start recording videos. Keep them simple. Use a cell phone camera and YouTube’s video editor.
Once you start to get views on your YouTube channel, you can start making money with ads. But that’s not even the exciting part. You can also start making money just like we talked about on your website. You can recommend affiliate products and even sell your own info products. So if you’re not up for writing a bunch this month, just start making some videos.
Let me give you a little example.
My YouTube channel has only 8 videos on it that were filmed on an iPhone 5 or iPhone 6. Now, about a year later, that channel has views.
So here’s my recommendation. Spend this month making 30 videos. Upload them to YouTube and schedule them to post once a week for 30 weeks. You can make one video for each page of the website you made. Just look at the web page and tell the audience what you see and what you know about this subject and wny you wrote it that way. Tell them some of the background information behind what you wrote. Then you can promote your website and the book on your YouTube channel.
Time to Earn Your First Dollar: 5 months
How Long You’ll Keep Getting Paid: 1 to 5 years
Earning Potential for 30 Days Work: $400 per month
Ongoing Work Required: Adding more video content on a regular basis will dramatically grow your earnings—but if you don’t add more content, then no ongoing work is required
Record a Podcast
There are reasons that podcasting isn’t our number 1 recommendation. We actually talk about them in a YouTube video. But it’s still a viable business. A podcast is going to work just like the YouTube channel, just through a different medium.
My recommendation is that you record a season of a podcast. Like a TV show. That way you’re not committing to an ongoing, weekly episode. Spend the next month recording 30 episodes on any topic you want and schedule them to go out once a week. I would pick something informational or entertaining.
Personally, I would record an audio of your YouTube channel recordings. Podcasting is a different market. Just remember that they can’t see what you are referring to, so you may need to describe something visual.
Time to Earn Your First Dollar: 1 month
How Long You’ll Keep Getting Paid: Less than 2 years
Earning Potential for 30 Days Work: $50 to $500
Ongoing Work Required: Like a YouTube channel, to continue to earn on an ongoing basis and take your earnings to the next level, you’ll need to keep adding content
The most important source of passive income over the course of your life is investments. If you’re not putting money away into some kind of investment from a young age, you’re missing out on more money than if you miss just about any other opportunity.
The difference in how much wealth you will accumulate if you start investing at 25 vs 45 is astounding. And it’s the top way that most wealthy people generate passive income.
Here’s what I recommend:
Set aside two payments every time you get paid.
The first is 10% of what you earned. This is a tithe. It belongs to Source. There is a small paradox in that you can’t really give it back to Source, so give it to whomever you think will best do the work of Source and forget it.
The second is also 10% of what you earned. This is savings. Put into the bank or under your mattress or anywhere you feel is safe. After it accumulates, you can move it into another account. Some people choose a savings account and others want a stock market account. Ask Source what is best for you and do it. Again, don’t touch it.
If you want to put this into stocks, Ameritrade or Fidelity are two great brokerages that will let you open an account without having to work with a financial adviser. In my experience, they mostly want to make a commission on your investments.
Most investment accounts require a minimum of either $500 or $1,000 to open a new account. So get that much set aside. Then, open an account and make a deposit. If you don’t know anything at all about investing, just put it in an S&P500 index fund. It’s not the top investment out there, but it’s a good mix of a bunch of stocks so it’s about as safe as an investment in the stock market can be.
Time to Earn Your First Dollar: Immediate
How Long You’ll Keep Getting Paid: Forever
Earning Potential for 30 Days Work: Infinite
Ongoing Work Required: Check in occasionally, invest more!
Pro Tip—Start Tracking Your Net Worth Now