Passive Income IDEAS To Make $500 Or More Per DAY in 2022
Today I’m gonna be talking about how I earn money 24 hours a day. I know it’s not by having some crazy sleep patterns. I’ll leave that to the Navy SEAL.
So you’ve probably guessed it from the title. Let’s talk about five of my favorite passive income sources and how you can earn an extra $500 a day, or even more.
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Over my years in business, I have pretty much come across everyone at a different passive income strategies.
I started off with nothing, no qualifications and certainly no money. But as I slowly came across people that inspired me, I started using their passive income ideas in my life.
I’m so grateful to all of those people that I’ve met along the way from the warehouse worker to the multi-millionaire businessman. Each one added to my life in a different way.
Now, if it’s all right with you I’d love to take you on the same journey as me. And no matter where you are in your life you will be able to take advantage and some tips and tricks away that apply to you.
And you can use them to make more money passively and change your life just like I did.
But what is passive income? Now personally, I don’t like the term passive income as it suggests that you’re going to be making a ton of money by doing nothing at all.
Where nothing could be really further from the truth. When I first heard about it, I thought it was some kind of scam, you know, like a get rich quick thing.
I always think when it sounds too good to be true it probably is. Now your teachers at school, are gonna tell you to go to university for you to get the best jobs you can.
But the downside of that is you have the same 24 hours a day. So if you truly wanna be rich, you need to find a way to make money while others are asleep.
Imagine if you spend a couple of days working but you get paid for that work forever even when you’re asleep. If you want a day off or you don’t feel like working then it really isn’t a problem.
Because with passive income, the money is still flowing in. That’s what passive income is. It’s still a lot of work, but so is working a day job.
Passive income just keeps paying you. The real aim is to have as many different passive income streams as possible. So eventually they can cover all your living expenses any extra that you make, you can reinvest.
The dream is to invest the money you earn by working and live off the money that comes in passively. You then are able to retire early if you choose to do so.
In my teens, I came across my first passive income idea. I used to visit a warehouse during my paper rounds as a teenager. And I would always overhear the warehouse workers talking about the stock market.
Every week they’d be discussing a new investment they were gonna be making. I didn’t fully understand until one of the guys casually mentioned that he was a part owner of ExxonMobil which is a massive oil and gas corporation.
But what got me really interested was he got paid a proportion of the profits in something called a dividend.
Before this, I’d always thought that the rich were the only ones that could invest in the stock market. But this really opened my eyes to the fact that anybody can do it with just a little bit of money.
So let’s break it all down. What exactly is a dividend? And how can you get involved with very little money and start earning some sweet, passive income?
So when you invest in the stock market you’re buying very small parts of companies called shares. These provide companies with money so that they can use it in their business to move things forward and hit their targets.
So you’re really valuable to them. Without shareholders, public businesses can’t operate. So a dividend is kind of like a reward a company gives you for being a shareholder in their business.
Now not all companies pay a dividend. It’s completely up to the board of directors. But if they want a dividend and they pay themselves, it means they have to pay you.
And that board of directors will make that dividend as long as it makes sense for their company to do so. This money is paid out in cash on a monthly, quarterly or even a yearly basis.
You might’ve heard about you were buying stock low and selling it high. But with dividend stock investing, you never have to sell the stock to make money back.
How fantastic is that? This is all great, but how do you actually get involved?
Imagine I owned a business that sold I don’t know what we got, coffee mugs. And I was looking for a shareholder and I came to you and I said, “look, I need some money to fund my business. Would you like to be a shareholder?”
All you got to do is put a dollar into the mug and then I will give you 4 cents back every year. How does that sound?
This is known as a percentage yield. And in this particular instance, it will be 4%. Cause it’s 100 cents in a dollar, a 4 cents dividend.
That’s what you’re gonna be getting. I know that sounds quite small amount but over time that could build up especially with a few different investments.
So you’d have thought the trick is to find the companies with the highest percentage yield because you’re gonna get the most money back.
That’s what I thought too. But when you’re thinking about investing it’s very important to think long-term. And a small company that is paying out lots of money to its shareholders has less money it can use to improve its business.
And you can wave goodbye to that passive income source as it’ll all be cut off. So when you’re looking to invest make sure to check these things so that you can make a good decision for the long-term.
You can find out all this information on trading apps like Robinhood and Webull.
Individual stock investing is risky though. So I would highly recommend diversifying it at different sectors. So if something happens to one industry then you have others to keep you safe.
My main focus now is on low cost index fund investing as it’s relatively low risk and low effort but it doesn’t give you as much passive income.
I talk a lot more about index funds in many of my other videos. So make sure to check them out. So it really depends on your goals and the time you have to research individual companies.
My second passive income idea is selling online. And this came from a technology whiz kid called Allen.
Now I used to use eBay personally but I just couldn’t get my head around how I could use it for my business. One day I bumped into Allen and this was a little kid that I used to help put his LEGO together with.
And I found out he is now running his own business grossing over $100,000 per month on eBay. As you can imagine, I wanted a little bit of that.
And this rapidly turned into a major revenue string which sells my products all around the globe every day, 24/7.
There are lots of different ways to sell products online as a side hustle, or even as a business. And you can use platforms such as eBay or Amazon and many others.
You don’t even have to buy the products because you can do drop shipping. Which is where you just market the product and the supplier sends it directly to the buyer without you even seeing or touching it.
I prefer using eBay because I have my own warehouses. But if I was just starting out then drop shipping will be a good side hustle to improve my marketing and business skills.
Some good tips for selling online are basically, take care of your profit margins particularly when you’re drop shipping. You need to be sure you’re making money as any fool can give away the product.
But a good entrepreneur always makes money on every single sale. And also try and find items that are either very popular or very unique because you’re gonna sell so many more of them and potentially make more money.
And do a better job of marketing and promoting than your competitors. Now, this usually involves writing your own descriptions and adding personal detailing and taking better photos.
Even if you have a great product it will not sell if you don’t market it well. My best mate, was the inspiration for my third passive income idea.
He is an extremely successful businessman. We’ve gone on multiple ski trips and he’s actually been my best man at my wedding.
For as long as I’ve known him, he’s been investing in property. Real estate is one of the safest long-term investments you can have.
And it took me a little too long to realize this. Like stocks, I originally thought I would start investing in real estate and making passive income once I had enough money behind me.
But, that couldn’t be further from the truth. There are so many different ways that you can make passive income from real estate without even buying a property.
So imagine there’s a big pot. So, say something like this. And everyone wants to be in the property game but can’t afford to own their own house.
So they put their money in the pot. The person in charge of the pot, me in this case can go and take this and choose a range of properties to invest in.
And once I start renting them out, you’ll be able to share in the profit of the investment and what it creates. This is known as an investment crowdfund.
But even though you know where your money is, you don’t have a lot of control over it. If you want more control over a property then you could always go the rent to rent route.
This is a pretty simple idea. Firstly, you find a house or an apartment in a popular area that you can rent. Then you have a chat with the owner to see if he’s up for renting you the property which you can then go on to rent to other people.
So you can actually be a landlord without actually owning the property. A great way of doing this nowadays is with online platforms like Airbnb.
People are making millions using this strategy but you need to be aware that the more properties that you take on, the more responsibility you have for paying the rent.
So it’s a good strategy. As long as you’re willing to take on the risk. The way I chose to invest in real estate was to save up a 20% down payment.
Then I purchased a single family home. As I believed it would give me the best passive income possible. And if you’re not at the stage to be able to do that yet cause you don’t have enough money, start saving.
You only need 10 to 20% deposit. As an added benefit, the tenants also pay off your mortgage. So you’re left with a property that is completely owned by you.
And then you have the ability to rent it out monthly bringing you a nice bit of passive income.
My fourth passive income idea is starting a YouTube channel. My son has always enjoyed watching YouTube and he actually grew his own YouTube channel which landed him trips all over the world.
With brands like Red Bull at the age of just 20 years old. This really showed me the power of social media. And recently, when I had a bit more time I realized that I could make videos helping people to grow their wealth.
An added benefit was that we could put ads on the video to cover my equipment costs which allows me to make better quality videos all through a passive income source.
This is something anyone can do with just an iPhone and some basic YouTube knowledge which can all be found for free. Guess where, on YouTube itself.
Now ads aren’t the only way to make money on YouTube. Another passive way is affiliate marketing. I understand that not everyone wants to be a YouTuber.
So a good way to make some easy money will be to film simple review videos on a product and ask people to use your Amazon affiliate link to buy it.
Think of it like Unbox Therapy, the amount of views they get on that channel every day is just mind blowing. Whenever they buy from your affiliate link then you’ll get paid a small commission.
The most important thing is that the video content is always relevant and it never goes out of date. So once you’ve made the video you could be making passive income forever.
My fifth passive income idea is selling digital products and was inspired by a meeting that I had with Richard Branson. You know, the guy that owns Virgin.
I discussed with Richard, how the world was changing and how information was becoming more valuable than gold. What an age to live in.
Just think about some of the top companies. Airbnb has no real estate. Facebook creates no content and Netflix isn’t even a TV channel. The internet has truly changed the game.
This simple meeting really had a dramatic impact on my life and my business. As I started to be more open to new online opportunities, I started selling a digital flight simulation program.
We only had to create that once and then we can sell it hundreds and hundreds and hundreds of time. Passively in my sleep, it was perfect.
Here are some ideas that you can try, create an app. One of the ones were the in-app purchases. You’ve probably seen a lot of YouTubers promoting Raid Shadow Legends.
I mean, this would be a perfect brand deal if I had one. You can upgrade your armor in that, your weapons, you name it.
There’s an upgrade for it for a little bit of money and that money is going straight into the app developers pocket, because guess what? He doesn’t have to go out and make a sword.
He doesn’t have to go out and make a new suit of armor for you. It’s just a little bit of code and he can sell that simple line of code over and over again.
And how about this? Not everyone has the time to build up a social media account. So if you don’t have a lot of money but you do have a lot of time, you can create a theme page on Instagram for example.
And then sell that on for a profit to whoever wants to buy it. The most important thing to remember is your most valuable possession is locked away in your brain.
I’m talking about your knowledge. Your knowledge is something that can be packaged into some kind of online product and sell that many, many, many times over.
I’m talking about online courses, eBooks anything that takes a little bit of time to create but allows you to sell your knowledge over and over again.
I’ve met so many great people along the way that have helped me build my passive income sources. So, never underestimate what someone can offer you.
Just because a guy works in a warehouse does not mean he doesn’t have an angle on the stock market.
And just because someone used to like sitting and playing with LEGO models, it doesn’t mean that he’s not gonna grow up to be a great businessman. And then he buys SupRemo. Anyone can surprise you including yourself.
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