Passive Income has been a financial goal of ours for a while. Here are five ideas we’ve put into practice that have earned $2,000 in passive income so far this year.
0:00 – Intro
0:40 – Our Story to Passive Income
4:57 – Our 5 Passive Income Streams
• Our Budget Template (free): http://www.mikethemathman.com/budget
• Our Robinhood Invite Code (grab a free stock): https://join.robinhood.com/michaem27270
•Gear We Use for Our YouTube Videos: https://www.amazon.com/shop/mikethemathman?listId=2F90KJ814LCXF
We’ve managed, after many years of trial and error, to hone in on passive income streams that work well for us. And although we’re still beginners when it comes to passive income, we feel like we’re on a good track so far. All of these ideas can be implemented regardless of where you are in life. High school, college, professional, etc.
1) YouTube Revenue
Ever since getting back from Hawaii, Mike has turned YouTube a big science experiment. We got a glimpse of what earning money on YouTube could be like shortly after returning to the mainland, but it didn’t last long because YouTube changed their partnership policies and his original channel didn’t meet the new standards. He created a photography/technology channel that was more successful, but still didn’t feel like him. This channel, however, fits a lot more with both of our personalities (especially his, with him being a math nerd) and is a lot more enjoyable to create content for. Being partnered on YouTube will hopefully allow us to travel and work more freely in the future, as we’ll be able to take our work with us wherever we are, rather than having to stick to one location to work.
2) Amazon Associates
If you’re large enough on social media (YouTube or Instagram for example), or have a website of your own with enough traffic, you can join Amazon’s affiliate marketing program. This allows you to create custom affiliate links through Amazon to products you use, an if one of your visitors or followers makes a purchase after clicking on your links, you get paid a small commission.
3) Dividend Investing
We use an investment platform called Robinhood to do our investing currently. It’s simple and easy to use. Our investment strategy is to create a dividend portfolio of ETF’s, REIT’s, and stocks that we can use to subsidize our income more and more into the future.
4) High Interest Savings Account
This is where we park our emergency fund and any extra cash we have sitting around. We use Ally bank, and while they may not have the best interest rate available for HYSA, they’ve been very pleasant to bank with. Currently Their interest rate is 1.1%. When we first joined, it was closer to 2.4%. Once things get back to normal in the economy and interest rates go back up, we expect Ally to raise their savings rates again.
5) Credit Card Rewards
Using credit cards as a stream of passive income is a strange idea. Although we don’t make much cash back from our purchases, the cash rewards we do receive from everyday purchases is cash we wouldn’t have received normally. And since we don’t really have to work for it, we’re counting it as passive income.
~~GEAR WE USE~~
Camera 1 – Sony a6300 – https://amzn.to/2IT0sht
Camera 2 – Sony a6500 – https://amzn.to/2ZvONuX
Sony 10-18mm f/4 – https://amzn.to/2DuIMpf
Sony 50mm f/1.8 – https://amzn.to/2Dtob4D
Sigma 16mm f/1.4 – https://amzn.to/2ZpYZW5
Tripod – Manfrotto 290 Xtra – https://amzn.to/2GEvKYg
Tripod Head – Manfrotto 3-Way Photo Head – https://amzn.to/2IOjNAw
Outro Music Provided by:
YouTube Library – Foundation
Legal Disclaimer: Michael Miller is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.