Let’s talk about passive income. In this video I talk about the reality of passive income, these are 5 truths to make passive income online in 2020 and some of the passive income methods I speak about are real estate investing, YouTube Ad Revenue, and stock market investing.
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This video is all about passive income. I share 5 truths you need to know to make passive income in 2020 as a teenager.
Ok so the first thing you need to know is that passive income isn’t an overnight thing. It may take months or years for you to build something that generates you passive income. The same goes for investing, if you invest say £1000 into the stock market, you might not make much money for a while, but over time you can make a significant amount of money from that single investment.
A good example of this is my YouTube channel. I’ve been making videos every week for about 4 months now, and it was only last month that I was able to start making significant income from it. I actually have a video showing how much I made from YouTube passively in a month, so check it out after this video.
But the point is, it took me months to build my channel up, and now that it’s built I have some passive income streams. That’s kinda how it works. A musician may spend years working for no money on an album, and only see money when the album is actually released.
Ok the second truth about passive income is that it’s not taught in school, or even university. I know this because I’m still in university and have never once been taught about it. But that also means that the people who do teach it see a huge opportunity to make money off you. This is why you see tons of courses pitching a simple idea of how to make passive income as long as you can pay them 2k upfront. That’s why I make it clear in my course that it’s not a get rich quick scheme, you will need to put in hard work, but when you do that, it pays off immensely.
The third truth about passive income is that it takes some maintenance.
Luckily, most passive income streams require very little effort so that’s the main benefit.
The fourth truth of passive income is that passive income should only be a backup stream of income, you should not rely on passive income to pay all your bills, as you arent actively working on it very much.
You should at least have diversity in your income streams, think about recent events. If you relied solely on rental income, you’d probably lose a lot of money, people had trouble paying their bills and a lot of landlords lost a lot of money. Ben Mallah for example, who has a great youtube channel about real estate, revealed that he lost 12 million dollars from his hotel investments throughout 2020.
You should always have a main source of income that is stable, and have a number of diverse passive income streams if possible.
The fifth and final truth of passive income is that you won’t necessarily be any happier because you have passive income. Now of course everyone would like a bit more money, it would solve problems, open up doors, and provide more freedom. The problem however, is when you rely on passive income and end up working on things you dont really want to do. Maybe you have 3 streams of income that make you $10,000 per month, you might decide you dont need to work anymore. But after a while you will get bored and lose some of your motivation to do things, so you should always keep busy and if you want to make passive income, just ensure your time is spent doing things you enjoy doing.
That’s it, those are my 5 truths for anyone interested in making passive income.
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(I receive a small commission on each sale for these, so thanks!)
My other videos:
Free Copywriting Course | Make Money With $0 In 1 Month | @moneywithmatt – https://youtu.be/i5p6_brD3ZM
How To Write £1k/Month Sales Copy | Copywriting For Beginners in 2020 – https://youtu.be/cb6Xu5JfWWM
How To Get £1000+ Clients | Copywriting For Beginners In 2020
How To Write A Cold Email + Q&A | Copywriting For Beginners In 2020
7 Copywriting Exercises You Can Do Right Now – https://youtu.be/e-D7nKSSq04
Easiest Way To Start Copywriting From Scratch (What I Would Do)
This video is titled: Passive Income: 5 TRUTHS TO MAKE PASSIVE INCOME ONLINE (2020)
Where can I buy your course .
He Mathew, I'm SUPER interested in buying your copy writing course! Before I buy, what benefits/differences does the paid course offer compared to the free course on your YouTube channel? Please contact me!!
The Graham Stephan edit got me 😂
Do you still have Copywriting clients or do you focus on YouTube and your courses?