476: 7 Passive Income Streams That Make Me $5800 Per Day (Working From Home) – Family First Friday

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For the past seven years, I’ve been consistently earning about $5,800 per day in passive income from seven different passive income sources. And the truth is, is that I sincerely believe that anybody can do what I’ve been able to do, because it’s not rocket science. However, it does take quite a bit of work to set up each stream, and it can take a while for you to start generating income. But once you start gaining momentum, you can make money passively while you sleep. So in today’s episode,

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I’m going to walk you through seven different passive income sources that I personally use to earn over $5,800 per day in passive income. And with each of these passive income streams, I’m going to tell you how much upfront work is actually needed to start earning passive income with this idea, how difficult it is to actually maintain the passive income stream once you started it, and how long it took me to establish the income stream to make at least $100 per month.

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What’s up everyone, you are listening to the My Wife Quitter Job podcast where I teach you how to make money online by exploring different tools, strategies, and understand how to leverage human psychology to grow your sales. Welcome to a special segment of the show called Family First Fridays where I go solo to give you my thoughts on how to make money without sacrificing your lifestyle. Now if you haven’t picked up my book, The Family First Entrepreneur yet, head on over to mywifequitterjob.com slash book, fill out the form.

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and get over $690 in free bonuses. Also, if you’re interested in learning how to start your own e-commerce store, make sure you sign up for my free six-day mini course over at mywifequitterjob.com slash free. Now, first off, I want to start by defining what I consider to be passive income because everyone seems to have a different definition and there are lot of scams and videos on the internet covering this exact subject. My definition of passive income is an income stream that makes you money while you sleep.

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doesn’t mean that you’re not doing any work to make your money, but that you aren’t trading your time for money. In other words, your earnings are not limited by the number of hours in a day. All the passive income streams that I’m going to discuss today have varying degrees of difficulty and will take varying lengths of time to nurture and cultivate until they start making money. Now, the first time I experienced passive income was with my online store over at bumblebeelandins.com. Back in 2007, my wife and I started this business.

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so that my wife could stay at home with our newborn child. And within one year, we managed to make over $100,000 in profit selling handkerchiefs of all things. Pretty random, right? We started this store many years ago, and today it is a seven figure business. We now own our own warehouse with employees, and it’s extremely profitable. So the first passive income stream that I want to discuss is e-commerce or selling physical products online. Now the beauty of selling physical products online,

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is that you can have a computer do most of the heavy lifting for you and take orders 24-7. All you gotta do is find a product to sell and understand how to drive traffic to your product listings. Now when most of you think about selling physical products online, you’re probably afraid of the idea of carrying inventory and manually fulfilling orders. But today, you can sell physical products online without ever touching any inventory. For example, drop-tipping is a business model where you take orders on your online store

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and your supplier ships the order to the end customer. You can also sell on Amazon FBA, where you send your products to an Amazon fulfillment center, and Amazon takes care of storage, shipping, and customer service. And finally, you can use a 3PL. 3PL stands for third-party logistics, and it’s basically a fulfillment center that stores and ships your products for you. Now, as I mentioned earlier, my wife and I started our handkerchief e-commerce store and grew it to a 100K profit in just one year.

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and it’s grown the double and triple digits ever since. You’re probably wondering how much upfront work is needed to start a store and how long does it take to make money. Now over the years, I’ve taught over 5,000 students in my profitable online store course, and I’ve had students make significant money within three months. But realistically, you should expect to stick with it for at least one year. 59 % of my students make at least four figures per month after a year after they’ve launched their product.

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Now the beauty of this business model is that once you have your products and suppliers in place, it’s actually quite straightforward to maintain and run, especially if you’re on Amazon or Walmart. Now my next passive income stream is YouTube ads. Right now, YouTube ads generates me almost $1,000 per day in ad revenue alone. And this money is literally 100 % passive. YouTube arranges all the ads for me, and I just collect checks at the end of every month. Now how much money is actually needed to start a YouTube channel?

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Well basically you just need your smartphone, a decent mic, and basic video editing software. In fact, that’s all I started this channel with about three and a half years ago. Now since then I’ve upgraded my equipment over the years, and just in case you were curious, I shoot with a Sony A7 and use a Rode Wireless Go microphone. I edit my videos with Camtasia and Adobe Premiere. Now the key to making passive income with YouTube is consistency. Three and a half years ago.

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I told myself that I was going to publish one video per week for at least three years without missing a single video. And at first I did all my videos myself, but once I started making a little bit of money, I hired a full-time video editor. And today it literally takes me about 30 minutes to film a video because I have a very efficient system in place. I basically walk into my office, put my notes on the teleprompter, flip on the camera and just start filming. Then I just chuck the video overboard to my editor and that’s pretty much it.

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And similar to my e-commerce store, once you start making money, it’s actually really easy to maintain once you’ve built up an audience. Now the only downside to making passive income with YouTube is that it takes forever to make money. My channel didn’t start making a few hundred dollars a month until well over a year. And it didn’t start making five figures a month until after three years. Now if you’re gonna start a YouTube channel, make sure you commit to it for at least three years.

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My next passive income stream is my blog over at mywifequitterjob.com. Now the income from my blog can be broken down into three separate income streams, which I’ll describe below. The first one is affiliate revenue. By writing blog posts that review my favorite software tools and products, I get a cut of every sale that I generate. For example, my blog post on Shopify versus BigCommerce generates me income anytime someone clicks on a link in that post and signs up for either Shopify or BigCommerce.

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Now the tricky part about affiliate income is you have to learn how to generate traffic to your blog post and learn how to rank in Google search. And similar to starting a YouTube channel, starting a blog is a major slog. I literally did not make more than a couple hundred bucks until after the two year mark. And I made my first 100K after three years. But the good news is that the revenue hockey sticks quickly once you gain momentum. Today, my blog generates several hundreds of thousands of dollars a year in affiliate revenue alone.

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And the key is understanding what people are searching for and putting out great content that answers their questions. Now, the second way my blog makes money is through display ads. I use a service called Mediavine to find in broker ads from my blog and they take a 25 % cut of the revenue. Basically, all I got to do is insert a special piece of code on my site and Mediavine takes care of showing the ads on my posts. Right now, I’m on track to generate almost $10,000 a month in passive income.

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But that’s probably not the norm. It usually fluctuates between $6,000 and $12,000 a month, I’d say. And I literally don’t have to do any work except publish posts that generate traffic. Some of the posts that I wrote 10 years ago still make me money today. Now, the final way my blog makes money is by generating sales from my online courses. And right now I teach two classes. The first one is called Profitable Online Store, where I teach people how to start their own e-commerce stores. And basically this course teaches you everything that I do

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to make money with my store over at bumblebeelinens.com. My other course is called Profitable Audience, which teaches you how to make passive income with blogging, YouTube, and podcasting. And the way I run my courses is different from other courses on the internet because I treat people like how I like to be treated. Both of my courses offer lifetime access for a single fee. There are no hidden upsells or recurring fees because I personally hate getting nickel and dimed. And I go above and beyond for the students in my class.

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You can actually listen to several full length podcasts with some of my six and seven figure students on the podcast, which is the perfect segue to my next passive income stream, which is my podcast. The My Wife Quitter Job podcast is a top 25 show in all of Apple podcasts in the marketing category. In fact, recently when I checked, I was number 13, but I generally hover within the top 25. As you guys know, you guys are listening to this right now, the My Wife Quitter Job podcast is an interview based show.

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where I interview successful entrepreneurs, with the exception of Family First Fridays where I go solo. And if you know me well enough by now, you know that I’m pretty anal. I am super nosy and I like to ask the hard questions. And because I’ve run many businesses myself and always get my hands dirty with everything, I know exactly what to ask. Now the podcast makes money from companies who sponsor the show. And once again, I’m always super picky with the sponsors I take on because it all reflects on my reputation.

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I only promote companies that I use and love. Now overall, the podcast is probably the hardest passive income stream to grow because there’s no easy way to advertise your podcast to get new listeners. With a blog and YouTube, Google does a fantastic job of promoting your content to the masses, but no such engine exists for a podcast. In fact, my podcast didn’t start making money until about the three-year mark. And come to think of it, it seems as though every business I start takes me about three years to make money.

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except for e-commerce, which only took about a year. Now the main benefit of having a podcast and the main reason why I run it is to meet other successful entrepreneurs. I’ve met so many high profile and successful people by simply interviewing them for an hour. Now the final passive income stream that I have is my investments in stocks and real estate. There’s not really much to say here, except that I only invest in what I know.

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For stocks, I pretty much stick to tech because I used to be an engineering director in charge of microprocessor design. And in terms of real estate, I tend to only buy in neighborhoods that I know well. I’m not really the type of guy that trades or makes transactions very often. I basically only ever sell a stock if I feel as though something fundamentally negative has affected the company. For example, I used to own the stock Garmin, which is a GPS company a long time ago, but I got rid of it.

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as soon as I saw that smartphones were going to replace individual GPS units. Anyway, those are my seven main passive income streams that make me over $2 million a year, working at around 20 hours per week. And the beauty of all these streams is that the benefits compound over time. For example, the more videos that I put out on YouTube, the more money I make. The more blog posts I write, the more traffic I receive from Google. And the more products I release in my e-commerce store, the more money I make.

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Now when it comes to starting any passive income stream, it’s a matter of when, not if, you’re gonna make money. And I have friends who have made passive income way faster than I have in my case. Just listen to some episodes of my podcast and you’ll know what I mean. But things don’t always have to happen quickly. As long as you pick a pace and establish a routine that you can maintain forever, it’s not gonna feel like work. And when something doesn’t feel like work, time passes quickly and before you know it, you’ll be making a lot of money.