5 Passive Income Ideas: How to Make an Extra 75k a Month

Passive income is often misrepresented by a lot of people on the internet and the nature of passive income. Picture this, earning money while you’re sleeping and making money while you’re on vacation, or while you’re out there pursuing your passions. 

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Passive income is the financial engine that works for you even while you’re not actively and aggressively working on it. At its core, passive income refers to earnings generated with minimal effort or action on your part.  Unlike traditional income streams that require trading time for money, passive income allows you to build wealth and achieve financial freedom by creating assets and tools that work for you,  around the clock. 

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Why is passive income critical?

Many of us find ourselves trapped in a cycle of debt from student loans, credit cards, or other financial obligations. While working hard and earning a steady paycheck is essential, relying solely on active income can limit our ability to break free from debt and create a future of abundance. 

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Your most precious asset is your time, and by establishing passive income streams, you can reclaim the freedom to spend your time how you choose. In the journey towards financial independence, passive income serves as a vital tool offering stability, security, and the promise of a brighter future. 

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I’m going to show you the five passive income streams I’ve used to make money - ranked from 1 - 10 based on how difficult they are to start and how difficult they may be to maintain. Let’s jump in.

Being an Impactful Creator

Content creation offers flexibility and scalability allowing you to reach a wide audience. There are various platforms such as YouTube, blogs, podcasts, and social media that can be utilized by monetizing by way of advertising revenue, sponsorships and affiliate revenue. You can reach the masses and make a lot of money doing it. 

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• Difficulty to start: 4/10
  • It requires minimum upfront investment to get started. If you have a phone and a nice cheap mic, you don’t have to have it all to get started. 
• Difficulty to maintain: 6/10
  • Success largely depends on your creativity and dedication to the content that you’re presenting. You have to be willing to adapt to the change of trends and what trends you need to jump on and avoid.

Content creation requires consistent creation, engaging with your audience on the platforms, staying up to date on trends, and adapting to the algorithm changes. You also can’t get comfortable. Even though one thing worked for four to five months, you should always be educated and learn what’s happening in the world. 

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If you’re not looking to consistently adapt and change, you’re not going to be successful within content creation. It’s not just about adaptation though, you have to be willing to stay true to who you are and what you want to say to be an impactful creator. 

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The thing about it though, you don’t have to do this alone. You’re going to make so much money if you do it right. Just producing YouTube content my brand generates about $10,000 to $12,000 a week - but I’m not doing it alone and I have a team that helps me. Impact Creator Society is a great resource for getting help in content creation when you’re starting out to learn how to become an impactful creator with a team to help you. 

Online Courses

Online courses allow you to leverage your expertise to teach others and generate passive income. The important thing with online course creation is having a 10% edge in something that you can teach to others. You don’t need a college education, but you have to be honest with your audience. 

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The course topics should be addressing a specific felt need or a problem within your target audience. You have to figure out what the felt need of your community is and how you can teach that to them. 

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• Difficulty to get started: 6/10
  • It requires time and effort to develop comprehensive course content. Marketing and promotion are essential to attract students and generate sales. You need to make sure you’re writing the right content, and you’re making an impact. 
• Difficulty to maintain: 5/10
  • This one requires updates to course content, responding to student inquiries, marketing to attract new students, and staying knowledgeable to the subject matter. You have to continue studying and evolving the course content because some course creators will create a course by having no infrastructure customer service. 

For me, course creation makes me, on average, $10,000 to $16,000 a week just in courses. 

Stock Marketing Investment 

This is one of the best passive income strategies you can do, because it’s the only one that can give you compound interest. Investing in the stock market can provide passive income through dividends and capital appreciation. Diversification across different sectors and asset classes help manage risk, and reaching and analysis are necessary to make informed investment decisions, long-term perspective and patience are key principles for successful investing 

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• Difficult to get started: 5/10
  • Required initial capital to get started, but you can start investing with as little as $100. You can open up an account for $100, you won’t see a massive increase right away, but overtime you will. 
• Difficult to maintain: 3/10
  • Requires ongoing monitoring of your portfolio, but you will do that once or twice a year. Get yourself a financial advisor, trust the process and you're fine. 

Digital products

Things like eBooks, software, templates, and artwork can generate some great passive income. Creation and distribution can be automated through online platforms and marketplaces. That being said, it’s important to identify a niche for this. 

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I'm in the financial space and helping people get out of debt, so we generated an eBook on how to help you negotiate a pay raise with your boss. We literally wrote an eBook and are selling it for $20. That being said, marketing and promotion are critical to create sales.

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• Difficulty to get started: 3/10
  • Low barriers to entry and requires creativity and digital skills to create products. 
• Difficulty to maintain: 3/10
  • It requires occasional, maybe once a year, maintenance to update, customer inquiries and troubleshooting.

Opening a High Yield Savings Account

Opening a HYSA offers a safe and low-risk way to earn passive income through interest on savings. Funds deposited into an HYSA are FDIC insured, providing security against any loss up to $250,000. Interest rates can vary, but you can open up an account through SoFi and they’ll give you 4.6% interest. 

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This is suitable for short-term savings goals and emergency funds. 

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• Difficulty to get started: 1/10
  • Open up an account with a bank or financial institution within as little as 10 minutes
• Difficulty to maintain: 1/10
  • If you’re saving for a house, emergency fund, or saving for anything, you can put this on an automation and not even worry about it or see the money being put into it.

Bonus Passive Income Strategies

I’ve got two more bonus strategies for you, and they both make me a decent amount of passive income, if done the right way they can for you too. 

Affiliate Marketing 

We usually make around $20,000 a week doing affiliate marketing. Affiliate marketing involves promoting products or services that you personally like and use, that you can put your “stamp of approval on” and earn a commission of sales. Every single day we’re advertising something, and what I love about affiliate marketing is that they don’t mark up the price for your specific referral, instead the price stays the same and you’re getting a commission for making that sale - because without you they wouldn’t have had that sale. 

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There are a variety of different programs that exist across niches and industries – content marketing, email marketing, social media promotion, blog marketing, show marketing, and more. This is income that you can make in your sleep. 

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Success depends on choosing relevant products and businesses that you know your community can use. You need to build trust with your audience though, in order to be authentic. 

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• Difficulty to start: 4/10
  • Very low barrier entry, and don’t have to spend any money to get into. 
• Difficulty to maintain: 4/10
  • You have to build an audience and establish credibility to drive conversions. You can’t just find something and not want to sell it. 

Affiliate companies are going to look at who's converting. To generate income you have to continue promoting the products throughout your shows, blogs, social media, etc. You have to think about “is the way I’m saying this converting?”, in order to be successful.

Rental Properties

Rental properties can provide consistent passive income through monthly rent payments. Only real estate allows for appreciation of property value over time, increasing potential wealth. Not only do you have the passive income of monthly rent payments, but you also have the silent passive income of the equity going up in your house and going towards your net worth. 

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Property management can be outsourced to minimize direct involvement, but considerations such as location, rental property type, and rental market demands are critical for success.

• Difficulty to start: 8/10
  • It required between 8 to 20% of capital for your down payment and closing costs. 
• Difficulty to maintain: 8/10
  • It requires ongoing property management including tenant relations, maintenance repairs and compliance with state and city regulations. 

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Let’s Recap

Every one of these requires you to do something. They require you to do something upfront, but also to check-in on it, and if you do it right, you don’t have to touch it all the time. If you took some of these passive income ideas, and figured out what you can do for yourself. You don’t have to have a business or a brand – you can get an affiliate link for your favorite products and recommend them to friends, family, or on social media. 

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Sometimes the internet skews the term passive income, and makes it seem as though you don’t have to ever do anything, but all of the strategies I mentioned above require some work to be done, but they will make you money if done the right way. 

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A few of these strategies are easier to start and maintain than others, and what you may decide to implement depends on your current situation and what you’re able to afford or start today. Not everyone is able to simply start rental property as their passive income stream, but you could start out with affiliate marketing or digital products and work your way up to rental properties to start seeing those big income weeks.

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