Hey. It’s Jerad with practically passive, and I wanted to talk about how to find your first passive income revenue stream. Now the reason I titled this video this way is because people are going to be searching for this, but in reality, you’re going to need multiple passive revenue streams because you’re going to want to make sure that you’re diversified and that you don’t have all of your income coming from one source.
Now, right now, you probably have all of your income coming from one source, which is your job. You’ve got to work. You earn an agreed upon wage and you get paid at some agreed upon time, so you know what to expect and you know that you’re going to receive that wage because that’s what you signed on for. It’s what was agreed upon. But with passive income, it’s something that you’re going to be doing a lot of work initially and kind of growing, and you want that income to come from multiple places.
My favorite thing is to have it actually come at different times as well. So, for example, when I get paid from Google Adsense for the views on my YouTube videos, that ads were displayed before and stuff like that, that comes sort of towards the middle, end of the month. My Amazon affiliate payments come at the very end of the month, which is great because a lot of bills are due at the beginning of the month and some of my other affiliate programs, I can actually choose to pay out when they either reach a certain threshold or I can set a custom date, and then they pay out to my PayPal account.
It’s nice because I’m getting paid at different times throughout the month and it’s all different amounts, but it’s something that I’ve grown to be able to rely upon because it’s been consistent enough now. When I wasn’t really putting a lot of focus on my passive income, I was just kind of creating content, and if I got some passive income out of it, that’s great, I couldn’t really rely upon that because may one month I would have a video that did really well. So the next month I’d get paid pretty good on it, and then maybe that video was like super time specific topic, and with it being a time-specific topic, that content just wasn’t very relevant the month after. It kind of died off, and so I didn’t really know kind of what to expect there.
But as I started to build content that was more evergreen, stuff that I knew people would find useful for at least a couple of years, even in and around the subject of technology, I started to see growth in my passive income. So, don’t necessarily be thinking about how to get your first passive income revenue stream. Be thinking about the topics and the content that you’re going to be creating.
Now, in and around that, you want to decide on something that you can add value to. In yesterday’s blog and video, one of the things that I talked about that I learned building passive income revenue streams for myself is that value, the passive income follows the value. If you’re putting value out there, then you’re going to be able to earn passive income from it. If you’re not adding value, then you’re just adding to the noise and it’s not really going to ever result in anything. It’s not going to be very fulfilling for you either.
When you’re thinking about what you should choose as your topic, start by thinking about something that you have an interest in. For example, when I first started my website, it wasn’t necessarily passive income, but it was definitely a side income business, it was when the first iPhone came out. Now I already had some knowledge in that space because I was playing with Palm Pilots and pocket PCs and things like that. I was super into pocketable technology.
Then when the iPhone came out and they talked about allowing third-party apps to be installed on that phone, and that those were going to be available through the iTunes store, I thought to myself, wow. I can’t find good music in the iTunes store. I can’t discover anything there. How do I know what’s good? How am I going to know what’s good in the world of apps when you can’t download a demo or you can’t install a demo and try it first? You either have to buy it or that’s it.
So I started writing reviews. I started producing content around apps. Later on, that turned into creating content around mobile technology. How do you use those new features in the iPhone or the new Samsung phone or whatever it is that you got? How do you make the most out of your iPad. It’s those things that are really interesting to me, and when I was teaching people how to do those things, that’s where the real value was being provided and I was actually getting passive income coming from that.
So when I put out content on YouTube, those videos, if you go and look at the top videos for State of Tech, it’s all basically tutorial videos. There’s a few product reviews in there, but they’re all video tutorials on how to do stuff, and those videos have resulted in decent passive income over the years. It’s been growing and growing. The more that I focus on them, the more that those incomes grow, because I’m adding value.
If I don’t add value, and I’ve definitely put up some videos where the value is questionable, those videos don’t do well. They don’t end up getting shared. They don’t end up getting liked or commented on or whatever. So the search engines and YouTube’s search engine doesn’t recommend it to other people and so the video doesn’t get a lot of traction. When you’re thinking about what topic you should start tackling, think about something a little more niche that you find interesting, that you have maybe some more information on because maybe you’ve been involved in this space.
For example, if you’re a photographer and you’re thinking about how to grow a passive income revenue stream, be thinking about what you unique aspect of photography you could bring to the table and how you can teach other people about it. If you’re a hairstylist or a makeup artist, there are so many different things that you can do there, especially around the topic of products, because there are so many products out there. Really, what it’s going to come down to is you showing your techniques, teaching people how to use these products and then giving them affiliate links so that they can buy those products because they’re the ones that you’ve recommended. I will have more content on specific ideas for passive income in future blogs and videos.
Just think about what topic it is. Maybe you are more kind of a handy person, handyman around the house, and you just know how to work on things because you’ve always done it or you grew up knowing how to do those things. Maybe that’s an idea for a YouTube channel or for a blog, teaching people how to do stuff that a lot of people just aren’t being taught these days. I know for me, I like getting out and using tools and getting out from behind the computer and the camera and just reconnecting with the earth. So any chance that I get, I want to do that. I tend to consume content from people who are doing that because it’s inspiring to me. If you’re one of those people, you can create content around that.
If you look at what you can provide value by doing, that’s where you’re going to be able to grow your passive revenue stream. It doesn’t matter whether you’re blogging, YouTubing, creating an eBook, doing a course, whatever it is, all the different mechanisms for generating the passive income. Just be thinking about where you can add value. That’s where you’re going to find actual true growth and the ability to earn passive income from whatever different methods there are that are out there, which of course I’m going to talk about all of them and I have talked about some of them in the first video on this YouTube channel and on the blog.
I showed you my main passive income sources for the last year, and you can see all the numbers there. I posted screenshots so you’ll want to make sure to check those out as well. With that said, I think that as long as you go about it, trying to figure out where you can add value, and typically that’s going to come from somewhere that you have some additional knowledge, maybe a little bit more than the average person would have. All of us have that. All of us have something that we have been kind of a nerd in that area around, even if it’s not a nerdy thing. I like the phrase nerding out because there are a lot of things that I’ll nerd out on, even if they’re not typically like technology nerdy type of things.
If there’s something that you nerd out on, something that just really gets you excited and you have some additional knowledge in that area, that is a perfect example of something that would make for a good, passive revenue stream, if you can start creating content in that area. Make sure to subscribe to the YouTube channel because I’m talking about how to do this, how to do that, how to grow these things and how to come up with ideas, but I’m also going to be teaching how to create this content. How do you start blogging? How do you start creating videos? How do you do these things? That’s all part of the process and it’s all part of learning how to create passive income revenue streams.
Put in your email address so you can be notified when I put out new content. Because all of this stuff is going to help you get to the point where you are growing passive income revenue streams, having more control over your income and having to be less reliant, or maybe even completely free of the income that you’ve been just traditionally accustomed to, which is probably your job. With that said, thanks so much for checking out this video. Let me know what you think down in the comments section below and I’ll see you in the next one.