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6 Passive Income Ideas — How I Make $59,497 Per Week!

What is one thing that is superior to winning the lottery?

By AndeutPublished 2 years ago 7 min read

Consider how much money you could earn each week without doing any additional effort.

Today, we’re going to dissect the seven passive income concepts that I employ to earn an average of 59.497 gross profit per week.

which you do not want to miss, but before we get started, there is something I need to address. One of two things is required to generate passive income. While it takes time and money to get started and nearly always requires some level of upkeep, the great thing about passive income is that it is accessible to everyone.

I started from scratch and based on your unique circumstances, some ideas may work better than others. That is why it is worthwhile to listen to all of the options before making a decision.

1. Sales over the internet

In 2020, online sales increased by 46 percent, the highest increase since 2008. This means that there is an abundance of opportunity in the online space for anyone who is at least a little bit tech-savvy.

Because things like working remotely and shopping online are so much more common now, it’s probably safe to say that now is a better time than ever to get started with online sales or really any type of online business. This is when Amazon takes care of all the selection, packing, customer support, and returns for you, leaving you to focus on finding winning products and maintaining healthy stock levels. Etsy is also a great platform to use if you’re artistic, crafty, or simply good with your hands because people make a lot of money selling homemade goods.

However, you don’t have to sell physical goods; you can sell digital items as well. I’m talking about courses, templates, graphic designs, and even nfts when it comes to online sales. I’m sorry, Jeff, but I don’t sell on Amazon. I sell products online in a variety of methods, including various eBay stores and my own websites, which generate a gross profit of approximately $6,250 every week. This is acceptable, but I’ve done much better in the past. At the moment, my attention is firmly on other revenue streams, and while I could easily expand this more, it’s good to have it ticking over in the background.

2. Affiliate Promotion

If you don’t want to deal with the hassle of selling your own products, you can actually earn money by selling other people’s. Imagine riding a jet ski in beautiful weather while earning money from a piece of content you created a year ago. With affiliate marketing, the rewards can just keep rolling in. It’s a great source of passive income, and the best part is that the potential is virtually limitless.

The beauty of affiliate marketing is that it doesn’t require a lot of money to get started, which is always a plus. It’s also completely in your control because the higher quality of traffic you drive, the better results you’ll get. This can be accomplished by writing blogs, using social media, and posting reviews. On that note, you may have already seen this done on tiktok with those videos about Amazon products you need to buy.

Before you begin affiliate marketing, consider how you can provide more value to your audience than you receive in return. This may sound strange, but in business, it’s more about giving than receiving. I affiliate market through my social media and earn a gross profit of around fifteen thousand dollars per week. This fluctuates significantly depending on whether I can find any good deals for you guys. In all honesty, I turn down about 99.9 of deals that come my way because I simply don’t believe in them.

3. Create a YouTube channel

This is one I never imagined myself discussing, particularly as a boomer, but that is the true beauty of youtube: anyone can start with only a phone and an internet connection. YouTube can be compared to digital real estate in that it takes a lot of work to structure and post videos, but once they’re up, they can continue to generate revenue without further effort from you. However, Mark, this is a passive income video that doesn’t sound very passive to me. Well, coming up with the ideas, researching, filming, and editing all of that stuff is pretty difficult, although it doesn’t feel that way when you’re talking about something you love.

These are the types of videos that always get views, for example, how to get a girlfriend or how to get followers on Instagram. Hey Curtis, add those ideas to your channel’s list. A lot of people ask me down at the golf club how people make money on youtube, and to be honest, it’s all down to those annoying advertisements that appear at the beginning and middle of the videos. If you didn’t see an advertisement on YouTube, you need to fix that. But honestly, this is called AdSense, and what it basically implies is that in exchange for youtube by placing these ads on your videos, you earn a 55 percent cut of the revenue generated.

However, you cannot begin making money on YouTube until you have attracted 1,000 subscribers and 4 thousand hours of watch time. According to a recent study, it takes an average of 15.5 months to acquire 1,000 subscribers on YouTube and a total of 164 videos. However, I have to say that it took me far less than that. YouTube pays me approximately twenty dollars per thousand views, which equates to an average weekly revenue of thirteen thousand two hundred and fifty dollars.

4. Offering your own stuff for sale

Consider how cool it would be to take an idea from your imagination, create a product around it, and sell it to people all over the world. This also has the added benefit of being extremely profitable, as you have complete control over the price, materials used, and manufacturing process. This allows for healthy margins, which means more money ends up in your pocket. Creating products is an exciting process from design to manufacturing, but the true success comes when everything is in place and the products are passively selling themselves. While creating your own product may sound difficult due to the number of moving parts, the process has never been more accessible. It’s easy to design what you want on a computer, but back in my day, I didn’t have this luxury; I had to draw out all the designs by hand and measure everything meticulously. As a child, I dreamed of having my own line of products that I could call my own and be truly proud of, while also making a profit. My products are radio-controlled models, in other words, big boys toys. It took a lot of work many years ago to get it all started, from drawing and designing to flying to China and meeting with factories, but now that I have everything in place, I simply call it mine. If you can produce in your own country at a reasonable price, this is truly the golden ticket, since you retain greater control and experience less delays with passive income.

5. Real Estate

Now, this one is not for everyone because it does require some capital to get started, but in my opinion, it is one of the absolute best ways to generate passive income and build your net worth over time the amazing thing about real estate is that you can multiply your money by leveraging a small amount of cash to acquire control of a cash flowing property just think about it you are controlling an asset and benefiting from it even though you do not own it. Owning the premises on which my businesses operate is advantageous because if I ever decide to sell the businesses, I can move in a new tenant and immediately generate cash flow from those properties. Currently, my commercial real estate generates a gross profit of $2,550 per week, but because I live in the unit, I don’t charge myself exorbitant rates. concept of passive income

6. Retail Establishments

In 2018, the US Department of Commerce estimated that only 14.3 percent of total retail sales occurred online. Of course, since the pandemic, people are shopping online more, but customers still prefer to buy in-store because the customer experience is one aspect that an online retailer cannot replicate. Before opening a store, there are several factors to consider, including location niche and whether you have a hungry customer base. If any of these points are incorrect, you are doomed to failure. Many people start a business out of passion, which causes them to lose sight of the numbers. This is the fatal flaw I see in many businesses, which results in them going bankrupt or, worse, becoming slaves to their own business. Cash flow is the lifeblood of a retail store; you need to have enough money coming in to cover your expenses and make a profit.

Earlier in my business journey, I struggled with cash flow because my landlord kept increasing the rent. As a young entrepreneur, I was afraid to move for fear of losing a sizable portion of my customer base. I was effectively being held hostage.

However, after conducting extensive market research, I plucked up the courage to relocate the business and purchase the real estate. This allowed me to reduce my overhead, invest more money in stock, and ultimately b My retail locations continue to perform admirably; in fact, I view a physical location as more of a base for online activities as well. Most restaurants now offer food delivery through uber eats and deliveroo; if they didn’t, they would perish.

This demonstrates that even if you’re opening a brick and mortar store, you simply cannot ignore online revenue streams; it’s about combining the two that create the real magic. I have multiple model shops, which means customers can come in and browse and leave the same day with the item they want.

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Andeut

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