Want to know my seven passive income sources so that you can copy them and make
money while you sleep well, stick around to the very end of the video
so you can hear all seven of these sources.
I am Tiffany Thomas with Wealthy
Tiffany Dotcom, and I achieved financial freedom at age thirty eight.
So if you are looking to achieve financial freedom at a young age as well,
hit that like button and the subscribe button and we're going to dive right in.
My first source of passive income is roommate income.
I have three roommates that live with me,
so I have a four bedroom place and I rent out the other three rooms by doing this.
My entire mortgage is covered and my HOA,
my homeowner's association fee is completely covered.
And then I have extra on top of that just from my roommate income.
And I get that not everyone wants to live with roommates.
I understand that. But just seriously consider it if you
really want to make some passive income, because if you happen to have an extra
bedroom or an extra couple of bedrooms or three bedrooms, you could easily rent
those out and start creating passive income.
And for me, it's definitely been worth it.
Some of my best friends have actually been
my roommates and I didn't know them beforehand.
I may have heard of a couple of them through mutual friends or something like
that, but I didn't really know them super well.
But after they moved in,
we started doing stuff together and it just became really, really good friends.
And I still talk to a couple of those
girls, even though they're married and have their own families.
But I still talk to them all the time.
And I've just been able to create great friendships by having roommates.
And that has always been the case.
I don't talk to all of the roommates that I have had, but we've all gotten along.
And for me, it's really been worth it because I'm collecting that extra income.
And sure, if the place isn't as clean as I would like it, then I might do a little
extra cleaning and I might do someone's dishes sometimes.
But for me, having that extra about seventeen
hundred dollars a month just by having roommates is totally worth it.
And if they break one of my dishes or they
ruin one of my pans, I'm thinking it's not a big deal to spend one hundred bucks
and buy some new pans when I'm making seventeen hundred bucks a month.
And if you're interested in how I was able
to find these roommates, I did create a video.
So I will leave a link above and below
in the description and you can check that out after this video's over.
And if you're thinking, but I am married
and I have kids, I don't know if I want a random stranger living with me.
I totally understand that.
And I do want to share an example of actually one of my previous roommates.
She married a guy that had been living with a family.
They had an extra bedroom and they needed some extra income.
So he just lived in their bedroom, in one
of their bedrooms and was able to rent that room and it ended up being a really good
situation because they would actually make dinner for him sometimes, just invite him
to dinner when they were making dinner and he was able to watch their kids
sometimes if they ran to the grocery store or whatever.
So it turned out to be a really great situation.
And I understand that that's not the case for every roommate.
But you can actually look for a really good roommate.
And if you find a really good fit, then
you can create some passive income that way.
All right.
The second passive income stream that I have is through rental income.
So I not only have roommates, but I have rental properties.
I have three properties that I rent out
and I'm able to collect that rent money each month.
And it's not completely passive because I manage my own properties.
But you could get a property manager
and have it be a lot more passive if you prefer that route.
I don't mind managing my properties,
so I just handle that myself and collect extra income because I do it that way.
But I am putting in extra work.
And honestly, this has been the greatest
factor in me achieving financial freedom at a young age without real estate,
I would not have done this because I am creating that passive income and each time
I buy another property, I have a little bit extra income coming
in and I actually paid off one of those properties.
So I no longer have a mortgage payment
for that property, which skyrocketed my passive income.
So if you are interested in real estate at all, I would highly recommend it
because it has been such a game changer for me on achieving financial freedom
and being able to quit my nine to five job and know that things aren't perfect
and there's work that I have to put in, but to me it is totally worth it.
And the third passive income stream that I have is through affiliate links and you
can see a bunch of these in the description below my video.
But essentially, if you have a
company that you really love their products
or services, sometimes they offer what's called an affiliate program,
and that just means you can sign up with their affiliate program and they will
give you a certain link, a URL that you can post on your social
media platforms or send out an email or text message, whatever.
And if someone uses your specific link to purchase the product or service,
then you get paid for that either in dollars or maybe gift cards.
However, they work that out.
But there's some type of kickback for you for promoting the company.
And I really love affiliate programs because I know I have used affiliate links
from other people that I follow on YouTube or some of my friends.
And I love knowing that they're getting
some sort of kickback by me using their link.
Just to give you an example,
I have a Webull link below in the description,
and if you sign up for a free account, then you can get two free stocks
and they're doing an even better promotion right now.
If you deposit one hundred dollars, you'll get two more free stocks.
So four free stocks total, which is awesome,
and then you can do whatever you want with that hundred dollars later.
So not only am I getting an incentive
to promote that company, but the person that's using that affiliate
link is actually getting something in return.
So it's a win win.
And another example is personal capital.
And I know I've talked about them before,
but honestly, they're my favorite money management tool.
I love just being able to log into one
account, into personal capital and seeing all of my finances in one place.
So it makes it super easy to track all of your finances.
And if you use my affiliate link below
in the description and link one of your retirement accounts to personal capital,
they will give you a free 20 dollar gift card to Amazon.
So think about your favorite products and services, the companies that you
really love and check to see if they have an affiliate program that you can sign up
for and you can share that affiliate link with other people and then you can receive
the kickback that they provide when someone actually uses your link to sign up
for that company or buy the product or the service.
One company that I know of that's really popular is Amazon.
A ton of people shop on Amazon and they have an affiliate program.
And the nice thing about their program is if you have a link to a specific product,
the person doesn't actually have to buy that product or they can buy anything
on Amazon and you will still get a percentage of whatever they had bought.
And the fourth, the passive income stream that I have is online courses.
I've created a couple of different courses that people can purchase online.
It's just a one time fee that they pay
and then they have lifetime access to the course.
And I really like this passive income stream because you do the work up front.
Yes, there is work involved, but only in the beginning.
And once that course is created, then you can just sell it again and again.
And if you're thinking, well,
you have to continue to promote the course so people know about it.
Yes, there is some promotion,
but you can set up an ad that would automatically run.
I've seen this on Facebook and on YouTube,
of course, but you can automate the process as much as you want to.
And the fifth passive income stream that I have is a book that I wrote.
I wrote a book, yes, I will leave a link below
in the description and you can check it out if you want to.
But I did the work up front.
So yes, I originally wrote the book,
but now I'm collecting passive income from that.
Every time someone purchases the book and I self published on Amazon.
So it was fairly inexpensive to do and fairly easy to create.
And I feel like this is really cool because I've actually had people that are
not even in the US that are, I don't know, Germany, the UK, all over the world.
They have found my book on Amazon and I'm not necessarily promoting that book.
Yes, it's available on my website.
I have a link to it and I'll put it in the description on my videos
sometimes, but I'm not actively promoting this all of the time.
But since it's on Amazon that people search on Amazon all the time
for different things, so they are able to find my book on there and purchase it.
And that way I collect that passive income.
And the sixth passive income stream
that I have is through my stock market investments.
I have a brokerage account that I have set
up and I'm able to withdraw money from that at any point at any age without
any penalty, because it's not a retirement account.
I just have to pay taxes on the money when I pull it out.
And I know people that have chosen
to invest in stocks or in funds that provide dividends.
So usually a quarterly payment and they
just withdraw that money each quarter and they create passive income that way.
I personally prefer to reinvest my dividends.
I don't need that cash right now, but I have pulled money out
of my brokerage account before and this helped me to buy my last property.
I used money from my brokerage account and from my Roth IRA.
You're.
Able to pull out your contributions at any point without a penalty from your
Roth IRA, so I use money from that and from my brokerage account to put toward my down
payment on my last property. The stock market is a great way to create
passive income because you can invest in individual stocks or in funds and or
in bonds and continue to watch that money grow over time and then pull it out
whenever you would like if it's invested in a brokerage account.
So if you are an early retiree, like I am,
a brokerage account is a great source to use to still invest in the stock
market, but still have access to your money at any point.
This brings us to the last passive income
source, the seventh passive income stream that I have.
And this is through YouTube.
Actually, I have created all of these
YouTube videos and I have my channel monetized.
Once you have one thousand subscribers
and four thousand watch hours, you're able to monetize your channel,
which means you can show ads before, during or after your videos.
And I'm sure you've noticed that on my videos.
But when someone watches one of those ads
for at least 30 seconds, or if the ad is shorter than 30 seconds,
then watch the full ad or if they click on one of those ads, then I get paid.
So thank you to everyone who has done that on my videos.
And yes, this does take work up front.
But once you've created that video and you've posted it on YouTube,
people can watch that video whenever they would like.
There are people that are watching my videos from two years ago,
which is a little scary because they're not the best videos.
But nonetheless, I'm still making money
from those videos that I created a really long time ago.
And the money that I make will continue
to increase if I continue to produce content, produce videos.
But nonetheless,
if I was to stop producing videos, anyone that watched any of my previous
videos, then I could still make money from that.
YouTube is just another way to create passive income.
Those are my seven passive income streams and I'm curious to know.
So put in the comments, what is your favorite passive income stream?
It can be one that I mentioned or one
that you currently have that I didn't mention, but I want to know.
So share in the comments below.
And if you found this video helpful,
please hit that like button and share it with someone else
who'd like to hear this information.
And don't forget to hit the subscribe button to subscribe to my YouTube channel
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Thanks so much for watching.
I'll see you in the next video.