Today we're telling you 9 passive income ideas that will change your life passive income. And for each of those,
For me in my business, these 9 different sources create around $27,000 per week these days with alternating degrees of indifference. And clearly, this has taken me like eight years to build up.
So, don't expect to be hitting those kinds of numbers when you first get started.
When I started my commercial independence journey many, many years ago, let's go for it. All right, hence, if I say passive income,
What is Passive Income
So, let's say you were to write a book. If you write a book, you publish a book that book is now proceeding bookshelves. You've done the work, sort of once, to write and publish the book. But now anytime the book sells, you make money from authorities.
You could be making money while you sleep because you've created this thing, which is out in the world, which is creating income for you.
Another thing with passive income is that it always takes a very long time to get going.
So, if you see any ads about how you can get rich quickly by whatever scheme, or if you see people in the comments representing saying, "Oh my God, here's how you can become rich quick with crypto, WhatsApp this number." That is all a scam, it's not gonna work. There is neither method to get rich quickly. It is not a thing.
Hence, if you're looking for a get-rich-quick scheme, those things just don't exist. Hence, you might as well not even try. And the way I think of this, is that ultimately money is just a medium for transferring value.
The only way to earn money is to provide value. And the only method to make, passive money, is to provide value in a method that is not directly tied to your time.
So please, please, please, do not try and join and get-rich-quick projects, they don't exist. I've had lots of massages over the years from people who have tried signing up to a get-rich-quick crypto scheme or a gaming scheme or a, "Hey, here's how you kind of play poker online."
None of these things ever work. People always end up losing money. The only way to earn money is by providing value. And so, let's talk about the 9 different ways that you could provide values and create passive income.
1. Investing in stocks and shares
Investing in stocks and shares the way that we provide value is by allowing up our money. Providing money and investing in service is in a way giving a form of value. And so, when we give our money to a company in the form of buying their stocks, it makes sense that we would get some sort of return for that investment. And we're starting with this because investing in stocks is the simplest way to make any kind of passive income.
If you have any sorts of savings and they're sitting in a savings account, earning 0.01% interest, they're not doing very much for you. Whereas if you had those hold savings and put them in stocks, you could potentially be earning passive income from the money that's otherwise just sitting there.
But the thing that I suggest for most beginners as a non-financial advisor, and this is not financial advice, genuinely for entertainment purposes only, or so people say, or at least the thing that I do is that all my money that's in stocks and shares is invested in index funds.
Now an index fund is something similar to the S&P 500. And when you invest, let's say $1,000 in the S&P 500, that means that your $1,000 is divided amongst the top 500 biggest companies in the US.
So, weighted by how big they are. So like, 2% of it would be an Apple, 2% in Facebook, 2% in Google, 2% in Microsoft. And then you apparently won't have heard of the 500th company on the list, but basically, all the big US companies you've heard of you end up investing in all of them a small piece at a time.
Hence, if you wanna get started with that, all you need to do is sign up as a stockbroker. If you're inside the US you can use a Webull,
If you're inside the UK, you can use Freetrade or Vanguard. Whatever country you're in just Google the expression, best stock broker platform, your country name and you'll find something that acts for you. And then it's very easy to be capable to invest in an index fund.
Hence, within our famous side hustle assessment matrix, we're gonna give the difficulty of starting, a one-star rating, one out of five. It's very, very simple to get started with stocks. How difficult is it to make $100 a month by investing in stocks and shares?
Well, this sort of depends, because it depends on the performance of the stock market overall. So, in the last 12 months, from 2020 to 2021, the S&P 500, has increased by about 50%. That is a lot, it's like gone up by a solid 50% despite COVID and everything going on.
Hence if in October 2021, you had invested $2,400 in the S&P 500, the fact that it's gone up by 50%, means you would've made $100 a month. However, obviously, this isn't the way of checking out this is on the grounds that things can go all over, and the securities exchange has various degrees of execution relying upon what time you're looking at.
Although if we average out the last 30 to 50 years, the S&P 500 has had a roughly 10 point something percent return. This means every year, on average, over the long term, it goes up by around 10%. This is not inflation-adjusted for any statisticians among us.
And so if we do some back of cover discrimination, if we wanna earn $100 a month, passively, through stocks and shares, we would need around about $12,000 invested in the S&P 500, to make that 10%, $1,200 a year, which is $100 a month.
But as I talk about in that article about stocks, over time, we have compounding, and so, if you put in $7,500 in the S&P 500 and you left it there for five years, then five years later you would be making roughly $100 a month if we go by this very average figure of 10% a year. Either if you invested $5,000 in the S&P 500, then 10 years later you'd be making $100 a month in purely passive income.
Again, considering the 10% average. Thus overall how hard is it really to earn $100 a month in passive income from stocks and shares? All things considered, it somewhat relies upon how hard is it for you to procure 5,000, 7,500, or $12,000 in investment funds and set them into a financial exchange list store? Including crucially this is money that you shouldn't need to touch in the next 5 to 10 years, at least.
How easy is it for you to make that kind of money?
Varies massively depending on which country you're in and what your concerns are and what your job is. But if you're in the UK or the US where the middle kind of average salary's, roundabout $50,000, something like that, then again depending on your circumstances it's not that hard to get $10,000 in savings.
If you're supporting a family of 15 people on $50,000, it's changed. If you're a single person, again, it's different but I'm gonna give this roughly a three out of five-star rating for the difficulty of getting $100 a month. If you live in a country like India where the average salary is $3,600 a year, it's very difficult to earn $10,000 in savings overall.
And finally, the three categories in our side hustle assessment matrix is how hard is it to maintain this income once you've fixed it up in the first place? And we're gonna give this a one star out of five because once you've got the money in you really like set it and forget it and it's not that hard to maintain.
There are other sources of passive income that want higher degrees of maintenance over time. But stocks and shares are a very very easy way to make passive income and to use my example these days my stocks and shares portfolio, which I've been investing in since 2015 is now worth a roundabout of $350,000.
And the huge majority of that is in the S&P 500 index fund. Now, I can't be worried to work out the actual inflation-adjusted returns for that. But again, if we assume a very very rough average of 10% a year, then that averages out to around $682 per week in purely passive income.
2. Starting a YouTube channel
To earn passive income continues to start a YouTube channel. Hence let's use a side hustle assessment matrix and we'll discuss this. How tough is it to start a YouTube channel? Well, I'm gonna give this one out of five stars because it's very, very simple to start a YouTube channel.
You just go on youtube.com. You click to create a channel and you can upload videos by just recording with your phone and uploading it.
In reality, it's a lot more difficult to make good videos, and making good videos is how you grow on YouTube. But getting started on YouTube is very, very, very honest.
The actual question is how hard is it to make real money from YouTube? Hence again, let's say we wanna make $100 a month in passive income. What does that look like?
Well, firstly, to be suitable for monetization on YouTube, you need 1000 subscribers and 4,000 hours of watch time. It took me 6 months and 52 videos to get my initial 1,000 subscribers. And if we see at the averages, it gets on average 90 videos to get to 1,000 subscribers.
So that's quite hard if you're assuming you're gonna start a YouTube channel and start making money from day one your, you know, that's basically not going to happen. It took me 52 videos, 6 months to get there.
I say for at least 2 years before you can require anything in return. However, let's say you've hit your 1000 subscribers and your 4,000 hours of watch time. How difficult is it to actually earn $100 a month?
Well, on average, the kind of revenue per 1000 views on YouTube is roundabout $2. Hence this varies massively, but let's say on average about $2 per 1000 views.
Hence if you want to make $100 a month you need 50,000 views on YouTube to earn $100 a month. Let's say you make 1 video per week and let's suppose you're not getting any traffic on your older videos. That means every video you make needs to get about 12,500 views. And much approximately the normal YouTube channel can expect a roundabout 20% of their subscribers to equal the average view count for each video.
Then, at that point, on YouTube, on the off chance that you had 62,000 supporters, around, exceptionally normal lead, you can expect 20% of them for example 12,500 views on each video. And thinking you have no hedge content of the long term you would need to run about 60,000 subscribers to be making $100 a month.
In fact, you make $100 a month a lot before 60,000 subscribers. I think I was getting $100 a month when I had like 10,000 something subscribers like it was fairly early on. But when it comes to estimating how hard is this to do I'm gonna give this a four out of five stars.
It's actually very difficult to create compelling YouTube videos and it's very easy to get started, but it's hard to do well. It's totally deserving it, it's a great skill set, it's really fun.
You get to meet people across the internet. You go to learn how to talk to a camera and how to film and video edit. And it's very great but it's really hard to actually make money from YouTube. Finally, in terms of effort to maintain. Like really getting that first 1000 subscribers is a lot harder than keeping it growing.
Let once you've got 1000 subscribers and once your channel is growing it means you've landed on a formula that works. And then maintaining it then becomes easier than starting from scratch. And then in our side hustle assessment matrix, we're gonna provide maintenance of a YouTube channel passive income stream to be round about two out of five stars.
To use my example: I made 70 videos before I started getting any money from YouTube AdSense. What's more, those days the YouTube channel makes a traffic circle of $12,000 per month in passive income from YouTube AdSense.
Now, again, this is not entirely passive because I keep on uploading new videos, but actually, the bulk of the amount of money that we produce from ads is from older videos rather than videos that lasted uploaded this month.
So with that caution, $12,000 a month passive income is roundabout $3,000 a week. There are other forms of monetizing YouTube, like brand deals and like selling merch, and just all other kinds of stuff. Yet, it doesn't actually consider passive income through YouTube, which is the reason I'm excluding this in this side hustle evaluation grid.
3. Starting a podcast
To make passive income is to start a podcast. This is frequently easier than starting a YouTube channel. Although starting a podcast is a lot harder than growing a YouTube channel because podcasts themselves don't really have an algorithm that's helping them grow.
In fact, a lot of podcasts grow by having a YouTube channel, which is kind of mysterious.
How difficult is it to start a podcast?
Well, again, one out of five stars, it's very, very simple to start a podcast. Go on Anchor FM and you can literally use your phone and you could pass your phone about within you and your friends and you can start a podcast. You can use a website called riverside. FM that I've recently invested into being an angel investor. Riverside makes it very easy to record past podcast interviews.
It's very, very simple to start a podcast but how difficult is it to make $100 a month in passive income from a podcast? Well, again, this is not quite passive income because the process podcasters make money is by relying on brand deals.
There is no YouTube AdSense for podcasts. And so you need sponsorship or a brand deal to make any money for your podcast, commonly speaking. And obviously, you can expect to make around $18 for a 30-second ad in a podcast and $25 per 1000 views or 1000 listens for a 60-second ad.
So if you wanna make $100 a month and hope you have a stream of sponsorships that is giving you that level of a sponsorship deal based on your download numbers, you would require around 1,000 downloads per episode, if you have a weekly podcast. So you'd have 4,000 downloads a period.
Furthermore, if you're putting a 60-second ad in there for $25 per 1000 views, that would get you around about $100 a month. By should be 1000 downloads per episode and 4 episodes per month.
This asks the question how hard is it to get 1000 downloads per month? Well, it's a lot harder to get 1000 podcast downloads per month than it is to get 1000 YouTube views per month. Because again, YouTube has so much concentration built-in it's different from podcasts.
Including loads, more people are on YouTube than on podcasts. But if we look at the stats then it's the top 20% of podcasts in the world that get on average more than 1000 downloads per episode.
To utilize a companion of mine, for instance, my housemate Sheen began her own digital broadcast around five months prior, and by and large, her webcast gets indirect 400 to 500 downloads per episode. This is not bad at all, especially considering she started 5 months ago and had zero audiences when she started.
So she didn't have the bad advantage that I did when starting my own podcast, for example. And because she's just launched season 2 of her podcasts and has just started posting videos about it on YouTube that will really help the podcast grow.
And I'm pretty sure that in the next 6 months she'll be getting to a point where she can quite easily make $100 a month from her podcast. Hence going back to our side hustle assessment matrix. Beginning a digital recording one out of five stars, getting $100 a month I will give that a three out of five stars since it's hard, however not as hard as perhaps monetizing on YouTube where you become this smallest threshold.
How Hard is it to Maintain
Well, it's not really passive income because you do have to keep on making podcast episodes because the brand deals are connected with that. But again, once you've tripped on a formula that works, once you know how to be a podcaster it's easier to continue going once you've already made started, as is the case with most things. And then in terms of maintenance of the podcast.
4. Becoming an Affiliate Marketer
For making passive income is to become an affiliate marketer.
Affiliate Marketing Means
Affiliate marketing indicates that you are selling other people's products but you're getting a percentage of the sales from those products.
Now, obviously, 48% of affiliate marketers globally collect $20,000 a year which is $1,660 a month. Which is actually not bad at all. Like people are performing very well with affiliate marketing overall.
How hard is it to get started?
Therefore how difficult is it to get started with affiliate marketing? Indeed, I will give this a two out of five stars. Essentially, you can simply pursue a subsidiary program like Amazon Associates.
So Amazon has its own affiliate program which I think is apparently the biggest in the world. And afterward, once you have your little exceptional connections you can post those on your site or on Twitter or via online media or whatever. Also, if individuals purchase the item through your connection or indeed purchase any item on Amazon through your connection you'll get like some little level of the deals. So much easy to get started with affiliate marketing,
How tough is it to earn $100 a month?
How tough is it to earn $100 a month? Well, this is actually kinda hard. Then, at that point, suppose you had an item that was $50 that you were attempting to sell and you were getting a 5% commission on it. That'd be pretty good. Amazon doesn't offer nearly as much as 5% it offers like 2 or 3%, something like that.
And let's say your average conversion rate i.e. people visiting the thing versus people actually buying the product after visiting the thing, let's say that's 1% which is pretty reasonable for conversion rate. You would require 8,000 visits to your website or whatever to earn $100 a month. It's actually quite difficult to get 8,000 visits per month to your website, to a specific product page.
Furthermore generally doing well in affiliate marketing requires lots of upfront effort in terms of both building an audience or building such domain authority in whatever space you're in, that you're kind of really getting traffic.
Soon, other than Amazon there are a few other affiliate programs that I'm part of. One of them is Skillshare. Skillshare must be an interesting affiliate program where if you refer someone to sign up for a free trial of Skillshare, you can get $7 in affiliate commission just for that thing.
Hence if you wanted to make $100 a month from affiliates, you would require 15 people every month to sign up for Skillshare with your affiliate link thing.
How difficult is it to get 15 people a month to sign up with your affiliate link?
Well, it's not that hard if you have an audience and it's not that hard if you have your own classes on Skillshare, you have like 9 of them. Thus in the event that you want to bring in cash through Skillshare subsidiaries, you can simply tell individuals, "Hello folks," like I can let you know that, "Folks I've quite recently delivered my most recent Skillshare class Productivity for Creators, how to start a successful side hustle, so there'll be a link at the description of the video or at the end of the article in the event that you want to look at that."
Like that would be presumably some of you will see that, will tap on that connection in the depiction, and afterward, that is destined to be me getting some affiliate income from Skillshare.
So returning to our side hustle evaluation framework how hard is it to make $100 per month? I will give this a 3.5-star rating on the grounds that again you need a crowd of people. The manner in which you construct a group of people is by making helpful substance, putting it free of charge on the web one time per week, and doing this for something like 2 years. If you just follow those 3 steps I guarantee you'll have an audience and you'll be able to make some kind of money through this passive income stuff.
Although that's quite difficult to do no one sticks to it for at least 2 years. So we'll give that a 3.5-star rating. However, the good news is once you've created it.
What's more, when you began bringing in cash from subsidiaries it's very simple to keep up with on the grounds that particularly in the event that you have evergreen substance, the sort that isn't depending on, similar to current undertakings or the most recent news, the asked that individuals may look for throughout an extensive stretch of time, this becomes like generally sensible automated revenue.
Presently, in the event that we check out me and my business, these days from Skillshare we make a traffic circle of $11,000 each month in associate pay which approximates to around $2,750 each week. What's more, from Amazon overall, it's around about $450 every month from the Amazon UK store and somewhat more from the US and Canada.
5. Selling Digital Products
Making passive income is by selling digital products. Presently, these are items that you make once, similar to a digital book or a download or an application or something to that effect. So you make it once and afterward you can sell it on various occasions since selling computerized items doesn't as a rule have any expenses related to it.
One truly genuine model is this person called Traf, who I follow on Twitter, who made an iOS 14 symbol set and sold it for like $30 a pop, a few months ago and finished up making, I think like $300,000 in the course of like a few weeks, just because shots of people around the world wanted to buy his icon pack. Then he put the work into creating the pack and now he's selling it for lots of money.
Another model is my YouTuber companion Oliur, who has done, as he says $700,000 from selling his site Tumblr subjects beginning around 2014. Then, at that point, he made the site subjects for Tumblr, he sells them and he makes $700,000 overall.
How difficult is it to get started making digital products?
I mean, anyone can write an ebook that includes a digital product. So I'm gonna give this a two-star rating, two out of five stars, but certainly like again money is an exchange of value. So the thing that you're selling you have to be providing enough value to recompense, to make up for the price that you're selling it for.
And that's often pretty difficult, especially if you don't have any experience in this kind of field.
How tough is it to earn $100 a month?
All things considered, you know, it's exceptionally simple to make a digital book yet it's something else entirely attempting to get individuals to really purchase your digital book or purchase your symbol set or then again purchase your application or purchase your site subjects. What's more, on the grounds that the market around this stuff is so cutthroat like you must be truly great to get individuals to purchase your stuff.
Also, the manner in which you get individuals to pay you cash for something is that you recognize an issue that they have, you tackle that issue, and afterward, you charge cash for it. What's more, on the off chance that you can do those three things, it's, you realize I wouldn't say it's not difficult to make $100 per month however it's truly possible to make $100 per month. You just really must have something that addresses the primary concern that others will pay for.
So we will give this three out of five stars to make $100 per month from selling advanced items. Lastly, as far as support, we will give this a two out of five stars, in light of the fact that as a rule, you do need to keep up with your item somewhat however it's frequently simpler to do like it's a lot simpler to keep an item than making an item in any case.
6. Selling an Online Course
To passive income, generation is to create an online course. Presently online course's similar to a computerized items however commonly online courses are in video design.
So, you know, you actually could record an online course on your iPhone or phone, whatever phone you're using, if you're one of those Android idolaters. . Hold your telephone as an afterthought, converse with the telephone, educate something. Then it's not hard creating one, but in terms of earning $100 a month, again, at that point, your course needs to actually be good. And the only purpose people will pay for it is if the course is really good.
Soon you can avoid having to charge for your online courses by using a website alike Skillshare,
Skillshare is a superb place to teach material because you can teach things on Skillshare without directly having to charge for them. This is why I love Skillshare. It's kinda like having something on Netflix in that, the end-user makes not have to pay directly for the product.
And the other nice thing about Skillshare is that it's like, it's kind of like YouTube in that anyone can upload a class to Skillshare, provided it meets certain quality requirements. And then it's a lot easier than having to create your own website and create your own courses platform and all that kind of essence.
So, pretty easy to start. We will give that a two out of five however how troublesome is it to acquire $100 per month from showing on the web courses? Now, this kind of depends. Considering you're going down the Skillshare course, to earn $100 every month in Skillshare you require indirect 1,700 minutes of watch time which is 28 hours of watch time.
Hence if you have a one-hour class on Skillshare you require 28 students to take that class every month and watch it with a premium membership roughly very broadly speaking. And that will provide you roundabout $100 a month.
At least those are based on my figures over the last 2 years of being on Skillshare.
How challenging is it to get 28 people a month watching your class?
Well, if your class is really pretty good, it shouldn't be too hard to get 28 people a month watching it. If you own an existing audience it's very easy to get 28 people a month watching it because people already know, like, and trust you hopefully.
And so they'll watch your material and give you a shot because you've already built that goodwill with them. But again, the right thing about Skillshare as a platform is that they have their own algorithm.
So the good material rises to the top. Then if you genuinely have a really, really, really good class and you put it on Skillshare, then even if you don't have an audience, there is still a high possibility that if the class is great and individuals watch it a ton and individuals suggest it and give it high appraisals, it will ascend to the top. Furthermore, it will begin getting prescribed to individuals who think that it is on the Skillshare landing page or who looked for it explicitly.
Another method of earning $100 a month from a course is to just charge $100 for a course. And then if you do that, you just want one sale every month.
How difficult is it to get 1 person a month to buy your course?
Well, again, if it's good, you know, the world of online education is collapsing so much every year more and more money's being spent on online education especially with the whole pandemic stuff.
So on the off chance that you have a significant ability that you can show I think courses are truly outstanding and most effortless, or probably the most ideal method of making passive income since it's enjoyable to take a course, you can show stuff, you needn't bother with that numerous specialized abilities, such as making a site or anything like that Just shove it on Skillshare.
And then people can use your course and learn on the internet. And like, you know, it's just great overall. Also, interestingly, whenever you've made the course, and when you're making $100 every month from it, keeping up with that level is quite simple. We're gonna give that a two out of five stars because usually, you don't need to update the course that often.
Also, you can do that now and again and you simply need to ensure you're getting a sensible measure of traffic to it. And surely, that traffic will increase over time. These times, the huge majority of my online courses, at least the very passive ones are treated on Skillshare and it's kind of absurd.
But those days they make roundabout 60,000 to $65,000 per month in totally passive income. Like I literally do nothing for my Skillshare classes once I've made them other than a reply to comments and other than infrequently plug them in videos.
And that's like $60,000 a period in passive income. That implies this is a traffic circle of $15,000 each week. Also, this makes up the majority of the $27,000 every week that this business presently produces in simply passive income.
7. Building A Membership Community
Concerning passive income is by creating some call it some sort of paid membership or community model. Now, repeat, this is usually a bad idea unless you have an existing audience, which we keep coming back to. Like everything becomes easier when you have an actual audience by creating content that has been valuable over a long period of time, very consistently.
That public identifies likes and trusts you and so when you say, "Hey guys, sign up to my Patreon", then some people are likely to do that thing. The alternate method of doing an enrollment is by making an incentive that is excessively convincing to the point that individuals would pay for a local area like help for this.
In the event that we use Patreon as an illustration my companion Hannah Witton, who's a YouTuber, has indirectly 600,000 endorsers on YouTube. What's more, I think she has around 600 Patreons, 626 if I'm not mistaken, which implies in the event that we check out our Patreon details, which are public, she's making in the region 2,000 and 5,000 pounds or like 3,000 and $7,000 per month in passive income from this audience.
But it's like 600 people out of viewers of 600,000. Then one in 1000 of her subscribers have signed up to her Patreon. Hence clearly, you know, if those stats are true across the board and they kind of are if you look at Matt D'Avella Patreon as well you need a huge audience to get a significant amount of money for Patreon.
Again, this kind of depends on how much you're charging for them and exactly what value you're providing.
An extra example of a paid membership community is my friend Anne-Laure who runs a website called Ness Labs and they have a paid membership community which is $5 a month. And she began this when was it, in the summer of 2019. She had zero audiences at the time and she just wrote 100 blog posts over 100 working days and made up an audience such that in March 2020, when she launched a membership she had some paying members for it originally.
And I think last month she's just passed $100,000 a year in annual recurring revenue, which is pretty awesome from something that started less than 2 years ago. Then how simple is it to start a membership program?
How simple is it to start a membership program?
Well, it's actually very easy. We can give this a one-star because it's very simple to start one, you just create an account on some kind of membership platform like Patreon. But to earn $100 a month, you want to provide $100 a month's worth of value.
And that's actually quite hard to do. We're gonna give that a four out of five stars but the right thing is, again, once you've got that formula, once you're making $100 a month it's actually a lot easier to maintain it because the process the business of membership communities work, it's provided you keep showing up and providing value in some capacity, you know, people have already signed up for the thing.
So it's not too difficult to maintain that level of support that you're offering them.
8. Starting a Business and Automating
Making passive income is creating a business that sells goods or services and then automating or investing aspects of that business so that the income that you generate from it is reasonably passive.
This is the material that Tim Ferris tells a lot about in "The 4-Hour Workweek", where there are a lot of businesses that you could make where you're selling a good or selling a service and then you can choose, outsource, automate, and intelligent methods to make the income passive.
Hence again, using my friend Oliur as an example, on his YouTube channel, he talks about his $1 million Shopify store. He designs manufacture and sells these very cool vegan leather kinds of desk accessories and bags and mouse pads and that kind of stuff. And this was loads of work in setting up but now he's got a team of 3 other people that manage the business.
And then he gives proportionally less of his time running that business. And so it's kind of passive income for him. Yet through those days, he still does give around 10 hours a week, maintaining things. Both, if you're going down the service route, I've got a friend who runs an Instagram and Facebook ads marketing agency, where he has clients who pay him some, I think a few $100 per month to maintain their Facebook and Instagram ads.
And for him, it's like a small amount of work initially to set up the Facebook and Instagram ads but then it's kind of automated and he's got a team around it. And he's used using things like Zapier to automate aspects of that business so that each month he has to do a very short amount of actual work to keep it ticking along.
Hence these are different methods of generating passive income from a kind of goods or service-based business. But it's pretty difficult to get started with this stuff. To get started we're gonna give this a four to the five-star rating because again, you want to create a business and it's quite hard to make a business that genuinely provides value.
9. Building an App or a Website
Making passive income is to create an app or a website or some kind of software product that you can offer either as a one-off or more likely these days, as a subscription service. And there's a whole category of this named SAS. software as a service.
Now, if you see at the website, indiehackers.com there are literally 100 examples of people who have built software businesses that are making passive income and they share their income amounts and they tell you how they got started and they give you their tips.
Hence, you know, it's pretty good money but it was a lot of effort to set these things up. And then in terms of starting out, I'm gonna give this a five out of five-star rating because to make an app it's actually quite hard. You have to know how to code for the most part you have to be able to give something compelling and you have to actually build it which takes a lot of work and it's very difficult, but it's a lot of fun.
And then once you've earned it I'm gonna give $100 a month difficulty a four-star rating. Because again, it's easy well, easy enough. You can create an app, but then getting people to pay for the app is a completely different pot of fish. So we're gonna give that four stars. But the nice thing is like with everything, maintenance is a small bit easier so we're gonna give that a three-star rating.