5 best passive income ideas to earn $10,000 per month in 2024

top 5 passive income ideas to earn $10,000 per month in 2024

I’ve made around $150,000 from what I would consider to be mostly passive income sources, and because I honestly haven’t worked that much in the past month, I have been traveling a lot. I got sick as well, and I’m just recovering from that right now. So I haven’t had much time to devote to actually working yet. How have I been able to make what for many people is a full-time salary in just the past 30 days now? The only reason I have been able to do this is due to the fact that I have been building up these passive income sources over the past decade.

I started my online journey when I was just 13 years old, and now I’m 23. I’m so incredibly grateful for what my past self has done to be able to put me in a position of financial independence at such an incredibly young age, and these passive income sources did take some work in the beginning for me to build them up.

So they’re not entirely passive straight from the beginning; a couple of them are, but most of them aren’t; they are going to take some work to build up. But once you build them up to a certain point and implement the right strategies that I’m going to be sharing with you on today’s blog, they can then certainly be passive, and in this blog, I’m going to talk about five of some of the best passive income sources available right now and exactly how to get started with them.

These are some of the best passive income sources because they’re easy to start, most of them don’t require a ton of capital right away, and many of them have the potential to scale up to ridiculous amounts of money down the line. Now, I can’t guarantee you’ll make millions of dollars just from reading this post. But I’m going to tell you exactly what I and a lot of my other successful students are doing as well. Passive income source number one is on the website.

No. 1 passive income source: YouTube

Most people don’t realize this. But YouTube is one of the biggest opportunities available to people in our time, and the fact that we can just upload videos to YouTube means that they have the potential to go viral, and not only that, but we can make money natively from the ads that YouTube puts on the platform. It’s absolutely incredible. never before in history.

If we live during a time where we can take advantage of a website like this, and it gets even better, the content that we upload to YouTube. It can also continue to give views for years into the future. Plus, we can use it to promote any of the other passive income sources that we’ll be talking about today. We can use it to promote affiliate products, sell our own courses, and do so many other things on one single YouTube channel. The videos live forever, and they can continue to give views for years into the future.

My foundation was built on YouTube, and that is what has 90% been responsible for me becoming a millionaire at such a young age. Just to nail this point home, over 40 million new people have signed up to YouTube and other digital platforms since 2020. Do you think all of those people are creating content? No, most of those people are consumers. They’re watching the content for entertainment and to learn new things. Only a tiny fraction of 0.0001% of those people are going to actually create content, and only a tiny fraction of those people know how to create good content. That’s going to actually get a lot of views, and you can learn those strategies.

Also, you’re heading in the right direction right now. Reading this post like this is because you’re learning the right strategies to use as opposed to just going out there and guessing when it comes to doing this. So what this essentially means for you and me is that there is still such a huge opportunity on YouTube. Don’t think that you had to get in on YouTube years ago. I’m still starting new channels all the time and succeeding with them, as well as all of my successful students in my community tube mastery and monetization. They’re starting new channels and succeeding with them all the time.

They might be mad, but YouTube isn’t passive. Don’t you have to keep uploading videos? Sure, if you want to start getting new views and planting new seeds, those old seeds that you planted can continue to get views forever into the future as long as YouTube exists. So it can be entirely passive once you’ve built up a backlog of evergreen content, and with so many resources available today as well, that just makes the barrier to entry into getting into YouTube so much lower. For example, you have ChatGPT to help you with writing your scripts. You have AI voiceover tools like 11 Labs to help you with that.

You have easy video editing software available, like Power Director. You have overseas talent that you can hire for great prices. That’s a win-win for both of you. In my opinion, not making at least some type of presence on YouTube right now this year is a huge mistake. If it’s something that you’re at least thinking about doing, jump in there and do it as soon as possible.

Start planting those seeds. Trust me, you’ll thank me a year from now. And in order to create a YouTube channel, you don’t have to show your face. Even though that can work incredibly well, my personal channel is an incredible lead magnet for selling my course, and I get greater fulfillment from helping people.

But I also run a bunch of faceless YouTube channels where I pay people to make the content for me. These are channels just like Brainy Dose, which gets millions of views per month. And their content is mostly just stock footage with a voiceover on top of it. You can get stock footage from websites like Pixabay, Pixels, and Dareful, and then you can edit the videos together using completely free video editors. For example, iMovie if you’re on a Mac, the PowerDirector app if you’re using a phone, or if you’re like me and you use Windows, then you can use HitFilm Express, OpenShot, or ShotKut.

There’s so many different niches or subcategories of content out there when it comes to doing this. If you’re interested in something, there’s probably a YouTube community around that you could jump into and potentially even make full-time income-generating videos around. The sky is the absolute limit when it comes to how much money YouTube channels can make. If you’re interested in some of the best niches when it comes to making money on YouTube.

No.2 passive income ideas: AFFILIATE MARKETING

Passive income method number two is affiliate marketing. You’ve probably heard of this, but it’s simply a technique where you promote somebody else’s product. For every sale that you refer, you get a commission from that sale. Now, I personally do this within my own business. I promote other software that I talk about in my courses and everything.

I make tens of thousands of dollars per month recurring because I’m promoting software that people pay for and keep paying for over time. These include software like vidIQ and TubeBuddy. The fact that I was making so much money promoting this software gave me an idea.What if I allowed other people to promote my own course that I sell as an affiliate?

So I did exactly that, set up a simple landing page, and gave away a bunch of free resources. When it came to promoting my course, Just like that, over the next couple of months, I was making an extra $10000 per month just from people promoting my program. You know what that meant, since I was splitting 50% of the sales with those affiliates.

They were also making tens of affiliates. Now, how are these affiliates promoting my program and other programs in order to make money online by doing affiliate marketing? Well, there are two types of traffic sources when it comes to affiliate marketing or selling anything online. Those are free traffic and then also paid traffic.

Now, if you have more time than money, then you definitely want to jump in and start with free traffic. But on the other hand, if you have more money than time, then it does make sense to start experimenting with paid traffic. So free traffic is, in my opinion, the best form of free traffic. is going to be running YouTube channels because, like I said, those videos live forever. They can continue to give views, unlike other social media sites out there.

But if you want a complimentary source of traffic, you can look into starting an Instagram account as well, and then eventually you can even think about adding your very own website or blog. When it comes to paid traffic, these can include YouTube ads, Facebook ads, Instagram ads, etc. Another free source of traffic, by the way, is TikTok. So if you produce any short-form content, it definitely makes sense to distribute that on TikTok, YouTube Shorts, and Instagram Reels. Then put the link to the affiliate product you’re promoting in the link in your bio for each of those respective platforms.

The math behind affiliate marketing is incredibly promising. If you get just 20 sales per month at a $500 commission, then you’re making $10,000 per month. That’s way more than a full-time income for most people. So, as you can see, the potential for affiliate marketing is incredibly high.

No.3 passive income source:No-Code Software

Passive income source number three, which is a little bit outside the box, is something called no-code software. As you probably know, software has made so many people incredibly rich over time. But in the past, you had to be some type of tech wizard, or you had to know one, or you had to spend hundreds of thousands of dollars employing people who did know how to make software in order to make something that you hoped was going to be successful. So you could eventually get a bunch of users. But nowadays, new tools have allowed people to create their very own software without any super-advanced technical knowledge.

This has been commonly called no-code software. Now, the key when it comes to having successful software, though, is to actually solve somebody’s problem. So for example, if I take a look at the software that I personally use within my businesses, it includes software like vidIQ, like I mentioned earlier, which allows me to analyze the statistics of different YouTube channels.

I also use Kajabi for hosting my courses, and this allows me to simply upload the videos to my course, and they handle making it look good and everything. Surprisingly, you can create very similar products to these using no-code software. Now, there is a little bit of a learning curve for this, but not nearly as much as literally learning to code them from scratch, and you can go down this rabbit hole like I have over the past couple months.

You can look into this further if you want. Just by searching for no-code software on YouTube, you’ll find a lot of tutorials teaching. Exactly how to do this and people showing case studies of being able to make lots of money with software, and the brilliant thing about software as well is the fact that it is oftentimes recurring revenue. Which means that somebody keeps paying for that software month over month. If you get a thousand users each paying you $20 per month, that means there is $20,000 per month in monthly recurring revenue. The way software multiples work, a company like that could sell for as much as one to two million dollars.

No.4 passive income source: HIGH-YIELD SAVING ACCOUNT

Passive income source number four is for when you actually start making money with some of these methods. You’re going to need a place to put it, and instead of using most bank accounts that are out there, which are going to earn you little to nothing whatsoever in the form of interest, you can instead look into something called a high-yield savings account. This is true passive income because you literally just put the money in there and you’ll get a deposit every single month, depending on how much you put in.

This is where I like to store my extra cash because then it’s not just sitting there.It’s actually doing at least a little bit of something for me. Here are some of the bank accounts giving the highest interest rates right now that you can see in the screenshot.These do change over time. So make sure to do research that is up-to-date, and also make sure the bank account you choose is FDIC-insured to ensure that your money is going to be alright.

I do recommend choosing a bigger bank if you can as well, so you don’t have to deal with the small one that could potentially go under or anything. Once you start making lots of money with these passive income sources, then it’s time to jump to passive income sources.

No.5 passive income source: INVESTING

Number five, which is investing, It’s time to invest some of your money, and the reason for that is so you don’t lose your money to inflation because, with inflation, the value of your money decreases over time. Now, investing can seem like a very complicated subject. However, the way that I like to go about doing it.It’s actually very simple.

I just invest the majority of my money in index funds, or ETFs, that cover the majority of sectors. Markets within the stock market. These include SCHD, SCHB, VOO, VXUS, and a bunch of other ones, and none of this is investing advice.SCHD: Schwab US Dividend Equity ETF.SCHB: Schwab US Broad Market ETF.VOO: Vanguard S&P 500 ETF.VXUS: Vanguard Total International Stock Index Fund ETF.I’m simply sharing what I personally do, but the reason I invest in these funds is because they comprise hundreds of different top companies.So I don’t have to invest in each of those companies individually, and therefore my risk is a lot lower as well. You can also invest in cryptocurrency.

This is a long-term strategy that can make you money. You can also take part in what’s called dividend investing, where you invest in companies that pay higher dividends. There are a lot of great videos on YouTube breaking down the math behind making an extra $100 or $1000 per month from dividend income over time. This is also true passive income. But before you go about investing, high-yield savings accounts, or anything else, make sure that you first and foremost focus on a business or a skill that’s going to generate your income in the first place. And like I said, in my opinion, the absolute best way of doing that is by running a YouTube channel.