What is passive income? This is a question that many people have asked over the years because it’s often one of the most talked about topics on the internet.
Passive income is income that you earn on a daily, weekly, monthly, or annual basis from doing little work to set up an maintain the passive income stream.
Sadly, in this day and age, many people confuse side hustles with passive money-making. This is why the average person who is self-employed works harder than most people who have a nine-to-five job.
With a passive income stream, you shouldn’t be working more than a few hours per month to maintain it otherwise you’ve created another job for yourself.
In this article, I’ll break down some of the top passive income opportunities available today and provide you with Insider tips that will help you to get started properly with each opportunity.
Passive Income Stream #1 – Creating YouTube Videos
One of the best ways to create passive income in 2020 (and beyond) is by making videos for YouTube.
The reason Why YouTube is an awesome resource for creating passive income is that one video can stay online for years earning passive income for the creator who may have only spent a few minutes or hours of their time creating it.
Obviously, with anything that seems easy, the reality is that there’s a lot of work involved in building a successful and profitable YouTube channel. The good news is that thanks to the internet, you can easily research which topics people are searching for on YouTube and then build a successful YouTube channel by creating videos about those topics.
There are several different ways that you can generate passive income from having a YouTube channel. The first way is to open an AdSense account and attach Google AdSense to YouTube videos. Once you do this, anytime someone plays your YouTube videos, an automatic advertisement will be overlaid on to the video and when the viewer clicks on the ad, you get paid.
YouTube also has a partner program that’s often one of the major reasons why people start YouTube channels in the first place but, to qualify for their partner program your channel has to have at least 4,000 public watch hours in the last 12 months, and 1,000 subscribers. Once you meet their criteria, your channel qualifies for the partner program and this is another excellent way to earn passive income from YouTube.
Besides inserting an AdSense into your YouTube videos, or joining the YouTube Partner program, some of the other ways for earning money from YouTube include creating an online course that you promote through your videos, affiliate marketing, and also sponsorships of your YouTube channel.
Tip – Before starting a YouTube channel, if you don’t have much experience with YouTube it’s best to take a course to learn how to properly set up a YouTube channel and make videos. This will help you to leapfrog over the learning curve so that you can create a proper YouTube channel and start making videos correctly from the very beginning.
You should also invest in good hardware, software and lighting before you start creating YouTube videos. Why? Even though it’s possible to create YouTube videos by your smartphone, there are a wide variety of other things that you should consider investing in which will help you to create professional-looking YouTube videos from the very beginning.
How much money can you make from YouTube videos? The answer to this question is the sky is the limit. There are professional YouTubers that are making anywhere from a few thousand to a few hundred thousand dollars per month.
The key to success with YouTube is learning the proper way to create a channel and also because, you may be the master of your niche but, if you are inexperienced at creating YouTube videos, this is only going to lead to frustration because those will be videos that people will never see and you won’t make money.
Passive Income Stream #2 – Affiliate Marketing
Yes, YouTube is an excellent way to earn passive income in this day in age but, there are a wide variety of different ways that you can earn passive income including affiliate marketing.
With affiliate marketing, you’re going to be earning a commission anytime you promote another company’s products or services.
In today’s world, you don’t just get paid by sending traffic to a website, you can also get paid in affiliate marketing anytime somebody fills out a form, signs up for an email list, clicks on a link, or makes a phone call.
Since the goal with affiliate marketing is to earn passive income, you should thoroughly research the affiliate offers that you’re interested in promoting and choose a high converting offer that will pay you a commission anytime somebody completes one of the actions that I mentioned above.
Once you get started with affiliate marketing, and find several high-converting, successful affiliate offers, moving forward with affiliate marketing is as simple as continuing to send traffic to those offers and looking for new offers to promote.
Passive Income Stream #3 – Multifamily Real Estate
Since my website is dedicated to multifamily real estate, obviously my top method for earning passive income is real estate investing, specifically multifamily real estate.
Why should you invest in multi-family real estate? There are a wide variety of reasons including the fact that single family housing is more expensive for the average person to get started with than ever before, multifamily properties are in high demand, and we live in a generation of renters where people prefer to rent properties instead of buying.
Obviously, as with any business, the key to success with purchasing a profitable multi-fam-ily property all boils down to doing your due diligence. This means that you take the time to thoroughly research the location and the property itself before you decide to purchase it.
Once you purchase a multi-family property, the next step that you should consider is hiring a property management company because a property manager will save you the time, money, and house of managing your multifamily property yourself.
Contact Trier Capital
Are you interested in investing in multifamily real estate but, you don’t have the time or the desire to do all the work yourself? If so, the solution is to partner with my company.
We do all the hard work to find and acquire ideal properties then oversee asset management after purchase, while our investors sit back, relax, and receive tax-advantaged passive cash flow.
To learn more about how we can help you to get started with investing in multifamily real estate, enjoy passive income, build wealth and live life on your terms, contact me today by calling (630) 229-2383 or click here to connect with me online.