what's up guys today we're going to talk about five ways to make passive income with
only 500 in most of these ways i'm currently making income passively myself first up we
got anchor savings which is a crypto blockchain savings account it takes the
process of yield farming which can be incredibly complicated utilizes all the best strategies
simplifies them down and allows you to get a consistent stable yield of between 17 and 20
which is amazing phenomenal if you're trading in the stock market you make 20 annually that's like
crazy high crazy good return on investment so 20 from anchor is awesome i personally have money in
my anchor savings account i've done it for two months i've consistently made about 250 a month
my money is just sitting there in ust never have any issues it's just set it and forget it make
passive income if you want to know how to set up your anchor savings account i have a card up above
you can check it out number two is actually yield farming on quick swap or pancake swap now you can
make more money actually doing it yourself and yield farming than you can with anchor it is a
little bit more complicated but it is definitely a viable strategy to make passive income i've done
yield farming and i've experienced the glory of yield farming and also the terrible downside of
yield farming the upside to yield farming is you can make a lot of money you could make sometimes a
hundred percent annually which is mind-blowing so much money the downside is those rates fluctuate
all the time one day it's 100 the next day it's 10 percent the next day is 60 like it's just
all over the place it's kind of hard to predict how much you're actually gonna make number two
if the price of the two tokens your yield farming fluctuates pretty dramatically you could actually
lose money a lot of people don't know that the price of that crypto that your yield farming goes
through the roof you are gonna pay the price and lose money it's called impermanent loss and unlike
what the name suggests it definitely is permanent regardless of all those factors if you're willing
to take the risk yield farming is a great way to make passive income number three is taking your
crypto holdings and staking them on platforms like celsius nexo crypto.com finance block fi i mean
there's like a ton of places you can take your crypto and stake them and get an annualized return
on your investment important note though here that return on your investment in most cases
is going to be paid out in the underlying whatever you're staking so if you're staking bitcoin you're
going to get you know five percent yield in bitcoin so if the price of bitcoin drops in
half you're really not getting any yield you're just getting more bitcoin but the value of that
bitcoin has dropped on the other hand though if you were to stake your bitcoin at five percent
and the price of bitcoin were to double well then in us dollars you actually made 10 yield on your
investment because the price of the underlying asset doubled and you made five percent of that
so that would double the amount you make this all sounds really confusing but it's really not
it's if you hold crypto it's just sitting in a cold wallet somewhere it's a great way to get a
return on your investment while still holding your crypto as well as you can take a loan out against
your crypto if you need quick cash to go and spend on things and you don't want to sell your crypto
number four is to create a digital product that could be an nft that could be a recipe book that
could be a print out coloring book a print out normal book the possibilities are endless and
the reason digital products are amazing is because they are passive you create it once you set up a
store you start selling it and then if you're able to get the traffic there ideally you sit back and
don't have to do anything you just passively make money as your digital product is selling itself
the hardest part of creating a digital product is the marketing and getting the traffic to your
website in the first place you could create the best digital course or the best digital product on
the planet but if nobody knows it exists nobody's going to buy it a great way to get traffic is via
social media marketing and right now the easiest place you can grow on the planet is just tick tock
it is so stupid easy to grow on tick tock it is absurd won't stay like that forever but it's a
great way to get traffic and drive that traffic to your business and then use that traffic to sell
your product number five is youtube obviously this is a massive grind it takes a ton of
time commitment to get started it takes a ton of learning and growing and pushing yourself but it's
super fun if you're the right person and you can definitely make passive income once you get things
up and going currently i make between 230 and 300 a month on youtube but back in 2011 i had an older
channel that grew to about 20 000 subscribers one of those videos went viral and i made about 500
a month for the next seven years doing nothing i literally never even logged onto that channel
over that five year period and i was making money now slowly that did dwindle down to where today i
i don't know i make like 15 bucks a month or something but still shows that you're just one
video away from that passive income source on youtube that can last for years if you get the
right video number six is to rent out your car use a site like turo.com to rent out your car
when you're not using it especially if you have some nicer cars or some luxury
you know cars wellturo.com allows you to rent that car out make passive income and let that car pay
for itself i've never personally done this but i know people that have and it's a great opportunity
to make passive income number seven is a bonus one and it's not passive but it is a way to take 500
and make money and that's to take that 500 and start a business starting a business again
not passive but it is the quickest way to make the largest amount of money possible period it
is extremely difficult to take 500 invest that 500 and make a thousand dollars but taking 500
and starting a business and turning it into ten thousand dollars is something that happens all
the time a business is one of the best ways to multiply your money save money on taxes and learn
a lot more about finances and how to invest when i started my one-to-one million journey i started by
starting businesses i didn't start by investing because i didn't have any capital to start with
and i was able to take those businesses and build up a hundred thousand dollars in just six
months and then once i had that money i took that and i invested it for passive income source if you
have any questions or want to let me know another passive income source that you know of let me know
in the comments below i try to answer every single comment on youtube and i'll see you guys later you