How to Make Passive Income (Ideas That Make $211.25/Day)

This is $211.25. And this is how much I make every single hour of every single day, whether I'm working or not. And that's because I make what's called passive income, or money. That comes when the guru say while you sleep. And while that sounds amazing, earning money without having to actually spend time making it is one of the primary objectives of financial independence and being an entrepreneur. And that's what this video is about. Now, before we dive in, let's address the elephant in the room, or let's say my voice. About a week ago, I lost my voice. I was sick. I went to a dinner party and I was screaming across the table and it messed my voice up. Now a week later, my voice is still gone. So I figured I'm just going to get back into making content and actually be here to actually chat with you guys. So here's the thing. Having passive income is one of the keys to success. If you look at millionaires, average millionaire has seven streams of income. But the thing is, is sometimes people just starting out, they think like, okay, let me get seven streams of income. So they start this business and this one, this one, this one, you have to start focus. Because while passive income is great, it's usually not passive to start. In fact, it used to require time, sometimes cash, sometimes knowledge, expertise, sweat equity, or all the above put in ahead of time to become passive in the future. Even if you're buying a real estate property that you're going to rent out and make cash flow on, you need to spend time looking for good deals, doing some research, analyzing the transaction, running the numbers, and if it's something you plan on actually renovating, you have to spend the time to do that and then eventually filling it with a tenant and then the passive income. So passive income sounds great. And real estate investing is one of many methods for you to do it, but you need to have a lot of money beforehand. So in this video, I'm going to break down some of my favorite ways that you can actually go out and make passive income starting as soon as possible and make profits over time. Some require spread equity in the beginning, some require capital. But this isn't a get verse quick video. This is how you can build passive income over time video. So let's dive in. Now, there's no secret formula where you can just instantly convert time into cash. Instead, you need to plant seeds that will grow into income in the future and make sure that your money can continue to grow over time. And so without wasting any More time we're going to explore some creative and high paying passive income ideas that you can take advantage of right away. All right, so number one, this is blogging. Now consider opening up a blog. If it's something you've been looking for, a low cost way to start earning money over time, you can actually generate passive income by having a blog. Now the economics is pretty simple. Basically you just set up a domain, right, that'll cost you about $9. Then you can go out and you can actually start writing content that link to other kind of sources. And so what you're doing is you're building a blog. And the way you monetize it is by pointing to other people's offers and products. You can actually go and you can run ads. So Google, you can set up ads on your site and you can go out and start building content that eventually sells your own stuff. And so what you're doing here is you're actually creating a platform that you own and the more people read it, the greater chances of you having high earning potential. On. Now everything takes its own amount of time. So if you're blogging or building a website, it can take some time to actually rank high, which is why you want to understand how you can actually raise the SEO or the search engine ranking of your platform. And while it might take some time to grow a blog and have it make money consistently, you could speed up the process by actually tapping into a blog that already exists. You can find people out there who are selling logs, maybe they don't have the time anymore to actually do it. And you could buy and acquire it and grow it from there. And one final point on blogging is if you're able to grow monthly revenue month over month, this becomes an asset that you can sell and you can actually sell for a lot of money. Because keep in mind, the fastest way to create wealth in your life is not cash flow, it's valuation. And so if you can look for opportunities to create a high value company, even a blog can do, they'll take your monthly revenue that you're making over time and put what's called a multiple on it, where they actually multiply how much money you're making and then they'll pay you 12, 24, 30, 100 times in some cases what you're making on a monthly basis. Alright? Now the second way for you to actually make passive income is through YouTube. So if you're watching this video on YouTube right now, you understand the platform. If you're not, you can actually obviously Jump over and watch it on YouTube to see the full clip. But here's the thing is, with YouTube, it's similar to the idea of blogging. You're creating content, but you can actually just get paid by getting views. You don't have to go out and find sponsors. You don't have to do anything complicated. All you do is make a channel, post content, and get views. And so all you're doing is content plus views on YouTube equals money. Now here's the thing. You might be thinking, well, Dylan, YouTube isn't passive. I have to make content. Well, here's the structure. You don't have to. YouTube can be passive because you can actually make videos without having to personally do the work yourself. There are actually platforms out there and companies and systems where you can set up a cash cow, they call it automated channel that makes money on autopilot. And so basically the way this works is you set up systems and you choose kind of a way you're going to go about it, and you set up the systems for the content to be created. So I have someone here in my office that works for me, and he used to have his own YouTube channel, and he eventually exited. But the way he set it up was he hired a scriptwriter. The scriptwriter would write the scripts. He hired a voiceover artist. The voiceover person would voice over the script. He hired someone else to edit the video. And he had a third, a fourth person who would make a thumbnail for the video and a fifth person that would take the video and upload it and add the thumbnail and all that stuff. And so what you have to do is you can actually go out and find people on fiverr, on upwork, that actually can be one cog in the machine. And you're essentially creating an assembly line for content where you have different people doing different stuff along the process. And again, it takes some time and money to set up. It can become very profitable down the road. Now, here's the cool thing about YouTube is you can make videos that are called evergreen videos. In other words, they last forever. You know, you could post a video once and they could be getting views for months or even years down the road, making it a true passive income cash cow machine. And just like with blogs, you can both buy existing cash cow machines, or you could sell yours in the future for a nice little valuation paycheck. All right, now, the third way for you to make passive income is my favorite method, which is an agency. Now, I'm a little biased here because this is what's really allowed me to make a lot of money in my business, in my life, and have a business that generates money all day, every day again while I'm working or not. And it's running an agency. And so if you don't know what an agency is, all you're doing is it's kind of like arbitrage. Okay, I'm gonna write the word arbitrage. And so what this is doing is you're finding someone who has a need and then you're finding someone who can fulfill that need. Just call this a triangle. And you're bringing them together and you get paid in the middle. Now, there's a lot of ways to actually structure this, but this is the simplest way of thinking about an agency where what I do is I know someone who, or I can find someone who, let's say, needs leads for their local business. And then I can go out there and I can run ads and actually drive leads for their local business. And that client that needs those leads is paying me every month. Let's use the example of like a hair salon. Someone who runs a hair salon, they cut and style hair and they need people to come in to actually buy those products from them. And then out in the ether in the world, there's a ton of people that want to get their hair cut and styled. So all I'm doing is I'm connecting the two of them. My medium is through advertising, Facebook ads and stuff like that. But. But there's a lot of other ways you can do that. But that's method number three, which would be agency life or arbitrage. All right, now method number four is I'm going to write E Comm. If you don't know what E Comm stands for, it means E commerce. Effectively, it's online shopping. And so what you can do to make passive income is you can set up a storefront where you sell products to customers online. It could be anything that you get, like jewelry that you're drop shipping. Or you could actually custom build a brand yourself where you create a custom product. Now the thing about this is, yeah, if you're doing the store yourself and you're setting it up, you may have to actually go through the process of fulfilling, sending out orders and building the product. But over time, as you build the team, running an E commerce brand can be passive income. That's number whoops for E commerce. All right, now number five over here is I'm going to write amz. Now what is this amz? Amz, Amazon is the largest e commerce platform in the entire world. They do over $1.3 billion in sales. Not every single year, but every single day. And so what you can do is you can take advantage of this inflow of money that's coming into a preexisting platform and you just list your product on there and sell it. And in fact, I actually have my own e commerce store. I'll pop a screenshot up here if I can. I can show you guys. And I sell my own products on Amazon. Now here's the thing. I started this years ago and I made this company and I make maybe 20, $30 a day on average from the store. It's passive income, it's part of the stream. But to be honest, there are some is not glitz and glam because, you know, I'm not making a ton of money four years down the road. So I'd say it's low on the money side and it does cause some headaches having to get things from China. But it is an option for you to make passive income. Now the interesting thing about Amazon that makes it truly passive is what I've done is I've found a manufacturer overseas in China who makes a product. Basically I found a product that was already selling well on Amazon, but I figured could have a little bit of improvements to make it a little bit better. I made those improvements, made it better, asked the manufacturer to make the changes, and then I sent them, I don't know, a couple of thousand bucks and said, hey, you know, send me, let's say 200 units. I forget what it was. The first order I made, they sent it to me, I took the packages, looked at it, made sure that it looked okay, and there was no cracks or issues. And then I took that and sent it off to Amazon's warehouse. Now those units, I've obviously reordered since then, but they sit in Amazon's warehouse and every time someone places an order, Amazon goes and grabs it, packages it and ships it out. So I'm not actually doing any work on a day to day basis. Once you make the product, find the manufacturer, source it, send it to Amazon, it's effectively passive income. All right, and that takes us to number six, which is online course. Now there are a lot of people out there that actually have online courses who have never done anything in their entire life. What I believe is if you have some skill set, you've mastered something, let's say maybe it's you're really good at school, you got really good grades, you are an expert on that subject. So you don't necessarily have to be the best in the world. What you have to be good at is either, you know, good at something or good at organizing information. Because all a course really is is it's organized info. The reality is, is any information found in 99% of courses out there can just be found on YouTube for free. But there's people out there that will pay you $20, $50, $100 for a course, even thousands of dollars for an online course, when there's information easily organized in a way that you can actually go through and learn from. And so the idea is like, step by step, here's the process on how you do xyz. And that's really the simple aspect of online course. And so go take the course, put it up on a site like Udemy or Skillshare, or make your own using Kajabi. And with that, you now have an online course machine that can be generating passive income. All right, now, number seven, what is that? This one has been getting a little bit of heat lately. And the reason is, is because it's crypto. And so crypto is an interesting situation because it's highly unregulated, but it does provide opportunities for people to make money. And if you're willing to absorb a little bit of risk in exchange for a high potential opportunity, you can tap into some of the systems out there that allow you to actually stake or invest your crypto. And so the way that staking works is what you're doing is you're basically putting up your market to absorb some of the volatility of trades and transactions on the blockchain network. So you'd be putting up a certain amount of money, kind of like a, let's say, bank deposit. You're putting your money into that bank, and that bank is then taking that money and they're actually loaning it out to other people. And so you're putting your money up for that to happen. In exchange, you get a percentage return. So not every coin has the best or safest options to stake with. And some of them are really low percentage. Generally, the lower percentage, the lower the risk, the higher percentage, the higher the risk. But there are opportunities for you to generate as much as 20% or more returns on your crypto just by staking it. And if you don't like that idea, let's say you're like, I don't want to stake my crypto, it's too risky, whatever, you could always invest in hardware to actually Mine crypto opportunity for you in this crypto space to make passive income. Especially as crypto prices are falling, you can probably pick up some second hand crypto hardware. And as the crypto market recovers more, you, you'll be able to benefit from the growth and coins being worth more money. And with that, that takes us to number eight, which is the last method for today's video of making passive income, which would be, I'm going to say old fashioned way, and I totally misspelled that, but that's okay because with this method what we're doing is we're looking at dividends, bonds and interest in a savings account. So the way this works is these are kind of like the way that my parents look at passive income. They think, okay, we have, let's say, you know, $10,000 that we want to go and do something with. And so they look and they're considering, hey, what stocks are paying dividends. In other words, they're paying a portion of profits on a recurring basis in proportion to how much you put up into their company or into the stock or bonds. And you can actually buy bonds and it's a way for you to have a pretty secure return on your investment over time or interest in a savings account of some kind. And so with interest rates going up as they are right now, and it looks like they're going to continue to go up for some time, you know, you're going to start to see real interest rates being paid out from banks. And traditionally, you know, banks would be in the place where they'd be paying you pennies per month in interest for most people. You can actually get to the point where you're making, you know, a fair amount of money on your money just by being in a savings account. And because those are insured by the government, you know that you're not going to lose out on your money. And so that's eight passive income opportunities for you. And if you can still see me behind this floating text in the air, maybe you're wondering, okay, Dylan, which method is, is best for me, right? What's the best way for me to start earning passive income in 2023? And while there's no right answer to that question, there are people out there making a lot of money with each and every single one of these options. They all have their own pros and cons. And maybe in a future video I'll actually break down the pros and the cons of each one of these and rate the passive income opportunity and, and which one I believe is best for you. So if you're going to go ahead and move forward and want to start making passive income, my recommendation to you will be to choose one option and stick with it. Learn as much knowledge as you can about it. Read two to three books, take one to two courses and then start taking action. Don't confuse knowledge with action. Make sure you're actually taking action on it and select yours. This is the one I chose right. I decided to run an agency but you can choose really any method that you feel like works for you. So that was today's video. If you got value, you learned something new. Go ahead, hit the like button. Subscribe because on this channel I make videos about making money online, social media, passive income and personal development. So with that said, I'm going to go ahead and erase this whiteboard and I'll see you in the next video.