10 Passive Income Ideas | How I make $20k per week

Modern Millie

17 Jan 202444:30

EducationalLearning

32 Likes 10 Comments

TLDRThe video script outlines ten methods for generating passive income, emphasizing that while these streams can be set up for automated earnings, they require initial effort. Methods discussed include affiliate marketing, selling digital products, online courses, memberships, platform monetization, user-generated content, brand collaborations, app development, and investing in stocks. The video provides practical advice on starting and maintaining these income streams, along with the expected effort levels for each method.

Takeaways

💡 Passive income requires upfront effort and setting up a system that generates consistent income with minimal maintenance.
🚀 Affiliate marketing is a popular way to earn passive income by promoting products and earning a commission on sales made through your unique referral links.
📈 The average salary of a full-time affiliate marketer is around $59,000 a year, with some content creators making over $10,000 a year.
🛠️ Selling digital products like e-guides, templates, or presets can provide passive income with relatively low effort once the product is created and marketed effectively.
💻 Online courses offer the potential for high-ticket passive income by providing valuable, structured learning experiences to a specific audience.
🏢 Memberships create a recurring revenue stream by offering exclusive content or community access to subscribers for a monthly fee.
🛍️ Physical products and print-on-demand services can generate passive income with minimal inventory management, relying on design and marketing skills.
🎥 Platform monetization through ads, product tagging, and other creator-friendly features can provide passive income for those with a strong social media presence.
📝 User-generated content (UGC) and brand collaborations can be leveraged for passive income through strategic usage rights in contracts.
🔧 Building an app or software and selling it as a one-off purchase or subscription can be a challenging but potentially lucrative source of passive income.
📈 Investing in stocks or shares can be a long-term strategy for generating passive income, with the potential for growth depending on market performance.

Q & A

What is the definition of passive income?
-Passive income refers to earnings that require minimal labor to earn or maintain, often described as a money stream that requires little to no continuous effort. It is typically associated with income that can be earned with limited ongoing involvement after initial setup.
How does the process of setting up passive income work?
-Setting up passive income involves doing a majority of the hard work upfront, which allows for the creation of income streams that can automate and generate consistent income in the background.
What is the average salary of a full-time affiliate marketer?
-According to Glassdoor, the average salary of a full-time affiliate marketer is $59,000 a year, which is almost $5,000 a week.
What are the steps to get started with affiliate marketing?
-To get started with affiliate marketing, one should pick a niche, apply to affiliate marketing programs, and create their own links to start the Snowball Effect.
What are some high commission payout niches?
-Some high commission payout niches include e-learning, beauty and health, finance, and software as a service (SaaS) products, with commissions ranging from 30% to 70%.
How difficult is it to maintain income with affiliate marketing?
-Maintaining income with affiliate marketing is moderately difficult, rated as a 5 out of 10, as it depends on various scenarios such as building a following, being in a profitable niche, and continuously directing traffic to affiliate links.
What is the earning potential for selling digital products?
-The earning potential for selling digital products can be significant, with some individuals making thousands of dollars in a short period, such as $20,000 in 7 days for a digital marketing coach who created a product called 'Secret SAU to 16k'.
What are some platforms to apply for affiliate marketing programs?
-Some top platforms to apply for affiliate marketing programs include Amazon, Influencer ShareASale, and Magic Links, or directly to a company's website like Canva, TubeBuddy, and others.
How does one get started with selling digital products?
-To get started with selling digital products, one should identify a problem in a particular market or industry, provide a solution to that problem, and then create and sell the digital product through platforms like one's own website, Etsy, or directly to the audience.
What is the difficulty level of starting an online course?
-Starting an online course is considered moderately difficult, rated as an 8 out of 10, due to the time and effort required to create a comprehensive and valuable course, validate the course topic, and market it effectively.
What is the potential earning range for an online course?
-The potential earning range for an online course can vary greatly, from as low as $10 to as high as $6,000 or more, depending on the course content, target audience, and marketing strategies employed.

Outlines

00:00

💰 Understanding Passive Income and Its Effort

This paragraph discusses the concept of passive income, clarifying common misconceptions about its ease and instant profitability. It emphasizes that while passive income can be set up to earn money with minimal effort, initial hard work is required. The speaker shares their personal journey of establishing passive income streams over three years, generating significant weekly revenue. The paragraph serves as an introduction to the topic, setting the stage for a detailed exploration of various methods to earn passive income.

05:01

🔗 Affiliate Marketing: A Beginner's Guide

The second paragraph delves into the first method of earning passive income, affiliate marketing. It explains how one can earn a commission by promoting products to followers, either through clicks or purchases made via affiliate links. The speaker shares personal experience with a tool called St store and how they earn a percentage from referrals. The average salary of full-time affiliate marketers is mentioned, along with the potential earnings from popular niches. A step-by-step guide is provided for beginners, including choosing a niche, applying for affiliate programs, and creating and sharing affiliate links. The paragraph concludes with a ranking of the difficulty of starting and maintaining income through affiliate marketing.

10:01

📈 Selling Digital Products: E-Books, Templates, and More

This paragraph introduces selling digital products as a passive income method. It highlights the success story of Haley Cunningham, a digital marketing coach, who made significant earnings from her digital product. The process of identifying a problem in a specific market or industry and providing a digital solution is outlined. The paragraph discusses the ease of creating digital products, such as e-guides or templates, using tools like Canva. It also mentions platforms for selling digital products, including personal websites and Etsy. The difficulty of starting and maintaining this income stream is rated and discussed, emphasizing the importance of marketing these products effectively.

15:04

🎓 Online Courses: Educating for Profit

The fourth paragraph focuses on online courses as a lucrative passive income source. It provides statistics on the growth of the e-learning industry and the potential earnings from creating and selling online courses. The paragraph outlines the steps to create an online course, including validating the course topic, outlining the content, and using platforms like Zoom for recording. The speaker shares their experience of using Thinkific for hosting courses and offers a detailed explanation of the process, including the potential earnings from high-ticket items like online courses. The difficulty of starting and maintaining this income stream is also discussed.

20:04

🤝 Memberships: Building a Community and Revenue

This paragraph discusses the concept of membership websites as a means to generate predictable, recurring revenue. It differentiates between fan-funded and education-based memberships, providing examples of each. The paragraph outlines the steps to set up a membership, including choosing an industry, creating a video library, and using platforms like UScreen to host the content. The speaker shares their personal experience with community-based memberships and the challenges of maintaining subscriber interest over time. The difficulty of starting and maintaining income through memberships is rated and explained, emphasizing the importance of providing ongoing value to members.

25:05

🛍️ Selling Physical Products: Print on Demand

The sixth paragraph explores selling physical products through print on demand, a business model that eliminates inventory management. It discusses the challenges of success in this field and the misconception of it being a get-rich-quick scheme. The paragraph outlines the steps to get started, including finding product ideas, designing the product, and using platforms like Etsy for sales. It also touches on the importance of SEO and keyword strategy for success on platforms like Etsy. The difficulty of maintaining this income stream is rated and discussed, highlighting the potential for creating a snowball effect of sales over time.

30:07

💸 Platform Monetization: Earning on Social Media

This paragraph covers platform monetization as a passive income stream, detailing the various ways social media platforms like YouTube, Instagram, and TikTok allow creators to earn money. It provides statistics on average incomes from different platforms and outlines the requirements for monetization on each. The paragraph discusses the challenges of maintaining a consistent income through platform monetization, especially on Instagram and TikTok, and shares the speaker's experience with YouTube AdSense as a more reliable source of passive income. The paragraph concludes with a rating of the difficulty of maintaining this income stream.

35:08

📸 User Generated Content (UGC): Authentic and Engaging

The seventh paragraph discusses the rise of user generated content (UGC) as a form of passive income. It explains that UGC is content created by everyday users of a product or brand and is considered more effective and engaging than brand-created content. The paragraph outlines the steps to get started with UGC, including building a portfolio and applying for jobs or pitching directly to brands. It also discusses the potential to earn passive income from UGC through usage rights in contracts. The difficulty of starting and maintaining this income stream is rated and explained, emphasizing the importance of creating high-quality, engaging content.

40:08

🤝 Brand Collaborations: Partnering for Profit

This paragraph focuses on brand collaborations as a method to earn passive income. It highlights the significant growth of the influencer marketing industry and the potential for creators to earn from partnerships with brands. The paragraph outlines the steps to get started with brand collaborations, including building trust with followers and applying through third-party platforms. It also discusses the potential to earn passive income from usage rights in contracts, similar to UGC. The difficulty of starting and maintaining this income stream is rated and explained, emphasizing the importance of creating content that brands are willing to pay for.

💡 Building an App or Software: A High-Risk, High-Reward Venture

The eighth paragraph discusses the potential of building an app or software to earn passive income. It provides examples of successful apps and the potential for revenue generation. The paragraph outlines the high difficulty of getting started with this method, requiring a great idea and coding experience or a partnership with someone who has coding skills. It also discusses the challenges of maintaining this income stream, especially without a pre-existing audience or social platform.

📈 Investing in Stocks or Shares: Long-Term Growth

The final paragraph explores investing in stocks or shares as a method to earn passive income. It provides a brief overview of how investing in index funds can mirror the performance of the market. The paragraph outlines the steps to get started, including finding a stock broker and investing in index funds. It also discusses the low difficulty of maintaining this income stream once established, but emphasizes that it requires extra money to invest and is not a quick way to earn passive income.

Mindmap

Keywords

💡Passive Income

Passive income refers to earnings that are generated with minimal labor to earn or maintain, often requiring significant effort upfront but allowing for continuous income generation with little ongoing work. In the video, it is explained that contrary to common misconceptions, setting up passive income streams takes time and effort, and it involves a 'hustle phase' where hard work is invested to create a source of income that can eventually run in the background.

💡Affiliate Marketing

Affiliate marketing is a performance-based marketing strategy where an individual earns a commission or fee for promoting and referring customers to a product or service. In the context of the video, the creator shares their experience as an affiliate of a tool called St, earning 20% profit per referral. The video emphasizes that affiliate marketing can be a viable source of passive income, but it requires building a platform or influence and creating valuable content for a specific niche.

💡Digital Products

Digital products are intangible goods that exist in a digital format, such as e-books, templates, or presets. In the video, the creator discusses the potential of selling digital products as a means of generating passive income, highlighting the success story of Haley Cunningham, who made $20,000 in 7 days from her digital product sales. The video suggests that creating and selling digital products requires identifying a problem in a specific market and providing a solution in the form of a digital product.

💡Online Courses

Online courses are self-paced learning experiences provided over the internet, typically consisting of pre-recorded videos that follow a structured syllabus. The video script mentions that online courses have seen significant growth and are estimated to be worth billions by 2025. The creator advocates for selling online courses as a high-ticket item that can generate substantial passive income, emphasizing that one doesn't need to be an expert to create and sell a course, as long as they can provide value and a tangible outcome for the learner.

💡Memberships

Memberships refer to a subscription model where customers pay a recurring fee to access exclusive content or services. In the video, the concept of memberships is presented as a way to create a community and generate predictable, recurring revenue. The creator differentiates between community-based memberships, which are more about fan engagement, and education-based memberships, which offer specific value like trainings or tutorials. The video suggests that memberships can be a sustainable income stream but maintaining member engagement and interest is crucial.

💡Print on Demand

Print on demand is a business model where products are manufactured and shipped to customers only after an order is received, eliminating the need for the seller to hold inventory. The video explains that while only a small percentage of print on demand businesses succeed, it can be a viable source of passive income if one understands the market, designs eye-catching products, and leverages platforms like Etsy with effective SEO strategies.

💡Platform Monetization

Platform monetization refers to the process of earning income directly from social media platforms through features like ads, sponsored content, and in-platform purchases. The video script outlines that different platforms offer various monetization options, with YouTube being particularly lucrative for creators. However, the difficulty in maintaining a consistent income through platform monetization varies, with YouTube providing more stable earnings compared to platforms like Instagram and TikTok.

💡User Generated Content (UGC)

User Generated Content (UGC) is any content created by users of a product or service, rather than the brand itself. In the video, UGC is presented as a growing trend in marketing, with brands finding it more effective and engaging than traditional content. While creating UGC is an active process, the video suggests that it can generate passive income through usage rights in contracts, allowing creators to earn money every time their content is used by the brand.

💡Brand Collaborations

Brand collaborations involve partnerships between creators and brands where the brand pays the creator to promote their products or services. The video emphasizes that even creators with a small following can secure brand collaborations. It suggests that while this income stream is primarily active, with creators needing to pitch and create content, it can become more passive over time as creators build relationships with brands and their content is reused, generating ongoing income.

💡App Development

App development refers to the process of creating and selling an application or software, either as a one-time purchase or through a subscription model. The video describes app development as a challenging path to passive income due to the technical skills required and the competitive nature of the app market. However, it can be a lucrative source of income for those who successfully create a valuable tool that resonates with users, as exemplified by the founder of Stan, who created a tool to meet his own needs as a content creator.

💡Investing in Stocks

Investing in stocks involves purchasing shares of publicly traded companies with the expectation of earning returns through capital gains or dividends. The video presents stock investing as a way to generate passive income, particularly through index funds that mirror the performance of a market index. While getting started with stock investing is relatively easy, the video advises that it requires extra money that one doesn't need for several years, making it more suitable as an additional income stream rather than a primary source of passive income.

Highlights

Passive income often requires upfront effort, contrary to the common misconception of 'get rich quick' schemes.

Affiliate marketing involves earning a commission or fee by sharing a product with your followers, without extra costs for the user.

The average salary of a full-time affiliate marketer is around $59,000 a year, with some content creators making over $10,000 a year.

To start affiliate marketing, one should pick a niche, apply to affiliate marketing programs, and create and share their own links.

Selling digital products, such as e-guides or templates, can generate passive income with the right marketing strategies.

Creating online courses allows for high-ticket sales and can be a significant source of passive income for content creators.

Memberships offer predictable, recurring revenue by providing exclusive content to subscribers for a monthly fee.

Print-on-demand removes the inventory aspect of retail, allowing creators to earn from their designs without handling products.

Platform monetization through ads, product tagging, and other features can provide passive income for social media creators.

User Generated Content (UGC) is on the rise, with brands finding it more effective and engaging than traditional marketing.

Brand collaborations offer opportunities for creators to earn by promoting products or services, even with a small following.

Creating an app or software and selling it as a one-off or subscription model can be a challenging but potentially lucrative passive income stream.

Investing in stocks or shares can be a way to earn passive income, though it requires initial capital and carries its own risks.

The BSP model course bundle is designed to guide content creators through building, scaling, and profiting from their personal brand and content creation.

For maintaining passive income streams, understanding the nuances of each platform and consistently delivering value is crucial.

Creating a niche-specific platform or influence can significantly boost the success of passive income ventures like affiliate marketing or UGC.

Usage rights in contracts for UGC and brand collaborations can turn active income into passive income through ongoing payments.

Transcripts

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Related Tags

Passive Income Affiliate Marketing Digital Products Online Courses Memberships Print on Demand Platform Monetization UGC Brand Collaborations App Development Stock Investing Content Creation Financial Freedom Entrepreneurship Hustle Phase Income Automation Earning Potential Business Growth