Let’s talk about passive income for normal people!
In this video, I’m assuming you don’t have a ton of money to throw at something like rental property or a dividend investment portfolio, but have some extra time and a little bit of hustle.
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With passive income, it’s important to have realistic expectations. Most passive income sources are either slow to build up or are just small amounts of money. But, if you have enough diversified streams of passive income or you’re able to focus all of your free time and energy to pour into one source with great potential, you can really start to build up some mailbox money.
1. Teach a class
You don’t have to be an expert – you have to be able to break down complicated ideas into easily understandable takeaways.It could be what you do for a living. If you’re a bookkeeper, create a class helping creative small business owners understand their profit and loss so they can grow their business.If you don’t have a camera and a microphone, you can ask a friend who does to help you out, you can hire someone up-front, or you can try to partner with someone to film you for free and split the backend profit.Two platforms I’d recommend checking out are Udemy and Skillshare.
If you have artistic ability, you can turn it into passive income. If you have songwriting ability, you can earn thousands of dollars a month licensing your music out on a site like Artlist. If you’re a good photographer or videographer, you can sell licenses of your photos or footage on places like Stocksy or Artgrid. If you’re a graphic designer or illustrator, you can create graphics, logo templates, or designs to sell. Check out CreativeMarket or Envato to sell graphics.
3. Sell t-shirt designs
While requiring some graphic design knowledge, you can create designs – even just text – and sell products on sites like Society6 and Redbubble. There’s no overhead cost – you just upload the design and they do the rest.
4. Leverage assets you already own
Now this is really semi-active income, since it takes a little bit of managing. Like Airbnb allows you to rent out your home, sites like Turo allow you to rent out your car. Turo reports that on average, people earn about $705 a month renting their car out (assuming 12 rentals per month, which is a lot).
You can also rent out camera gear. I’ve done that in the past and made some decent extra cash by just responding to a few messages and then meeting renters in front of my apartment building for the hand-off. In bigger cities, you can rent out your own space for photo or film shoots, you can also rent out a swimming pool or parking space.
5. Wrap your car
If you have a car (generally 2008 or newer), you may be able to get paid to drive your normal commute by having your car wrapped in an advertisement. This is most ideal if you have a long commute – you log your miles and get paid per mile – somewhere in the neighborhood of 20 cents per. You also will need to live in a bigger city. Sign up w/ similar services at the same time to increase chances of getting an ad campaign: Wrapify, MyFreeCar, Carvertise, and Promotocar.
6. Provide value on a platform
Whether its a blog, a Youtube channel, a Twitch stream, or a podcast, build an audience around something you’re knowledgeable and passionate about. The easiest way to build an audience is by giving people something without expecting anything in return. This could be entertainment, information, or the best of both – infotainment. This is one of the hardest methods, but also one of the most rewarding because the income potential is virtually unlimited. It’s best to focus your energy on something you enjoy doing anyways, so it’s less of a chore and more of a fun hobby you won’t really mind doing if it doesn’t end up being very lucrative for you.
I hope some of this ideas can at the very least get you thinking about ways you can earn some passive income, even if you don’t think you’re able to do any of these methods. If you’re able to take time to work on something you’re passionate about and want to make money doing eventually, do it.
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