5 Passive Income Ideas To Make Thousands of Dollars In 24 HOURS Or Less
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So today I'm going to reveal the five passive income ideas I've used to make more than a thousand dollars in 24 hours. But here's a warning: If it was easy to make a thousand dollars every 24 hours, then everyone would be doing it.
However, I can tell you this, if you're prepared to put in the work required to set up these income streams, then it's entirely possible. I should know, as I started with absolutely nothing to my name.
Affiliate links are a great way to instantly make money if you are growing your list, because if you want to recommend a product to your audience, then you'll get a kickback if anyone chooses to buy using your link.
Whatever you choose to write about, it's very important to make your subscribers a promise of both quality and reliability. You need to convince them that it's worth their time.
The main benefit of an email newsletter is that you're able to own your audience. This is very rare as on other platforms, I'm not able to contact you directly.
That's what makes newsletters a great way to make passive income, and who knows, you may end up selling for 75 million dollars like Morning Brew, an email newsletter Austin Rief started in his college dorm.
Starting an Email Newsletter
Idea number one is starting an email newsletter. You could press send on an email and earn thousands of dollars in a couple of seconds? This might sound impossible, however, people are already doing it.
A popular email newsletter called The Hustle was actually recently sold for between 25 and 30 million dollars.
The best part about starting an email newsletter is its very low barrier to entry. This makes it a lot easier than any other type of content creation as all you need is a laptop or even a phone.
It's also mostly free to start, as most platforms allow you to grow to a thousand subscribers before charging you a single penny.
There's actually a popular saying that you only need a thousand true fans to become a millionaire. This kind of loyalty is what email newsletters are great for building.
I've recently started a newsletter of my own, which is loaded with valuable information and insights about growing your wealth that you won't get anywhere else.
I only launched this a few months ago and I already have over 10,000 subscribers enjoying the content. If you're interested in receiving weekly emails, I'll drop a link below.
Due to its success. I've actually had brands reach out to me and offer thousands of dollars for one quick mention. I put a lot of the success down to the way I've always approached life.
You should aim to give more than you get. With a newsletter, it's so important to offer your audience a huge amount of value.
Then in the future, if you do want to ask them to do you a favor, they'll be happy to help you out. In addition to this, you need to be interested.
I remember a friend of mine telling me that his company sends out a long email every week to keep everyone up to date with what's going on.
However, it was a bit of a running joke in the office that no one read it. That's why it's so important to entertain, as people come for the content, but stay because of your entertainment value.
If you don't know what to write about, then you could just curate things that you find interesting throughout the week and share them with your subscribers.
This is what Tim Ferriss does with his 5 Bullet Friday newsletter, and he now has over 2 million fans, and makes millions from sponsorships and affiliates.
Collecting Royalties
Idea number two is collecting royalties. Have you ever wondered why so many music artists try and get a Christmas number one? Well, it's all about the royalties.
Noddy Holder, lead singer of the 1970s glam rock band Slade once said that his song Merry Christmas, everybody is his pension, and he wasn't joking.
That one song will pay him a decent living in royalties for the rest of his life, without him having to lift a single finger.
If you can't sing, like me, then the good news is it's not just musicians who can collect royalties. Authors, script writers, inventors, and others benefit from the resales of their products and ideas.
I'm going to be honest with you, this requires a lot of upfront work. However, once you've created something, then you can continue to get paid for it forever.
To be honest, you are taking a bit of a risk because if you don't get enough people to see your creation or use your invention, then your time would go to waste.
To minimize this risk, it's very important to identify a proven demand. Be on the lookout for something scarce or not being done very well that you can improve upon.
My eyes were opened up to this when I turned on monetization on my YouTube channel, I never aimed to become a YouTuber. I just noticed there was a lack of financial education in school, so I had to take things into my own hands.
I heard somewhere that if I turned on the adverts, then YouTube would promote my videos more. Now I don't know if this was true, but it did seem to work.
To my amazement, one of my early videos gained 4 million views and has now made me over a hundred thousand dollars in royalties.
Even if you don't fancy making videos, then you could team up with someone that does and write their scripts in return for a split of the profits.
Surprisingly, there are also ways you can benefit from royalties without actually creating anything. This is because in order to gain money to fund projects, it's very common for creators to sell their royalties or a percentage of them.
If this was a songwriter, then they would still own the rights to those tracks, but would share a part of their income with an investor whenever they were played on the radio or streamed online.
I've actually been offered money to buy my future AdSense for my old videos. Mr. Beast has used a service like this before called Spotter.
They've already spent 200 million on royalties, which shows there's a lot of potential for you to make at least a thousand dollars per day in passive income.
So just remember, when you're creating your digital product, just make sure that you are making something that's truly valuable.
Sometimes the easiest way to improve an idea is to do what's called a scrappy launch. The goal is to get something out into the world as soon as possible so you can put your idea to the test and improve from there.
You can sell templates, courses, audio books, spreadsheets, and even licenses. With a quality product, you'd be making a thousand dollars a day in no time.
Selling Digital Products
Idea number three is selling digital products. Imagine making two million dollars in 10 minutes, all from the comfort of your sitting room.
Well, my son was recently telling me about one of his past clients who did exactly that selling digital products. Now, digital products can't be held, tasted or touched, but everyone consumes them now more than ever.
They also come with a whole host of benefits that make them perfect for making passive income. Firstly, as they aren't physical, it means you don't have to pay for storage and they never run out of stock.
Secondly, your profit margins are very high. The cost of creating a digital product only has to be paid once, and then you have it forever.
Thirdly, you don't have to worry about shipping nightmares or paying people to send your items for you.
Many people have told me that I'm silly for not selling an online course as there is a lot of demand. However, as it's so easy to get into the market, there are a lot of bad products out there.
This is a shame as it's given the whole industry a bad name. So that's why if I were to sell anything, then I'd have to give it a lot of time and energy.
Be The Middleman
Idea number four is becoming the middle man. I recently sat down with a man who made 10 million dollars by the age of 21 selling items online, but the funny thing is, he never actually held any of the products in his hands.
This is completely different to me because I generate a lot of money selling physical products using the internet. But it's time consuming and it also costs me thousands in warehouse space, staff wages, and packing materials.
That's where both drop shipping and drop servicing comes into play. Since the pandemic, online business has surged beyond belief and by the end of 2022, these sales will likely reach over five trillion dollars.
There truly is an abundance of cash out there ready to be collected, and with the right strategy, you don't even have to be the one sending the parcels or doing the work.
Drop shipping and drop servicing is selling physical products or services on the internet without ever stocking the product yourself.
This allows you to start your very own business with minimal costs as there's no staff, storage, or inventory fees. If that sounds too good to be true, then believe me, it's not.
You're getting paid for your marketing and online expertise. Just think about it, the people buying the products and services you are advertising wouldn't have known that they ever wanted a product without your help.
This is why your skill set is valuable to both the customer and also the supplier. You're the middle man. All you need to do is find a supplier that sells popular, winning products or has a range that excites you and build a store around it.
Every time a customer orders from you, all you need to do is place an order with the supplier and have it shipped directly to their address.
You can also do this with services instead of products, like selling logos. All you'd have to do is find a customer, get a designer, and instruct them to make it to your client's specification for less than you charged.
If you can buy a product for $5 and sell it for $20, you are making a cool $15 profit every single sale. Of course, there are other expenses, like advertising costs and returns, but you get the idea.
As you grow your business, you can generate higher profits by introducing new products and achieve the almighty $1,000 a day.
The beauty of a membership is that there's no limit to how many members you can acquire. Plus, it's easy to scale up without increasing your workload.
In order to create a successful membership, you need to have some kind of niche and value that you're providing, then host it on the platform that your audience uses the most.
The best I found are Facebook and Discord. I've seen golf, swimming, business, and cooking memberships absolutely smashing it and making far more than a thousand dollars every 24 hours.
Launching a Membership
Idea number five is launching a membership. At the height of Andrew Tate's popularity, he had 108,000 members paying him $49 per month.
That means he was making an eye watering 5.3 million dollars every single month, all from a simple membership site.
I think this example shows you that even if you were able to get a fraction of Tate's success, then this can be a very lucrative way to make a lot of passive income.
In my opinion, this type of income is better than a lot of others on the list as it's very predictable. You can easily tell how much will be coming in every month as long as you retain your members.
The Sidemen have even taken notice of this passive income stream and recently launched Side+. They're charging about $10 per month and are probably making millions in reliable, passive income.