Top 10 Ways To Build Your Own Passive Income Machine – $10k Per Month Consistently
What’s the secret to making an extra $1,000, $5,000, or even $10,000 every month without fail? The answer is “Passive Income.” Passive income is the idea of making money while you sleep.
Moreover, if you are a seasoned entrepreneur who has been through the ups and downs and has had some success – congratulations! You now stand on the precipice of unlimited and exponential growth.
Your successes have allowed you to create your own Passive Income Machine. You’ll be able to do this while still enjoying a dynamic quality of life and getting everything done that you want to do in life.
Building a passive income machine may seem like a daunting task, but we can tell you what it isn’t. It’s not hard, and it’s not complicated, so we’re going to dive straight into the good stuff!
Let’s start with passive income and how you can get started building your passive income machine.
What Do People Mean When They Say “Passive Income”?
What does passive income even mean? It probably means the money you get for doing nothing to most people. But the concept of passive income is much broader than that.
Passive income is any money you make without working for it actively. This could be in the form of interest on savings or investments, but it also includes royalties from books, movies, songs, and earnings from rental properties. There’s a lot of confusion around what counts as passive income and what doesn’t.
In general, to qualify as passive income:
- The time and effort required to earn money must have already happened.
- There must be very little ongoing work necessary to maintain the income stream.
- So there are some basic rules behind what qualifies as passive income:
- You didn’t have to actively do anything to get paid beyond setting things up initially.
- After setting things up once, you don’t have to do any work to keep earning money.
Examples of passive income include royalties from the sale of a book, rent from the property you own, and payments made through AdSense advertising on your blog.
The most valuable form of passive income is money you earn while sleeping. Ideally, you don’t want to do any work to generate this kind of income.
Creating a passive income stream takes time and requires upfront work to get started. However, you can sit back and watch the money come in once it’s running without adding any additional effort.
What It Takes To Earn Passive Income?
Passive income is an excellent way to earn money without having an active job. The passive income can be more lucrative than a “regular” job in the right situations.
Passive income involves two things:
1) An upfront monetary investment, or
2) An upfront time investment
The former means you’ll have to sell something (e-books, courses, etc.) that cost money to produce and sell. In most cases, an upfront monetary investment requires substantial capital, such as buying a rental property or starting a business.
The latter means you’ll have to create something (a blog, YouTube channel, website, etc.) that takes time to produce before making any money.
In most cases, an upfront time investment requires dedication and consistency over a significant period. For example, building a blog audience from scratch or consistently writing on Medium (there’s a reason this one takes consistent effort).
Top 10 Ways To Build Your Own Passive Income Machine
1. Sell Things You Make
The first way to build passive income is to sell things you make. You can go into the arts and crafts market, which is becoming more popular with Etsy. The other way is to go into the how-to market, where I made my first dollar online.
In my experience, the two most popular ways to make money with how-to information are Kindle publishing and YouTube videos. Some people do both.
And what’s great about these two platforms is that they’re effortless to get started with. And they’re also in high demand right now since they are new platforms experiencing tremendous growth.
You don’t have to be an expert at anything to start making money with Kindle publishing or YouTube videos. People on Kindle publishing have never written a single book before, but they make a full-time living selling other people’s books for them on Kindle.
And there are people on YouTube who don’t know the first thing about video editing software but create content for other people and have a thriving business doing it for them because, for whatever reason, they don’t want to do it themselves.
If you can make your clothing, why not try selling it? The same goes for any other product you can imagine – from handmade jewelry, wood toys, furniture, children’s books, etc.
The best part is that you can create anything that comes from your heart and your hands, which also means less competition!
It’s worth noting that even if you are a master of creating things to sell online, this will still take a lot of work.
If you enjoy doing what you do enough and are committed enough to make it work for the long term, this could be one of the best options for building a passive income machine over time.
2. Teach People
Making money passively can be as simple as generating YouTube videos, courses, or e-books. But did you know that teaching English online can potentially earn you money?
You may be eligible to teach English to children online with VIPKID if you have a bachelor’s degree or are presently enrolled in university. It would be advantageous if you had access to a computer and the necessary Skype software.
We researched different methods to earn passive income and found that this is one of the best ways for anyone to make extra cash. Our readers have reported large sums of money made from selling products online through Etsy and eBay.
How does it work? You create your product listings for your art or crafts on these sites, set your prices, and roll the orders. There may be some investment up-front if you buy materials in bulk to keep costs down, but you can enjoy nearly passive income after that.
We love that there are so many ways to make money from home. It’s great news for people who want to earn extra income without getting a job or leaving their house.
3. Write A Book
If you have some skill, why not write a book about it? You could write a book about a topic like “how to learn guitar fast.” Then you can put it on Amazon and sell it for $5 – $20.
You don’t need to be an expert at something to write a book about it. Just do enough research and make sure your text is packed with actionable advice that people can use.
The great thing about writing a book is that you only have to do the work once, but you can sell it repeatedly. Once you’ve written the book, you can set up an automated system that will continue to create sales for years to come.
4. Email People
Email marketing is another excellent way to earn money passively if done correctly. Many people mistake attempting to grow their email list as rapidly as possible by utilizing paid advertising tactics.
This might help you get more signups in the short term, but it’s not worth the money you spend on ads for a long time.
Start an email list and send them emails promoting products or services that you believe in. For example, if you’re a fan of Star Wars and Amazon sells Star Wars action figures, send an email letting people know they can buy one via your affiliate link.
5. Start A Blog To Make 10k A Month
Now, this is the one that requires a lot of work and time. And I’m not going to lie – it’s probably the most challenging way to make $10,000 per month. But it has the potential to make you the most money in the long run. My blogs are my primary source of income, and I make at least $5,000 from them every month.
You can accomplish it, too, if you know your topic, have solid marketing abilities, and are prepared to put in the time and work required to expand your blog.
Affiliate marketing and selling my items (such as courses or eBooks) are two of my favorite ways to monetize a site.
6. Become A Freelancer To Make $10,000 A Month
There are many different ways to become a freelancer. You could be an artist, writer, programmer, designer, and videographer – anything that can be done remotely.
The first step is deciding what you will do as a freelancer. Do what you love, and people will pay for it. If you’re not sure what your skillset is – take the time to discover it by taking tests online and attending local workshops in your area.
Once you have decided what you will do as a freelancer, build up your portfolio by working for friends and family for free or at a minimal cost. This will give you positive reviews so that people know how good your work is before they hire you.
7. Make $10,000 A Month Investing In Art
Art is an excellent investment because it can offer you a passive income of $10,000 per month. You have to buy paintings and wait for them to grow in value and then sell them when they get to their peak.
Here’s a step by step guide:
- Choose an artist who is starting and buy all their early works, preferably while still in college.
- Hang on to the paintings until the artist becomes famous and then sell them for millions of dollars at auction.
- Buy more paintings from famous artists and repeat the process repeats until you have generated $10,000 per month for an extended time.
It’s that simple!
8. Invest In Dividend-Paying Stocks
It is one of the easiest ways to create a passive income stream. The company pays dividends to the shareholder for holding their stock. Over time, companies have increased dividends, which is one reason why investing in stocks is so attractive.
If you invest $10,000 in a stock that pays 3% annually, after 10 years, you’ll have more than $13,000 even if the share price has not moved up. The key is buying quality companies and holding them for a long time. If you sell too early, you may miss out on additional dividends that could have been earned if you had held on just a little longer.
9. Real Estate Investing – Buy A Rental Property Or A Portfolio Of Properties
It has one of the most popular ways to build wealth over the long term. This means buying and living in their own homes (discussed below). Still, rentvesting is another option that allows you to get into real estate investing with less money and fewer headaches than buying a property outright.
10. Make Money Each Month with Affiliate Marketing
Affiliate marketing is the simplest way to get started making money online. Because it’s a performance-based system, you only make money when you sell anything.
Affiliate marketing allows you to start small and make your first sale in a matter of days.
Affiliate marketing is a simple way to earn money while you sleep online. It comprises promoting other people’s products or services in exchange for a commission if someone purchases via your affiliate link.
There are two main ways of promoting products:
You can create content (like reviews, tutorials, and how-to guides) and promote products using that content. This is called organic traffic, and it’s completely FREE!
You can use paid advertising (Facebook ads, Google ads, Bing ads, etc.) to drive traffic to your affiliate links. This will cost you money, but it can be very effective.
Bottom Line:
Passive income– the idea is to generate an extra $10k in passive income, that is, income that comes in without you having to put a ton of extra effort.
The key here could be generating multiple streams of passive income so that you always have some regular income coming in and you don’t need to worry about slowing down. Building your passive income machine is excellent, and if you do it right, it can yield some fantastic results!
You can certainly build a passive income business if you’ve got the skills, tools, and ability to produce high-quality products or services. The only thing stopping you is yourself!
