Hey everyone,
welcome back to another video.
In last week's video, I shared with you
10 ways that anyone can make money online
and some of those were even ways that I personally made
over $1,000 a day with.
Now in this week's video, I wanted to change it up
and make it a little bit easier.
This week's video is going to focus on
four easy ways to make passive income online.
And the goal of this video is going to be to get you to
$1,000 per month.
Rather than focusing on building a huge online business,
this video is going to be for those of you
who just need some extra cash every single month
and what better way to do it than with passive income?
So all four of the ways in this video
are ways that I've personally done myself.
All four of these can absolutely get you to
$1,000 per month,
and these four ways are very beginner friendly.
Throughout this video,
I'm going to cover these four different ways
starting from easiest and moving into the most difficult.
So depending what skill level
or amount of work you wanna put into these,
you can pick which one's best for you.
Now, as we go through these four,
I'm going to cover three things for each.
First is the overview explanation of what this is
and how you do it.
Second, is the costs involved.
What you'll have to pay to start this
or if it's totally free to do.
And then third is the earnings potential.
So if you do this,
how much you can expect to earn in passive income from it.
So starting out with the first way to make passive income
online, this is by far the easiest way on this list.
What this is is investing your money
into a high yield online savings account.
Now, this is the only one on this list that actually
requires you to have upfront money to invest somewhere
in order to make passive income,
but that's why this one is the easiest.
Now, the reason that I like this so much
for making passive income
is because it's just a savings account.
It's not invested in the stock market
so the amount of money that you put into that account
will always stay there,
and then the amount of interest that they're giving you
will just be added to your account every single month.
Now, although these are called high yield
online savings accounts, not all of them have to be online.
Capital One has one of these high yield savings accounts
and this is a bank that you could physically walk into
so it may make you more comfortable to put money there.
Now, just to give you an idea
of how much interest they offer you,
Capital One offers 3.4% interest.
If you look at Wealth Front,
this was one of the ones that spearheaded this,
one of the first players in the space,
they're offering 4.05% interest right now
and these rates are even expected to go up.
So if you do a quick search on Google
for high yield online savings accounts,
you can find a bunch of different ones
with what rate they are offering.
Just to give you a good idea
of what these rates are right now,
here's some of the highest rates in the space.
They're about 4.55%
and they're offered from quite a few different banks.
Now, just to give you some peace of mind about this one,
when you open a high yield online savings account,
it's typically free to open
and there's typically no minimum.
So you could put in $1 or as much as you want.
The big benefit here is that these online savings accounts
are FDIC insured.
So just double check that
if you're going with one of these smaller banks,
but almost all of them are protected from the government
up to 250,000 or in some cases even up to $2 million
in that account.
So if something were to happen to that bank,
the government basically insures your money
so they will give you your money back.
So the cost to get started on this one
is just how much money you have to move into that account.
So it's not really a cost
but more of an upfront requirement.
So with that being said,
let's now cover the earnings potential on this.
The earnings potential is going to vary depending on
how much money you have to invest,
but first, let's just start with a general $50,000.
So if you had $50,000 and you are making 4.5% interest,
that would be $2,250 per year.
If you divide that by 12,
you're looking at $187.50 cents per month
in total passive income.
Now, the goal of this video is to get you to
$1,000 per month in passive income.
So if you have $50,000 to move in here,
that is a great way to
get you on your way to the $1,000.
Now obviously, the more money you have to put in here,
if you put something like 100,000,
that's going to give you $375 per month
in total passive income.
So just like that, that's the first one.
That's by far the easiest way but the requirement is
you have to have money to put into it.
If you're someone who doesn't have the money to invest here
or if you just wanna move on to even more ways
to make passive income online,
let's move into the second way.
The second way that you can make passive income online
is the next easiest way
and what this is called is Quora affiliate marketing.
Now, the overview on this one kind of breaks into
two parts here.
So first is Quora and then is affiliate marketing.
So starting with Quora,
Quora is a question and answer forum, or essentially,
a large website where anyone can ask a question
and anyone else can come along and answer that question.
Now it's not limited to just one answer,
so you may have 5, 10, 15 people
answering that same question with their opinion.
So that's kind of the platform or the website
we're going to be using to do affiliate marketing.
Now, what affiliate marketing is, is basically you
or anyone out there can partner with
as many different companies as they want,
all at the same time to be kind of a brand ambassador
or a commission-based salesperson for that company.
Now, to be an affiliate for any company is totally free,
and anyone can go to their website
and apply to be an affiliate for their company.
They will give you a unique clickable link
that you can share with people.
And when you share that link with someone and they click it,
it'll get redirected right to the homepage
or the specific product that you are sending them to
without the customer even knowing
that it went through your link.
But what this does is the company can see
that they clicked your specific link
and then if they end up making a purchase,
the company knows that you are the one who sent them
the buyer and they end up paying you the commission.
The really important thing to note here
is that when someone clicks on your link
and gets redirected to the company's website
and makes a purchase,
the cost for that product will be the same
as if they just went to the website
and purchased it themself.
There's no added markup to cover the commission
that pays you.
The commission comes straight out of the company's profit.
So with that being said, to tie these both together here,
and the way that you can make passive income by doing this,
is essentially first think about what are your hobbies,
what are your passions,
what are the things that you know a lot about?
This is where you're going to want to start
and where you're going to wanna focus.
For instance, if your hobby is mountain biking,
you may use Trek bikes.
Your bike and all your parts and your equipment
might be Trek
because they're one of the biggest names in the space.
So if you go to Google and you type in Trek
and then you type in affiliate program or referral program,
you'll find their page that has their affiliate program.
Now, almost all big companies out there
have an affiliate program, but not all of them do.
So once you've determined what companies
you're going to be affiliated with or partnered with
and you have your link from them,
then you head over to Quora.
So essentially on Quora,
go ahead and just make your free account
and now you'll be able to ask questions
and answer questions.
So what we are going to wanna do is answer questions.
So for the example of mountain bikes,
you could simply type in mountain bikes into Quora
and then sort it on the left side by questions.
All of these are going to be questions
that you can click into and you can provide your answer.
Now the whole concept behind this
is you want to answer their question
with knowledge that you have
because this is your hobby or this is your passion,
things that the everyday person probably wouldn't know,
and that's what's going to make your answer
valuable to people and why they're going to read it.
And then the key here is that you want to refer to
whatever products you are talking about in your answer
with your affiliate link.
So for instance, if someone's asking
"What is the best mountain bike for a beginner?"
I'm sure at one point you were a beginner in mountain biking
and you probably have a good recommendation for that person.
Now, assuming that you use Trek yourself,
you likely know which one of their bikes
is the one that you would recommend for a beginner.
So what you wanna do is write your answer to them
explaining which Trek bike
is the one that you would recommend to a beginner and why.
And then you can say,
and here is the link directly to that bike.
This clickable link will go right into your answer on Quora
so when someone is reading that answer
and they click your link,
they will be redirected to Trek's website
and they can see the bike right there.
If they make the purchase of the bike,
obviously no guarantee that they will, but if they do,
you will get a commission from Trek.
You don't have to ship the product,
you don't have to be involved with customer service at all.
It simply is just a referral to the company.
Now, the cool part here is if you go over to
Trek's affiliate program,
Trek offers 8% commission on parts and accessories,
4% commission on all bikes,
and then 5% commission on full suspension bikes.
Now, if you know anything about mountain bikes,
the bikes are 2 to 5,000, maybe even $10,000 for a bike.
So if you're talking about 4 or 5% commission on that,
you're going to make several hundred dollars
for every single person that uses your link
and purchases a bike.
The beauty of this that makes it passive income
is your answer on Quora does not expire.
So it'll live on there for years to come,
and then your links that you post on there,
they don't expire either.
So someone could click that link in 2, 3, 4 years
from when you answered that question
and you're still going to get the commission
if they make their purchase.
Now just a quick thing in case you have this question,
when you see in a program the cookie duration
or how many days that is,
Trek specifically has a 30 day cookie duration.
So that means that if someone clicks your link,
if they come back to Trek within 30 days on their own,
they could close their computer that day
when they clicked it,
and then in a week they come back, go on their computer,
and go to Trek and they end up purchasing that bike
or a different bike or anything from Trek,
you get a commission on anything they buy within 30 days.
So moving on to the costs involved for this one,
it is totally free to do.
Signing up on Quora to make an account and answer questions
is 100% free
and then joining affiliate programs is 100% free as well.
And then lastly, the earnings potential on this
is basically unlimited.
You can make quite a bit of money.
You'll see what percentage different companies are offering
in their affiliate programs
and how much their products cost.
So that's the second way.
It's the second easiest way to make passive income online
and you can stand to make some serious money doing that.
Now let's move on to the third way.
The third way to make passive income online
is with a business called print on demand.
Now essentially how this works is
you create T-shirt designs,
just the art file on your computer.
You can use several different tools
that I could talk about on how to do that.
You upload that to print on demand websites.
It creates a virtual listing
of what your design would look like on an actual T-shirt
and then people who naturally
come to those websites that you uploaded them to,
if they see one of your shirts and they like it,
they can purchase it right on that website.
And then that website themselves actually prints the shirt
and ships it out to the customer,
deals with all of the customer service, and everything.
What that means for you
as the person who created that design
is you just get kind of a royalty or a commission
on that sale.
So let's say that there was $10 profit on that shirt.
Well, that profit gets split between you and the website.
The key bit of information here is that
once you've created a design
and you uploaded it to these websites, for the most part,
on almost all of these websites,
that design or that virtual T-shirt listing
stays on that website forever.
This is actually the business model
that helped me quit my job
because when I was working a part-time job
to kind of pay my bills and figuring out if I could do this
online business thing full-time,
I started to get into print on demand
and I created as many designs as I could
and uploaded them to the big print on demand websites.
This is all while I wasn't at work, obviously.
And then when I went back into work,
I was making sales kind of just in the background,
and then also when I was sleeping,
people in other parts of the world
who were on different time zones
were making purchases as well.
So this was the first one for me
that introduced me to full 24/7 passive income.
It didn't matter what I was doing or where I was,
I was still making money.
Now, one of the important things to know here is that
although it seems like you are selling a product here,
so you would have to have kind of a whole business set up,
you're not actually selling the product.
You're just uploading your artwork
and then you get a commission or a royalty
from the company who is the one that's actually
selling the product.
So to do this business model,
you don't need to set up a business entity
or worry about actually going into business.
All of this can be done just personally.
Print on demand is the only one on this list
that I actually already have a full tutorial for.
So if you're interested in doing this one,
I'll link to a video on this channel
that goes through everything from just
kind of thinking that you want to do print on demand
to getting your first sales.
Walks you through everything step by step
kind of on screen recording so you can follow along.
With that being said, the costs involved to start
print on demand are totally free.
You don't have to pay for anything.
There are optional pieces of software that you could use
to help you with designing
or finding good topics to make T-shirt designs in.
However, you don't need those, they're totally optional.
Now, talking about the earnings potential
for print on demand, this is another one that is unlimited.
Essentially, the more designs that you make
and upload to the big print on demand websites,
the more sales you're going to get.
It basically breaks down to that.
So depending on how much money
you really need to be making here, that will determine
how much work you're going to have to put in
and how many designs you're going to have to
create and upload.
But for most people out there,
once you start creating and uploading those designs,
you're going to see this kind of slow trickle of sales
start to come in.
That'll prove to you that this business model works.
And then once people see that,
they typically start to create a lot of designs
and kind of scale that business up.
So with that said, there's only one left on this list.
This is probably the most difficult
but it has great earnings potential.
So let's get into this one.
So number four on this list is YouTube affiliate marketing.
Just as we had talked about before,
there was Quora affiliate marketing.
This is now changing out the platform
and instead of making a written response, you make a video.
Now if you're not sure that this one's going to be for you,
just hang around for a little bit.
I'll explain how you can start totally as a beginner
and I'll even show you one of my actual examples of this
so you can see how much money you could make in real life.
So since we already discussed what
Quora affiliate marketing is,
you should understand the entire concept here.
All we're doing is instead of writing an answer on Quora,
you're creating a video and uploading it to YouTube.
Now the first big thing to know here is that
all you need for this is a smartphone camera
which will also record your audio
and you just need a way to hold that camera up.
Doing a selfie
is really not going to be the best way to film this
so you're going to want a tripod.
You just need what could be a simple $20 tripod
that can hold a smartphone.
Now what's cool about this one compared to
the Quora affiliate marketing is on Quora,
you have to answer questions that other people have asked.
On YouTube, you can actually create videos
on whatever you would like.
So simply, if we're going off of the mountain biking example
we were talking about previously,
you could create a mountain bike review.
So whatever specific bike that you have,
you can make a review video about that bike.
Now, what you want to cover in this video are things like
was it worth the amount that you paid for that bike?
After owning it for the amount of time that you have,
would you still buy it again
or would you consider something else?
How has the bike held up over time?
How has the performance been?
All of the things that you would tell someone
if they asked you, do you recommend that bike?
Just make sure that whatever product you are talking about,
you put your affiliate link to that product
in the description of the video.
Now again, YouTube videos and your affiliate links
will essentially last forever on the platform
so people will just naturally organically find those videos
and click on your links over time.
Now talking about the costs involved on this one,
it's totally free to do.
Using YouTube and joining affiliate programs,
there is no associated cost.
The earnings potential here
is another one that is truly unlimited.
The more of these videos that you do on YouTube,
the more people you're going to see clicking your links
and the more passive income you will make in commissions
from the companies.
So now let's get into the computer, and I can't wait.
I wanna show you a real example of this.
I have been doing this on other YouTube channels
that people don't even realize that I own for years now
and I do actually practice what I preach.
So here's a real example.
Okay, so what you're looking at here
is the most average video I could find
from one of my other channels here on YouTube.
It's not associated with me at all.
So I wanted this to be proof that
anyone could start this with no following.
You don't need to have any of the advantages
that someone that already has a following would have.
So this is a video that I made just over two years ago
from now, and it's reviewing a physical product
and this video was recorded on a smartphone.
So this is everything that I am advising for you to do
and here's a perfect example of how much money
I made from it.
So as you can see, this video has about 25,000 views
over the course of just about two years time.
All of this traffic just came naturally
from people on YouTube finding it on their own.
Now, talking about passive income,
just over two years later, this video is still getting
about 27 or 30 views every two days.
So if you say that's about 15 people per day
are watching through this
and potentially clicking on the link in the description
and making a purchase, that is just straight passive income.
I don't have to do anything to get those people
to see the video.
So with that said,
how much money has this actually actually made?
This company has been paying me a commission
on all of the sales just from this specific video
every single month for the past two years.
Sometimes they even pay twice per month.
When you add up all of the commissions,
it's made about $1,000
in straight commission, or straight profit.
Now on YouTube, once you have 1,000 subscribers
and 4,000 watch hours on your videos in the last year,
you can actually start to make money
from advertisements as well.
So those ads that play before, during, or after a video,
you get paid from that.
So as icing on the cake, this video has made about
$250 in ads from YouTube over those two years or so.
And this video that I showed you was specifically
one of the most average videos that I could find
on my channels.
So one single video filmed on a smartphone
is about $500 per year in my experience.
If you break that down on a monthly basis,
it's about $42 per month in passive income
from that one single video.
Now if you simply make 10 videos,
you multiply that number by 10.
So now instead of $42, you're at $420.
That's on a monthly basis and that's pure passive income.
So to put all of this into perspective,
in order to make that $1,000 per month in passive income,
at this average rate that I gave you of $42 per month,
that would be about 24 videos.
So guys, hopefully that gave you some good realistic ways
that you can make passive income online.
I hope this video has been helpful.
As always, if you have any questions,
just let me know down on the comments.
Otherwise, I'll see you all in the next video.