all right in this video we’re gonna talk
about seven different passive income streams that I have used over the last
probably 10 years or so and I’ll tell you about the successes in the failures
and maybe it’ll give you some ideas for yourself and things that you can kind of
explore all right so I just finished creating my garden for this year which I’m really excited about I’ve kind of had like a toy garden for the last few
years and I finally created like a big one that I’m really pumped about so I
like to plant perennial flower bushes that I plant one time and they come back
every year and that’s how passive income works and also why I love it so
much so for me it was about 10 years ago when I first kind of discovered this
idea of passive income as someone who had just worked hourly and just gotten
paid by the hour my entire life since I was probably 12 I started doing some
work by the hour it was just such a fascinating idea that you can go in
there and do work one time and then get paid over and over and over again
alright so let’s dive into seven of my actual streams of income and I will talk
a little bit about each one and show you some of the failures and successes and
we can kind of go through those all right so the first one for me was a dividend paying stock so I did this about 10 years ago and for me I was just buying a
local utility company tend to be fairly safe and secure stocks although who
knows what’s gonna happen in the future with them but they paid a 3 percent
dividend I made a $500 investment and that yielded me about $3.75 every 3
months so I was earning just over a buck a month from this but that was my first
taste of passive income I had taken this $500 I had invested it and he was
earning me a dollar or so every month that was coming to me now obviously that
wasn’t making me a ton at that point but it just got my mind spinning about the
potential and the possibility of this whole idea of passive income and that
was thrilling so number two for me was starting a blog and beginning to write blog articles about something that I was learning about or something that I knew about and just sharing that with the world and of all of these strategies
this is one that has worked the best for me I’ve had the most success with this
I’ve been doing this as a full-time gig for the last eight years at the time of this
recording and while not every aspect of blogging is passive a lot of pieces of
it can be especially once you’re kind of up and running so one of my favorite
things is I’ve been writing articles for this blog
almost 10 years now and some of the articles that I’ve written seven eight
years ago are still getting traffic from Google passively each month and then
also earning me money each month so it’s not like I’m only earning from the new
articles I’m writing I’m earning from all the old ones and so everything is
just continuing to build and in it’s a really really fun business to be in just
because of that not too long after I started my blog I tried my hand at this
third stream of income which was a site called HubPages and
there’s a whole bunch of different sites like this but basically where you can go
on there and write an article about any topic of your choice so it’s less
commitment than starting a blog but essentially you’re writing an article
that’s gonna help somebody or inform someone or something like that and then
they display ads on the side and then they give you a percentage of the
revenue that your article generates based on the number of views and clicks
through the ads and things like that so what’s also cool about this is if you’re
someone who just has interest in a variety of things and you have ten
different things you’re passionate about and can’t figure out which one or two I
want to focus on to start a blog this can be really really helpful because you
can go there and write about anything you want and it doesn’t matter if it’s
topically focused so this was something that tried many years ago and I probably
ended up writing a little over a hundred of these actual articles for this site
and I probably haven’t added one in at least four or five years and to this day
I’m still earning over two hundred dollars a month from that work I put in
all the way back then just writing some those articles just on things that I was
interested in or maybe even something that I just learned about that day
because I had to do a lot of research on it or whatever it was all right and the fourth one is writing a Kindle book and so this also is a writing one and not
all of these are writing one so stick with me if you just don’t want to write
but essentially this is an experiment where I took it very long and
thorough article I’d written for the site and kind of modified it and turned
it into a Kindle book and writing a Kindle book is extremely easy
you can literally upload a word doc file to the Kindle platform and you’ll have
to format it you know they give you specifications on how to format it but
it’s a very simple process and I just want to throw it up there and see what
would happen and and this was one of those things
that just worked really well if you again it’s like if you can write
something topically focused on a particular topic that you know something
about or have something a unique angle to share on it tons of people are going
to the Kindle Store trying to find books on really specific problems that they
have and and you can write a Kindle book really quickly and easily to kind of
solve that problem for them and then sell books in the process and so for us
right now this probably generates about a hundred dollars a month so it’s not a
ton but it’s been much higher in the past when we were maintaining it all right number five is recording music as an artist and this is something I’ve
grown up playing music I’ve been in bands I’ve been a worship teams and so
again this was also an experiment but my wife and I decided to record a few songs
worship songs that we just really like throw them up on YouTube and just kind
of see what happens it’s kind of how I do things it’s like to throw it on the
wall and see what sticks and then kind of go from there and so we did this and
a couple things became very clear so it’s not real easy to make a whole lot
of money as a musical artist there is another way which we’ll talk about in a
minute here it also can be pretty passive as well so in our case we
recorded four different songs we put them up on YouTube we kind of went
through CD Baby to kind of get them distributed everywhere we earned
probably about thirty to fifty dollars a month so it’s not a big earner for us by
any means but it’s just another little passive stream that just keeps coming in
in any one of these streams even if they’re not earning a lot if we just
continue to work towards them like we could get them to earn more like I’m
saying I’m throwing things up on the wall scene with sticks and seeing what I
want to do and what make is the best use of my time and so even though it’s not a
ton of money it’s still some money coming in which is beneficial but also
it gives me a hint as to the potential of what could be if I continue to put
effort into that project all right so number six was another experiment we tried where I bought a DSLR camera and I was having fun with it and I decided alright well I’m gonna shoot some stock photos and try to sell these in a stock
photo site so this one was probably the biggest failure of all in that we spent
a pretty good amount of time taking a whole bunch of good photos probably four
hundred weeded those down to about the forty best and then uploaded them to a
handful of stock photo sites and ended up only getting about like I think five
accepted by them and then of those five they were now in
the database for people to search and download and buy from that effort that
we put into that we probably earned less than a dollar a month and so it just
never really amounted it very much for us now that said I think if you’re a
better photographer than I am which should be a very very low bar for you I
think you can probably do better and it might be something worth pursuing
because again what’s exciting about it is that it’s passive and you’re doing
the work one time and then you just continue to get paid all right and number seven for us has been rental income and this is one that people
commonly think of when they think of passive income but basically we turned
our first house that we bought after we got married into a rental property now
for it to be kind of completely passive you probably need to bring in a property
manager which is what we did because even though I don’t know how realistic
it is I always get nervous I don’t want to get a phone call at 3:00 a.m. because
there’s a problem with the plumbing or something like that
so we hired a property manager who takes care of all of that for us he takes a
cut and then he just mails us to check so literally all we do is just get a
check each month and that’s really nice okay so real quick update I’ve actually
made some changes since I originally recorded this video and we have actually
sold our rental property and the thing we’re doing now that I’m really excited
about it’s called Fundrise and essentially what it does is it allows
you to be a real estate investor completely passively and not have any of
the headaches of real estate investing and in our case we actually earned more
from this than our rental property and I did a thorough kind of comparison and
review that you can check out on the site I’ll have it linked up down below but anyway this is a really cool one to check out okay so that’s all seven of
them now for number eight we’ll call it as a little bonus here what I would do
if I had more time is probably record some stock music so as you probably know
amateur video like this is growing exponentially and everybody’s making
video buying those background tracks is not real cheap so I typically pay ten to
twenty dollars for a two-minute instrumental kind of background track
and that tends to be the going rate for something like that now if you look at
that compared to an average artists album that they sell for somewhere from
ten to fifteen bucks we’re talking almost ten times as much for an
instrumental track so you don’t have to record vocals you know to come up with
words it’s just so much easier to create and you’re able to
charge a whole lot more for it so as a musician who could create something like
that that’s really really enticing to me that it’s a whole lot less work and the
potential for earning is a whole lot higher so if you’re a performing
musician who can get a pretty decent recording at home that’s something that
you might want to look into ok so just kind of summing this up and finishing
out this video there are just tons and tons of strategies these are just a
handful that I’ve tried and there are just so many others out there and
honestly this is probably the best time in the history of the world to kind of
create some passive income for yourself even if you don’t earn anything from it
like the fulfillment and satisfaction from having created something that has
helped someone else is really really nice so do us all a favor and get out
there and create something you have something that the world needs to hear
you have something to share you were gifted with something that you can give out and I encourage you to get there and do it