I spent the last few years building passive income
online businesses that now generate anywhere
from $30,000 to $160,000 in profit per month.
In this video,
I'm going to share what these business models are
and what you need to know if you wanna start them yourself.
Now, before we get into this video,
I personally always ask for proof before trusting anyone
who's talking about how to make money.
So, let me quickly show you my proof,
and then we'll get into this video.
So, I took a two-year break from working in 2020 and 2021.
If you look at my YouTube channel, you can fact check this
and you'll see that there was a gap of time
where I didn't make any YouTube videos.
During this time,
I let my passive income businesses run themselves untouched.
However, what you're probably wondering
is what about the earnings?
Did they stay consistent?
Did they go away? What happened?
Well, during the year of 2020,
these businesses made a total of $727,419 in profit.
And as if it doesn't get any better,
in 2021, they made another $805,436 in profit.
Now, if you guys have watched my videos before,
you know that I rarely ever talk about income.
So, I hope that revealing this information
shows you my intent with this video
and how I wanna keep it really honest,
really straightforward, and transparent.
So, without further ado, let's dive right into this video,
so I can explain what these five passive income streams are.
The first passive income stream
that I built was by far the easiest.
It's called a high yield online savings account.
And essentially, it's just a savings account
to safely store your money
that has a really high interest rate.
Now, the interest on your money
will be paid to you monthly as a form of passive income.
Now, hopefully to save you some time here,
some of the best accounts you can open
are through Ally, Wealthfront, and Betterment.
Now, just to clarify,
this is not like investing in the stock market.
Your money in this account is in a savings account,
so it can't go down and it's 100% liquid,
so you can withdraw like a regular savings account
anytime that you want.
The interest rate is just really high
compared to a standard savings account.
It's actually almost as good as investing
in some of these stocks in the stock market,
but it comes with none of the risks
that the stock market has.
To be as straightforward as possible,
this is not going to be one
of your big earners here compared to the others,
but it's an easy way to make passive income
while keeping your money safe and secure.
After all, once you start making money
with these other passive income streams,
you're going to need a place to put all that money.
You might as well turn that
into another passive income stream.
The second passive income stream
that I built is a print-on-demand T-shirt business.
This is a very simple business model
when you break it down.
All you have to do is create designs
that you think people would buy on a T-shirt,
and then upload those designs
to a couple of the big print-on-demand websites.
What makes this business model passive
is that you don't have to worry
about anything after you upload your designs.
These print-on-demand websites
will list your designs on their marketplace.
They essentially Photoshop
what that design would look like on a T-shirt,
and then when someone places an order,
they actually print the design onto a T-shirt
and they ship it to the customer.
What I personally really like
is that they also handle all of the customer service,
and if there's any returns,
that's all taken care of for you.
We essentially just get a split
of the profit from each sale.
Again, in hopes of saving you time here,
the big websites you'll want to upload your designs to
are Amazon Merch on Demand, Redbubble, and TeePublic.
All of these websites are non-exclusive.
So, if you create one design,
you can actually upload that to all three of these websites
and get sales from all three of them at the same time.
Now, there's a lot more to know about this business model
and since this is actually the first business on this list,
I'll put a link to a free full length tutorial
down in the description
to another video I made on the channel.
The third passive income stream
that I built is called affiliate marketing.
Now, the way this one works is I partner with companies
to promote their products on my website and social media,
and then whenever someone makes a purchase
through my referral link, I simply get paid a commission.
Now, you may be thinking,
if you don't have a social media following
can you still start this one?
Well, yes, you absolutely can.
I started mine from scratch too.
The way that you do this in kind of the gold standard
in the affiliate marketing space
is to start a website about a certain specific topic,
and then start writing blog articles
that would help people in that topic.
To try to help this one make sense,
I'll give you a real life example of how this works.
I personally have several of these affiliate websites now
and one of them is specifically about electric vehicles.
On that website, I write blog articles
about how to do basic vehicle maintenance at home,
how to use the vehicle features, and then best practices
for charging and things related to the vehicle's battery.
So, for instance, in an article that's explaining
how to change the air filters
on a specific electric vehicle,
I mention the air filters
that I personally use in my vehicle,
and I use my referral link to them.
Now, whenever someone reads that article,
they click the referral link
to the air filters and they buy them,
the company just automatically sends me a commission.
There's no order taking that I have to do,
no shipping, no customer service,
nothing at all beyond sending them the buyer.
Now, if you're going to get into this business,
the best piece of advice I can give you
from years of experience is to only promote products
that you actually know, you use, and you trust.
All right, and now,
onto the fourth passive income stream that I built.
This one is creating online courses
on two specific websites, udemy.com and skillshare.com.
Whenever you do something every day
for several years straight,
you're going to learn a ton about that topic,
whether that's your job,
whether that's your hobby, whether it's a passion,
whatever it is,
you're going to accumulate a ton of knowledge
about that specific thing.
What I found out is that you can share that information
in a nicely organized prerecorded online course.
Think of this similar to a YouTube video,
but in a more professional way
with chapters and more structure.
Now, I chose to upload these courses
to Udemy and Skillshare,
because they handle everything else from there.
The sales and marketing, the customer service,
and everything in between is all taken care of for you,
and they just get a split of the profit.
Now, something that's really important
that I learned on this is that whenever I tell people
about this business model, they usually right away say,
well, I don't have anything to share.
So, something that I tell them is that,
remember that you really don't have to be a total expert
on the topic to make a course about it.
I heard this best in a book that I read a while ago
and it was explaining that there's a scale from 1 to 10.
1 are the people
who are complete total beginners on a topic,
and 10 are the people
who are the most knowledgeable experts in the world.
Even if you consider yourself a five or a six,
remember that there are probably tens of thousands of people
who are a four, a three, a two, or a one,
and would be willing to pay
to learn the knowledge to become a five or a six like you.
Not everyone wants to become a full 10 all in one go.
That's super intimidating
and is probably going to be super expensive.
So, focus on whatever your skill level is
and hone in on that.
The fifth passive income stream
that I started is my YouTube channel.
Now, I originally started my YouTube channel
as a form of free versions of the online courses
that I was selling on Udemy and Skillshare.
However, what I learned is that there's a community here
on YouTube that just doesn't exist on Udemy and Skillshare,
and the flood of comments just sharing gratitude
made me continue to post more videos.
Now, just to keep things straight here,
over the last couple of years,
I started sharing all the things
that I was putting in the Udemy and Skillshare courses
right here in the YouTube videos, totally for free.
So, that's where all this content is now going.
So, for those of you who don't know,
when someone watches a YouTube video,
the ad that plays before that video
is paid for by the company whose ad it is.
And how this works is the amount that that company
paid to put that ad there gets split
between YouTube and the person who created that video.
But what's cool about this
is that what makes YouTube so passive
is that once the video is posted,
it continues to get views for years to come.
In fact, just the other day,
the YouTube algorithm was recommending me
a Casey Neistat video that was posted back in 2012.
So, for me personally,
when I was not posting videos for two years,
my channel was still making ad revenue
from all of the viewers
that were watching videos that were posted previously.
I should say though,
for those of you who do wanna start a YouTube channel,
the key to success here
is just creating videos that are actually valuable
to your audience and not filled with fluff.
So, with all that said,
I'll put a couple helpful videos down in the description
that'll explain how I built
these individual businesses if you're interested in that.
I hope you guys enjoyed this video
and I'll see you all in the next one.