Thread by @AliAbdaal

The 9 different "passive income" ideas I use to make $27k per week (the info I wish I had when I started my financial independence journey 8 years ago) 👇

❌ Get rich quick schemes don't work - the only way to make passive money is to provide value in a way that's not directly tied to your time.

💰 Investing in stocks & shares - interest from a savings account doesn't do much for us. My (non-financial) advice is to sign up to a stockbroker platform (e.g Vanguard) and invest in an index fund like the S&P 500. Earnings obv depend on stock performance and amount invested.

🎬 Starting a YouTube channel - this is easy to start (just get your phone and start filming lol), but hard to do well. You need 1000 subs and 4000 hours watch time to make money. This took me 6 months and 52 videos. If you put in the effort it's totally worth it though.

🎙 Starting a podcast - you can use something like @anchor to make podcasts using your phone. It's super easy to start. But you need brand deals to make money, which is hard. Sponsors pay about $25 for a 60 second ad per 1000 downloads. My podcast: notoverthinking.com

🛍 Affiliate marketing - this means you promote other people's products and you get a tiny percentage of the sale (e.g @AmazonAssociate & @skillshare). This involves lot of upfront effort to 1) build an audience or 2) build domain authority to get enough website traffic.

💻 Selling a digital product - if you create a digital product once (eg ebook or app) you can sell it multiple times. @traf made like $300k selling an icon set and @UltraLinx made $700k selling Tumblr themes - pretty crazy! Top tip: Identify problem, solve it, and charge for it.

🎓 Selling a course - it's not hard to create a course if you use your phone, but to make decent money your course has to actually be good. If you use @skillshare (I highly recommend it) you need roughly 1700 mins of watch time to make $100/month. These numbers may vary.

❤️ Building a membership community - this is generally a bad idea unless you have an existing audience that knows, likes, and trusts you. You could use @Patreon (like my friend @hannahwitton) or your own paid membership community (like @anthilemoon who just passed $100k ARR).

💼 Starting a business and automating - once you create a business that sells goods or services, you can automate/delegate aspects of that. So the income you generate is reasonably passive. @tferriss talks a lot about this in the 4-Hour Work Week.

📱 Building an app or website - this is the hardest to start, but a lot of fun (e.g. I started BMAT Ninja in 2015). @IndieHackers has literally hundreds of examples of people who have built software businesses and share their numbers. It's well worth checking out.

🎬 If you want to start your own passive income journey, take a look at the video I made on this topic 👉