“Hey, friends, welcome back to the channel. In
\nthis video, we’re gonna talk about nine different<\/p>\n
ways that you can make passive income. And
\nfor each of those, I’m gonna talk about how<\/p>\n
hard it is to get started, how hard it is to
\nmake $100 a month from it, and how hard it is<\/p>\n
to maintain. once you’ve created the thing in
\nthe first place. For me, in my business, these<\/p>\n
nine different sources generate around $27,000
\nper week, these days, with varying degrees of<\/p>\n
passiveness. And obviously, this has taken me
\nlike eight years to build up. So don’t expect to<\/p>\n
be hitting those sorts of numbers when you first
\nget started. But this is the video that I wish<\/p>\n
I would’ve had when I started my financial
\nindependence journey many, many years ago,<\/p>\n
let’s go for it. All right, so when I say passive
\nincome, I always air quote it, because there is<\/p>\n
really no such thing as passive income, there
\nis no way to make money without doing anything<\/p>\n
at all. But when I say passive income, what I
\nmean is that it’s money that is not directly<\/p>\n
tied to our time. So let’s say you were to write
\na book. If you write a book, you publish a book.<\/p>\n
That book is now in bookshelves. You’ve done the
\nwork kind of once, to write and publish the book,<\/p>\n
but now, anytime the book sells, you make money
\nfrom royalties, that is passive income. You<\/p>\n
could literally be making money while you sleep,
\nbecause you’ve created this thing, which is out in<\/p>\n
the world, which is generating income for you. The
\nother thing with passive income is that it always<\/p>\n
takes a very long time to get going. So if you see
\nany ads before this video, talking about how you<\/p>\n
can get rich quick, by whatever scheme, or if you
\nsee people in the comments pretending to be me,<\/p>\n
saying, “”Oh my God, “”here’s how you can get
\nrich quick with crypto, “”WhatsApp this number,””<\/p>\n
that is all a scam, it’s not gonna work. There is
\nno way to get rich quick, it is not a thing. So if<\/p>\n
you’re looking for a get-rich-quick scheme, those
\nthings just don’t exist. So you might as well not<\/p>\n
even try. And the way I think of this is that,
\nultimately, money is just a medium for exchanging<\/p>\n
value. The only way to make money is to provide
\nvalue. And the only way to make passive income,<\/p>\n
passive money is to provide value in a way that is
\nnot directly tied to your time. So please, please,<\/p>\n
please, do not try and join a get-rich-quick
\nscheme, they don’t exist. I’ve had lots of<\/p>\n
messages, over the years, from people who have
\ntried signing up to a get-rich-quick crypto<\/p>\n
scheme or a gambling scheme or a “”Hey, here is how
\nyou play poker online.”” None of these things ever<\/p>\n
work. People always end up losing money. The only
\nway to make money is by providing value. And so,<\/p>\n
let’s talk about the nine different ways that you
\ncould provide value if you wanted to. Just before<\/p>\n
we dive in, I wanna tell you that I’ve just
\nlaunched my brand new Skillshare class about<\/p>\n
productivity for creators, how to start a
\nsuccessful side hustle. That’s linked to the video<\/p>\n
description. Skillshare is sponsoring this video.
\nI’ll tell you more about skill share later on, but<\/p>\n
I wanna plug my own class, because I think it’s
\ngenuinely really good, and people really like<\/p>\n
it. And it’ll help you get tips on how you can
\nstart side hustles in your spare time. Anyway,<\/p>\n
let’s get into the video. All right, so let’s kick
\nthings off with investing in stocks and shares.<\/p>\n
And in this context, the way that we provide value
\nis by offering up our money, providing money and<\/p>\n
investing in a service is, in a way, giving a
\nform of value. And so, when we give our money to<\/p>\n
a company in the form of buying their stocks, it
\nmakes sense that we would get some kind of return<\/p>\n
for that investment. And we’re starting with this
\nbecause investing in stocks is the easiest way to<\/p>\n
make any kind of passive income. If you have
\nany sorts of savings, and they’re sitting in a<\/p>\n
savings account, earning 0.01% interest, they’re
\nnot really doing very much for you. Whereas,<\/p>\n
if you had those stay of savings and put them
\nin stocks, you could potentially be earning<\/p>\n
passive income from the money that’s otherwise
\njust sitting there. Now, I’ve got a whole video<\/p>\n
called the ultimate guide to investing in stocks
\nand shares for beginners, which is gonna be linked<\/p>\n
over there somewhere. So that is a solid, half an
\nhour long introduction to stocks and exactly how<\/p>\n
they work. But the thing that I recommend for most
\nbeginners as a non-financial advisor, and this is<\/p>\n
not financial advice, purely for entertainment
\npurposes only, or so people say, or, at least,<\/p>\n
the thing that I do is that basically all my money
\nthat’s in stocks and shares is invested in index<\/p>\n
funds. Now, an index fund is something like the
\nS&P 500. And when you invest, let’s say, $1,000<\/p>\n
in the S&P 500, that basically means that your
\n$1,000 is distributed amongst the top 500 biggest<\/p>\n
companies in the US. So, you know, weighted by how
\nbig they are. So like 2% of it would be in Apple,<\/p>\n
2% in Facebook, 2% in Google, 2% in Microsoft.
\nAnd then you probably wouldn’t have heard of the<\/p>\n
500th company on the list, but basically,
\nall the big US companies you’ve heard of,<\/p>\n
you end up investing in all of them a little bit
\nat a time. So if you wanna get started with that,<\/p>\n
all you need to do is sign up to a stock broker.
\nIf you’re in the US, you can use Webull, I think<\/p>\n
I’ve got link in the description. If you’re in the
\nUK, you can use Freetrade or Vanguard. Basically,<\/p>\n
whatever country you’re in, just Google
\nthe phrase “”best stock broker platform,””<\/p>\n
your country name, and you’ll find something that
\nworks for you. And then it’s very easy to be able<\/p>\n
to invest in an index fund. So within our famous
\nSide Hustle Assessment Matrix, we’re gonna give<\/p>\n
the difficulty of starting a one-star rating,
\none outta five. It’s very, very easy to get<\/p>\n
started with stocks. How hard is it to make $100
\na month by investing in stocks and shares? Well,<\/p>\n
this kind of depends, because it depends on the
\nperformance of the stock market overall. So in<\/p>\n
the last 12 months from 2020 to 2021, the S&P 500
\nis actually increased by about 50%. That is a lot,<\/p>\n
it’s like gone up by a solid 50% despite COVID
\nand everything going on. So if in April, 2020,<\/p>\n
you had invested $2,400 in the S&P 500. The fact
\nthat it’s gone up by 50% means you would’ve made<\/p>\n
$100 a month, but obviously, this is not the way
\nto look at it, because things can go up and down,<\/p>\n
and the stock market has different levels of
\nperformance, depending on what time period<\/p>\n
you’re looking at. But if we average out the last
\n30 to 50 years, the S&P 500 has had a roughly<\/p>\n
10 point something percent return, which means,
\nevery year, on average, over the long term,<\/p>\n
it goes up by around 10%. This is not inflation
\nadjusted for any economist among us. And so,<\/p>\n
if we do some back of the envelope calculations,
\nif we wanna earn $100 a month passively through<\/p>\n
stocks and shares, we would need around about
\n$12,000 invested in the S&P 500 to make that<\/p>\n
10% $1,200 a year, which is $100 a month. But
\nas I talk about in that video about stocks,<\/p>\n
over time, we have compounding. And so, if you
\nput in $7,500 in the S&P 500, and you left it<\/p>\n
there for five years, then five years later,
\nyou would be making roughly $100 a month,<\/p>\n
if we go by this very average figure of 10% a
\nyear. Or if you invested $5,000 in the S&P 500,<\/p>\n
then 10 years later, you’d be making $100
\na month in purely passive income, again,<\/p>\n
assuming the 10% average. So overall, how hard is
\nit really to make $100 a month in passive income<\/p>\n
from stocks and shares? Well, it kind of just
\ndepends on how hard is it for you to make $5,000,<\/p>\n
$7,500, or $12,000 in savings and put them into
\na stock market index fund, and crucially, this is<\/p>\n
money that you shouldn’t need to touch in the next
\n5 to 10 years, at least. So basically, how easy is<\/p>\n
it for you to make that sort of money obviously
\nvaries massively depending on which country<\/p>\n
you’re in and what your circumstances are and what
\nyour job is. But if you’re in the UK or the US,<\/p>\n
where the median, kind of average salaries are
\naround about $50,000, something like that, then,<\/p>\n
again, depending on your circumstances, it’s not
\nthat hot to get $10,000 in savings. Obviously,<\/p>\n
if you’re supporting a family of 15 people on
\n$50,000, it’s different. If you’re a single<\/p>\n
person, again, it’s different, but I’m gonna give
\nthis roughly a 3\/5 star rating for difficulty of<\/p>\n
getting $100 a month. Obviously, if you live in
\na country like India, where the average salary is<\/p>\n
$3,600 a year, it’s very, very difficult to make
\n$10,000 in savings overall. And finally, the third<\/p>\n
category in our Side Hustle Assessment Matrix is
\nhow hard is it to maintain this income once you’ve<\/p>\n
set it up in the first place. And we’re gonna give
\nthis a 1\/5, because once you’ve got the money in,<\/p>\n
you just like set it and forget it. And it’s not
\nthat hard to maintain. There are other sources<\/p>\n
of passive income that require higher degrees of
\nmaintenance over time, but stocks and shares is a<\/p>\n
very, very easy way to make passive income, and to
\nuse my personal example, these days, my stocks and<\/p>\n
shares portfolio, which I’ve been investing in
\nsince 2015, is now worth around about $350,000.<\/p>\n
And the vast majority of that is in the S&P 500
\nindex fund. Now, I can’t be bothered to work out<\/p>\n
the actual inflation adjusted returns for that.
\nBut again, if we assume a very, very rough average<\/p>\n
of 10% a year, then that average is out to around
\n$682 per week in purely passive income. All right,<\/p>\n
idea number two for generating passive income is
\nto start a YouTube channel. This is something I<\/p>\n
will specialise in, because I’m here on YouTube,
\nand I actually teach a course called the Part-Time<\/p>\n
YouTuber Academy, linked in the video description,
\nwhere I teach people how to do this sort of thing.<\/p>\n
So let’s use our Side Hustle Assessment Matrix,
\nand we’ll talk about this. How hard is it to start<\/p>\n
at YouTube channel? Well, I’m gonna give this one
\nout of five stars, because it’s actually very,<\/p>\n
very easy to start at YouTube channel. You just
\ngo on youtube.com, you click create a channel,<\/p>\n
and you can upload videos by just filming
\nwith your phone and uploading it. In reality,<\/p>\n
it’s a lot harder to make good videos, and
\nmaking good videos is how you grow on YouTube.<\/p>\n
But getting started on YouTube is very, very, very
\nstraightforward. The real question is how hard is<\/p>\n
it to actually make real money from YouTube? So
\nagain, let’s say we wanna make $100 a month in<\/p>\n
passive income, what does that look like? Well,
\nfirstly, to be eligible for monetization on<\/p>\n
YouTube, you need a thousand subscribers and 4,000
\nhours of watch time. It took me six months and 52<\/p>\n
videos to get my first 1000 subscribers. And if
\nwe look at the averages, it actually takes on<\/p>\n
average 90 something videos to get to a thousand
\nsubscribers. So, that’s quite hard. If you’re<\/p>\n
thinking you’re gonna start a YouTube channel and
\nstart making money from day one, that’s basically<\/p>\n
not gonna happen. It took me 52 videos, six months
\nto get there. So if people message me like, “”Hey,<\/p>\n
I wanna start a YouTube.”” I was like, “”You
\nhave to be able to put in the effort “”and do<\/p>\n
this for a very long period of time, “”at least
\nonce a week.”” I say, for at least two years,<\/p>\n
before you can expect anything in return, but
\nlet’s say you’ve hit your thousand subscribers<\/p>\n
and your 4,000 hours of watch time. How hard is it
\nto actually make $100 a month? Well, on average,<\/p>\n
the kind of revenue per thousand views on YouTube
\nis around about $2. So this varies massively,<\/p>\n
but let’s say, on average, about $2 per thousand
\nviews. Therefore, if you wanna make $100 a month,<\/p>\n
you need 50,000 views on YouTube to make $100
\na month. Let’s say you make one video per week,<\/p>\n
and let’s assume you’re not getting any traffic on
\nyour older videos. That means every video you make<\/p>\n
needs to get around about 12,500 views. And very
\nroughly, the average YouTube channel can expect<\/p>\n
around about 20% of their subscribers to equal the
\naverage view count for each video. So on YouTube,<\/p>\n
if you had 62,000 subscribers, very roughly,
\nvery averagely, you can expect 20% of them,<\/p>\n
i.e. 12,500 views on each video. And assuming
\nyou have no evergreen content of the long term,<\/p>\n
you would need to run about 60,000 subscribers to
\nbe making $100 a month. In reality, you make $100<\/p>\n
a month a lot before 60,000 subscribers. I think
\nI was making $100 a month when I had like 10,000<\/p>\n
something subscribers. It was fairly early on, but
\nwhen it comes to assessing how hard is this to do,<\/p>\n
I’m gonna give this a four out of five stars.
\nIt’s actually very hard to make compelling<\/p>\n
YouTube videos, and it’s very to get started,
\nbut it’s hard to do well. It’s totally worth it,<\/p>\n
it’s a great skillset, it’s really fun. You
\nget to meet people across the internet. You<\/p>\n
get to learn how to talk to a camera and how
\nto film and video edit. And it’s really great,<\/p>\n
but it’s very hard to actually make money from
\nYouTube. Finally, in terms of effort to maintain,<\/p>\n
like actually getting that first a thousand
\nsubscribers is a lot harder than keeping<\/p>\n
it growing. Cause once you’ve got a thousand
\nsubscribers and once your channel is growing,<\/p>\n
it means you’ve landed on a formula that works.
\nAnd so maintaining it then becomes easier than<\/p>\n
starting from scratch. And so in our Side Hustle
\nAssessment Matrix, we’re gonna give maintenance of<\/p>\n
a YouTube channel passive income stream to be
\naround about two out of five stars. To use my<\/p>\n
example, I made 70 videos before I started making
\nany money from YouTube AdSense. And these days,<\/p>\n
the YouTube channel makes around about $12,000 a
\nmonth in passive income from YouTube AdSense. Now,<\/p>\n
again, this is not entirely passive,
\nbecause I keep on uploading new videos,<\/p>\n
but actually, the bulk of the amount
\nof money that we generate from ads<\/p>\n
is from older videos rather than videos that
\nwere uploaded this month. So with that caveat,<\/p>\n
$12,000 a month, passive income is around about
\n$3,000 a week, thanks to this YouTube channel,<\/p>\n
and thanks to you guys for supporting it and all
\nthat stuff. There are other ways of monetizing<\/p>\n
YouTube, like brand deals, and like selling
\nmerch and this all other sort of stuff. But it<\/p>\n
doesn’t really count as passive income through
\nYouTube, which is why I’m not including this<\/p>\n
in this Side Hustle Assessment Matrix. Idea number
\nthree for making passive income is to start a<\/p>\n
podcast. This is generally easier than starting a
\nYouTube channel. Although, growing a podcast is a<\/p>\n
lot harder than growing a YouTube channel, because
\nbecause podcast themselves don’t really have a<\/p>\n
algorithm that’s helping them grow. In fact, a
\nlot of podcasts grow by having a YouTube channel,<\/p>\n
which is kind of weird. So how hard is it to start
\na podcast? Well, again, one out of five stars,<\/p>\n
it’s very, very easy to start a podcast, go on
\nanchor.fm, and you can literally use your phone,<\/p>\n
and you can pass your phone around between you
\nand your friends, and you can start a podcast.<\/p>\n
You can use a website called Riverside.fm that
\nI’ve recently invested in as an angel investor.<\/p>\n
Riverside makes it very easy to record remote
\npodcast interviews. It’s very, very easy to<\/p>\n
start a podcast, but how hard is it to make $100
\na month in passive income from a podcast? Well,<\/p>\n
again, this is not quite passive income, because
\nthe way podcasters make money is by relying on<\/p>\n
brand deals. There is no YouTube ad sense for
\npodcasts. And so you need a sponsorship or a<\/p>\n
brand deal to make any money through your podcast,
\ngenerally speaking. And apparently, you can expect<\/p>\n
to make around $18 for a 30-second ad in a podcast
\nand $25 per thousand views or a thousand listens<\/p>\n
for a 60-second ad. So if you wanna make
\n$100 a month, and assuming you have a stream<\/p>\n
of sponsorships who are giving you that level of
\nsponsorship deal based on your download numbers,<\/p>\n
you would need around 1,000 downloads per episode,
\nif you have a weekly podcast. So you would have<\/p>\n
4,000 downloads a month. And if you’re putting a
\n60-second ad in there for $25 per thousand views,<\/p>\n
that would make you around about $100 a month, by
\nhaving a thousand downloads per episode and four<\/p>\n
episodes per month. This begs the question, how
\nhard is it to get a thousand downloads per month?<\/p>\n
Well, it’s a lot harder to get a thousand
\npodcast downloads per month than it is to<\/p>\n
get a thousand YouTube views per month. Because,
\nagain, YouTube has so much distribution built in,<\/p>\n
it’s different to podcast. Also, loads of more
\npeople are on YouTube than on podcasts. But<\/p>\n
if we look at the stats, then it’s the top 20%
\nof podcasts in the world that get, on average,<\/p>\n
more than 1,000 downloads per episode. To use
\na friend of mine as an example, my housemate,<\/p>\n
Sheen, started her own podcast around five
\nmonths ago. There will be a link to that in<\/p>\n
the description if you wanna check it out. And on
\naverage, her podcast gets round about 400 to 500<\/p>\n
downloads per episode. This is not bad at all,
\nespecially considering she started five months<\/p>\n
ago and had zero audience when she started. So she
\ndidn’t have the unfair advantage that I did when<\/p>\n
starting my own podcast, for example, and because
\nshe’s just launched season two of her podcast<\/p>\n
and has just started posting videos about it on
\nYouTube, that will really help the podcast grow.<\/p>\n
And I’m pretty sure that in the next six months,
\nshe’ll be getting to a point where she can quite<\/p>\n
easily make $100 a month from her podcast. So
\ngoing back to our Side Hustle Assessment Matrix,<\/p>\n
starting a podcast, one outta five stars. Making
\n$100 a month, I’m gonna give that a three out of<\/p>\n
five stars, because it’s hard, but not as hard
\nas maybe monetizing on YouTube, where you have<\/p>\n
this minimum threshold. And finally, maintenance.
\nWell, it’s not really passive income, because you<\/p>\n
do have to keep on making podcast episodes,
\nbecause the brand deals are associated with<\/p>\n
that. But again, once you’ve stumbled on a formula
\nthat works, once you know how to be a podcaster,<\/p>\n
it’s easier to continue going once you’ve already
\ngotten started, as is the case with most things.<\/p>\n
And so, in terms of maintenance of the podcast,
\nI’m gonna give that two stars. To use me as an<\/p>\n
example, so me and my brother have a podcast
\ncalled “”Not Overthinking,”” link in the video<\/p>\n
description if you wanna check it out. But we make
\nrun about $625 per week from the podcast overall,<\/p>\n
from brand deals and from our membership. All
\nright, so idea number four for generating passive<\/p>\n
income is to become an affiliate marketer.
\nAffiliate marketing means that you are selling<\/p>\n
other people’s products, but you’re getting a
\npercentage of the sales from those products. Now,<\/p>\n
apparently, 48% of affiliate marketers globally
\nearn $20,000 a year, which is $1,660 a month,<\/p>\n
which is actually not bad at all, people are
\ndoing very well with affiliate marketing overall.<\/p>\n
So how hard is it to get started with affiliate
\nmarketing? Well, I’m gonna give this a two out<\/p>\n
of five stars. Basically, you can just sign up to
\nan affiliate programme like Amazon associates. So<\/p>\n
Amazon have their own affiliate programme, which
\nI think is probably the biggest in the world. And<\/p>\n
then, once you have your little special links, you
\ncan post those on your website or on Twitter or on<\/p>\n
social media or whatever. And if people buy the
\nproduct through your link or, in fact, buy any<\/p>\n
product on Amazon through your link, you’ll get
\nlike some tiny percentage of the sales. So pretty<\/p>\n
easy to get started with affiliate marketing,
\nbut how hard is it to make $100 a month? Oh,<\/p>\n
this is actually kind of hard. So, let’s say, you
\nhad a product that was $50 that you were trying to<\/p>\n
sell, and you were getting 5% commission on it,
\nthat would be pretty good. Amazon doesn’t offer<\/p>\n
nearly as much as 5%, it offers like two or 3%,
\nsomething like that. And let’s say your average<\/p>\n
conversion rate, i.e., people visiting the thing
\nversus people actually buying the product after<\/p>\n
visiting the thing, let’s say that’s 1%, which is
\npretty reasonable for a conversion rate. You would<\/p>\n
need 8,000 visits to your website or whatever to
\nmake $100 a month. It’s actually quite hard to get<\/p>\n
8,000 visits per month to your website, to your
\nspecific product page, and generally, doing well<\/p>\n
in affiliate marketing requires lots of upfront
\neffort in terms of either building an audience<\/p>\n
or building such domain authority in whatever
\nspace you’re in that you’re sort of organically<\/p>\n
getting traffic. Now, other than Amazon, there are
\na few other affiliate programmes that I’m part of.<\/p>\n
One of them is Skillshare, who are kindly
\nsponsoring this video. I’ll tell you about<\/p>\n
the sponsor segment later, but Skillshare
\nhave an interesting affiliate programme,<\/p>\n
where if you refer someone to sign up to a
\nfree trial of Skillshare, you can get $7 in<\/p>\n
affiliate commission just for that thing. So if
\nyou wanted to make $100 a month from affiliates,<\/p>\n
you would need 15 people every month to sign up
\nfor Skillshare with your affiliate link thing.<\/p>\n
How hard is it to get 15 people a month to sign up
\nwith your affiliate link? Well, it’s not that hard<\/p>\n
if you have an audience, and it’s not that hard if
\nyou have your own classes on Skillshare like I do,<\/p>\n
I have like nine of them. And so, if I wanna make
\nmoney through Skillshare affiliates, I can just<\/p>\n
tell people, “”Hey, guys,”” I can tell you that,
\n“”Guys, I’ve just released my latest Skillshare<\/p>\n
class, “”‘Productivity for Creators, “”‘how to start
\na successful side hustle.'”” So there’ll be a link<\/p>\n
in the video description if you wanna check
\nthat out. Hopefully, some of you will see that,<\/p>\n
will click on that link in the description, and
\nthen that will be me getting some affiliate income<\/p>\n
from Skillshare for this video. So going
\nback to our Side Hustle Assessment Matrix,<\/p>\n
how hard is it to make $100 a month? I’m gonna
\ngive this a 3.5 star rating, because, again,<\/p>\n
you need an audience. And as we always talk about
\non this channel, the way you build an audience is<\/p>\n
by creating useful content, putting it for free
\non the internet once a week, and doing this<\/p>\n
for at least two years. If you just follow those
\nthree steps, I guarantee you’ll have an audience,<\/p>\n
and you’ll be able to make some kind of money
\nthrough this passive income stuff, but that’s<\/p>\n
quite hard to do, no one sticks to it for at least
\ntwo years. So we’ll give that a 3.5 star rating.<\/p>\n
But the good news is, once you’ve created it, and
\nonce you’ve started making money from affiliates,<\/p>\n
it’s actually quite easy to maintain, because
\nespecially if you have evergreen content,<\/p>\n
the sort that isn’t relying on current affairs or
\nthe latest news, the sort that people might search<\/p>\n
for over a long period of time, this becomes
\nlike relatively reasonable passive income. Now,<\/p>\n
if we look at me and my business, these days, from
\nSkillshare, we make around about $11,000 per month<\/p>\n
in affiliate income, which approximates to around
\n$2,750 per week. And from Amazon, on average, like<\/p>\n
it’s around about $450 a month from the Amazon
\nUK store and a little bit more from the US and<\/p>\n
Canada. All right, method number five of making
\npassive income is by selling digital products.<\/p>\n
Now, these are products that you create once, like
\nan ebook or a download or an app or something like<\/p>\n
that. You create it once, and then you can sell it
\nmultiple times, because selling digital products<\/p>\n
doesn’t usually have any cost associated with it.
\nOne really good example is this guy called Traf,<\/p>\n
who I follow on Twitter, who made an iOS 14 icon
\nset and sold it for like $30 a pop, a few months<\/p>\n
ago, and ended up making, I think, like $300,000
\nin the course of like a few weeks, just because<\/p>\n
loads of people around the world wanted to buy his
\nicon pack. So he put the work into creating the<\/p>\n
pack, and now he’s selling it for lots of money.
\nAnother example is my YouTuber friend, Oliur,<\/p>\n
who has made, as he says, $700,000 from selling
\nhis website Tumblr themes since 2014. So he made<\/p>\n
the website themes for Tumblr. He sells them,
\nand he makes $700,000 on average, well, overall,<\/p>\n
since 2014, that’s pretty cool. So how hard is it
\nto get started making digital products? I mean,<\/p>\n
anyone can write an ebook, an ebook counts as
\na digital product. So I’m gonna give this a two<\/p>\n
star rating, two outta five stars, but obviously,
\nagain, money is an exchange of value. So the thing<\/p>\n
that you’re selling, you have to be providing
\nenough value to compensate, to make up for the<\/p>\n
price that you’re selling it for. And that’s
\noften quite hard, especially if you don’t have<\/p>\n
an experience in this sort of field. And
\nhow hard is it to make $100 a month? Well,<\/p>\n
it’s very easy to create an ebook, but it’s a
\nwhole different ball game trying to get people<\/p>\n
to actually buy your ebook or buy your icon or buy
\nyour app or buy your website themes. And because<\/p>\n
the market around this stuff is so competitive,
\nyou have to be genuinely really good to get people<\/p>\n
to buy your stuff. And the way you get people to
\npay you money for something is that you identify<\/p>\n
a problem that they have, you solve that problem,
\nand then you charge money for it. And if you can<\/p>\n
do those three things, then it’s, I wouldn’t say
\nit’s easy to make $100 a month, but it’s very<\/p>\n
doable to make $100 a month. You just genuinely
\nhave to have something that solves a pain point<\/p>\n
that other people are willing to pay for. So we’re
\ngonna give this a three outta five stars to make<\/p>\n
$100 a month from selling digital products. And
\nfinally, in terms of maintenance, we’re gonna give<\/p>\n
this a two out of five stars, because usually,
\nyou do have to maintain your product a little bit,<\/p>\n
but it’s often easier to do, it’s much easier to
\nmaintain a product than creating a product in the<\/p>\n
first place. Idea number six for passive income
\ngeneration is to create an online course. Now,<\/p>\n
online course is sort of like a digital product,
\nbut generally, online courses are in video format.<\/p>\n
In fact, this whole video is so long, it could
\nbasically have been an entire online course.<\/p>\n
Maybe I’ll do one about this very topic. And
\nin terms of getting started, we’re gonna give<\/p>\n
the starting difficulty a two outta five stars,
\n’cause it’s not that hard make an online course,<\/p>\n
but generally, you do need to know how to do
\nvideo. So, you actually could film an online<\/p>\n
course on your iPhone or phone, whatever phone
\nyou’re using, if you’re one of those Android,<\/p>\n
stick your phone on the side, talk to the phone,
\nteach something. So it’s not hard creating one,<\/p>\n
but in terms of making $100 a month, again, at
\nthat point, your course needs to actually be good,<\/p>\n
and the only reason people will pay for
\nit is if the course is actually good.<\/p>\n
Now, you can avoid having to charge for your
\nonline courses by using a website like Skillshare,<\/p>\n
who are very kindly sponsoring this video.
\nI have tonnes of classes on Skillshare,<\/p>\n
I think we’ve got nine on them in total. I’ve
\nbeen teaching on Skillshare since September, 2019,<\/p>\n
and I’ve actually just released my new online
\nclass called “”Productivity for Creators:<\/p>\n
“”how to start a successful side hustle,”” where I
\nteach you the ins and outs and how you can create<\/p>\n
your own side hustle in your spare time, without
\nquitting your job. If you wanna check this out,<\/p>\n
and the first thousand people to click the link in
\nthe video description will get 30% off the annual<\/p>\n
Skillshare Premium Membership, this is actually
\na really good deal, I pay for Skillshare. I have<\/p>\n
been paying for it for years, even after I started
\nteaching on it, because it’s genuinely a fantastic<\/p>\n
place to learn stuff. They’ve got thousands of
\nclasses on all sorts of other topics, but you<\/p>\n
should definitely check out mine, like the nine
\nthat I’ve got. There are three around productivity<\/p>\n
now, like the fundamentals of productivity, the
\nsort of productivity equation, which is how I<\/p>\n
think of productivity, and productivity for
\ncreators. I have two on how you can study for<\/p>\n
exams. If you’re in school, if you’ve got exams to
\nprepare for, those, apparently, are really good,<\/p>\n
they’ve got very high ratings. And if you’ve
\nalready had a free trial of Skillshare, then you<\/p>\n
can still use that offer, that if you wanted the
\nfirst a thousand people to hit the link and video<\/p>\n
description, you will get 30% off the premium
\nmembership, and you can check out my class,<\/p>\n
which I have to say is pretty good. Anyway, thank
\nyou Skillshare for sponsoring this video, but<\/p>\n
genuinely, Skillshare is a great place to teach
\nstuff, because you can teach things on Skillshare<\/p>\n
without directly having to charge for them, which
\nis why I love putting my courses on Skillshare.<\/p>\n
It’s kind of like having something on Netflix, and
\nthat the end user does not have to pay directly<\/p>\n
for the product. And the other nice thing about
\nSkillshare is that, it’s sort of like YouTube,<\/p>\n
and that anyone can upload a class to Skillshare
\nprovided it meets certain quality requirements.<\/p>\n
And so it’s a lot easier than having to make your
\nown website and create your own courses platform<\/p>\n
and all that kind of stuff. So, pretty easy to
\nstart. We’re gonna give this a two outta five, but<\/p>\n
how hard is it to make $100 a month from teaching
\nonline courses? Now, this kind of depends.<\/p>\n
If you’re going down the Skillshare route,
\nthen to make $100 a month on Skillshare,<\/p>\n
you need around about 1,700 minutes of watch
\ntime, which is 28 hours of watch time. So if<\/p>\n
you have a one hour-class on Skillshare, you need
\n28 students to take that class every month and<\/p>\n
watch it with a premium membership, roughly,
\nvery broadly speaking. And that will give you<\/p>\n
roundabout $100 a month, at least, those are based
\non my figures over the last two years of being on<\/p>\n
Skillshare. Now, how hard is it to get 28 people
\na month watching your class? Well, if your class<\/p>\n
is actually pretty good, it shouldn’t be too hard
\nto get 28 people a month watching it. If you have<\/p>\n
an existing audience, it’s very easy to get 28
\npeople a month watching it, because people already<\/p>\n
know, like, and trust you, hopefully. And so
\nthey’ll watch your stuff and give you a shot,<\/p>\n
because you’ve already built that goodwill
\nwith them. But again, the nice thing about<\/p>\n
Skillshare as a platform is that they have their
\nown algorithm. So the good stuff rises to the top.<\/p>\n
So if you genuinely have a really, really, really
\ngood class and you put it on Skillshare, then even<\/p>\n
if you don’t have an audience, there is still a
\nhigh chance that if the class is actually good<\/p>\n
and people watch it a lot and people recommend
\nit and give it high ratings, it will rise to the<\/p>\n
top. And it will start getting recommended to
\npeople who find it on the Skillshare homepage<\/p>\n
or who search for it specifically. The other way
\nof making $100 a month from a course is to just<\/p>\n
charge $100 for a course. And then if you do that,
\nyou just need one sale every month. So how hard is<\/p>\n
it to get one person a month to buy your course?
\nWell, again, if it’s good, the world of online<\/p>\n
education is exploding so much. Every year, more
\nand more money is being spent on online education,<\/p>\n
especially with the whole pandemic stuff. So if
\nyou have a valuable skill that you can teach,<\/p>\n
I think courses are one of the best and easiest,
\none of the best ways of making passive income,<\/p>\n
because it’s fun to create a course, you can
\nteach stuff, you don’t need that many technical<\/p>\n
skills like making a website or anything
\nlike that. Just shove it on Skillshare,<\/p>\n
and then, people can take your course and learn on
\nthe internet. And it’s just cool overall. And the<\/p>\n
nice thing is that once you’ve made the course
\nand once you’re making $100 a month from it,<\/p>\n
maintaining that level is actually quite easy.
\nWe’re gonna give that a two out of five stars,<\/p>\n
because generally, you don’t need to update the
\ncourse that often. And you can do that once in<\/p>\n
a while, and you just need to make sure you’re
\ngetting a reasonable amount of traffic to it,<\/p>\n
and hopefully, that “<\/p>","protected":false},"excerpt":{"rendered":"
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