A lot of people talk about passive income including myself, but I never liked the idea of passive income as no such a thing as passive income. You can’t receive an income without putting in some effort to generate revenue. Passive income is money not directly tied to our time, and money flowing in from many sources as possible. However, this takes time to get going and it is not get rich quick scheme.
I want to share with you what I am doing to earn income from various platforms that I set up, some of it took me 3 years before I started to receive income from it. I am a massive advocate of someone starting a side hustle and sharing your ideas to the world as you never know if it will resonate with the world thereby bring to you an opportunity you never knew existed and possibly make an income from it.
Like I said each of this idea requires hard work to get the ball rolling and requires determination and perseverance to sustain it. Is it possible to generate $100 a day from passive income yes, it is once it kicks off. Game of entrepreneurship requires one to think outside the box to make things happen. It requires you to create value to people in one way or the other. I like the game of sharing my skills to the world. I have done a video on my 5-passive income sources on my YouTube channel, check it out and the idea behind the videos is still relevant today. Many people wanted to know more details how things are going, so I thought to share a more comprehensive passive income ideas you can start in 2021 with possibility of making a massive income from it.
- Stock market – I have worked in Tesco warehouse here in the UK and inside warehouse, my jobs at the time was to pick the groceries that customers ordered and load this to the lorry. The company’s drivers would transport these goods to various store locations in UK. Deep down I knew this company is huge in the UK and I thought to myself, how can I benefit from this organisation. This is where investing come in to play, you cannot buy Tesco shares or Dangote cement shares from the till in supermarket. You need to go to the proper avenue which is the Stock Market. In this case, London Stock Exchange or Nigeria Exchange Group. To invest in a particular company you want, you need to know if that company is listed in the stock exchange, then you need to find stockbroker to register with and place order to buy the share of that company you want to invest in.
When you give money in a company, you get a return in that investment in the form of Dividend. Savings cannot get us anywhere anymore, interest rate is very low 0.1% in some countries with high inflation so in the real sense, we lose money when we put our money in the bank. Dividend is a reward companies give to the shareholders, it is paid out quarterly, every six months and yearly depending on company performance. It is good decision to think long time when you go into investing.
You should not touch or sell the investment in 5-10yrs and give the investment time to grow by compounding. Bearing in mind your investment is at risk as it can go up and down, so it is encouraged to do the necessary research before venturing in stock market. Your knowledge and research you made is what will minimize the risk or market volatility. You could invest into low-cost index fund depending on your goal and aspirations. On average S&P 500 for of 15 years have yielded around 10% return. This is nowhere investing advice but for educational purpose, it is important to do your due diligence.
- Start a YouTube channel do not underestimate the power of social media, you can put ad on your videos. It is easy to start YouTube channel but making good video is how to grow on the platform. You do not need to spend huge amount on equipment like camera and you can start with your phone to make video to review products and get people your audience to buy that product then you receive small commission (the affiliation market). If you meet the required threshold of 1000 subscribers and 4000 watched hours you can monetize your channel after YouTube verification. You can share your skills with the world and from there opportunity would abound for you, but you need to put an effort in some cases up to two years.
A lot of celebrities were discovered from YouTube platform Justice Bieber is a good example so you never know you may have a God given talent yet discovered. I must admit it is hard to do well and can be challenging as it requires a lot of hard work to keep it going. Once you got the moment there is no limit to what you can earn income wise.
- Selling digital products or physical products, the way internet has evolved, information has become more valuable than Gold. Internet is a game changer now you can open online community where you teach people different courses and people would download this course with small fee. You can sell your product/services to your audience. With digital product you can create something once and get money from it all the time. The power of intellectual property cannot be underestimated. You can create an app, create a page on Instagram to sell the product to the world.
- Create useful contents on internet that is easy to maintain, sell other people products on your website, twitter but you need upfront effort to drive traffic to your site. Anyone can write eBook and sell on AMAZON, but it is difficult to get people to buy it unless you are solving problem and providing some value to them. You can also sell product online doing drop shipping or you can have your own warehouse where you supply goods online. Good entrepreneur makes money selling but you need to be prepared to do the marketing.
- Selling online course in video format but you need to know how to do video and video editing and your course needs to be good. Platforms like skill share, Udemy anyone can upload on these platforms once you have skills to share. Teaching online is exploding, you just got to niche down to field you are passionate and knowledgeable about to share with the world.
- Paid membership you could create content and merchandise to sell to your existing audience, you can create value proposition in platform such as patron or Teespring where your existing member can pay you but it depends on value your are creating in some capacity.
- Invest in real estate you could in different way, many do not have enough money to put for deposit for a house, but you can invest in crow fund scheme as such REIT, when you invest in REIT a property manager would be responsible to the day to day running of the property and pay you reward from your investment. You can do rent to rent or air B and B. You can also save up 25% deposit for a property on a mortgage then rent this out. The tenant would pay off the mortgage and the property would be yours when the mortgage is paid off. You can also get capital appreciation from your property.
- Start a podcast you can open a podcast on anchor and talk about niche, finance, health, and relationship. People would tune in to listen to what you are saying with potential to get brand deal and sponsorship. The maintenance is easy going and starting is easy, but you may not get a lot of downloads at early stage. But once it kicked off you would see the reward.
- Start a Blog you can write article about anything you have passion for on your website, then run google ad on your website and you can also advertise your affiliation links on your blog post. In some case the income you generate from affiliation link could be more than what you get from the ad that is running on your website. I want to reiterate that all this income streams avenues require you to put a effort to make it happen, maintaining it and sustaining it in the long run. Visit my YouTube channel VINNEL TV – YouTube, my blog VINNEL BLOG ) and my ecommerce online store Vinneltech for ideas and inspiration.
