In this episode I go over how I made $7,900 in passive income last month through 8 sources! I preface the episode letting you know that I’m not talking about my full-time income here, my stock portfolio, or other active income work like freelancing or real estate agent work. And I begin discussing a bunch of the different income methods at 2:03!
Here are some resources to reference for the video:
– Teachable for course creation (try free): http://sendmeto.teachable.com/nbMR3
– ConvertKit for email marketing (try free): https://convertkit.com?lmref=QS6t4A
– Free Etsy crash course: https://digitalnomadquest.com/join-my-free-3-day-cashflow-with-etsy-crash-course/
– I use Hostgator for blogging (DNQ60 for 60% off): https://partners.hostgator.com/aDZRb
– Our real estate investing course, Remote Rental Riches is out!
How I Made $7,900 in Passive Income Last Month (8 SOURCES of Passive Income)
Transcription
Below is a transcription of the podcast. This transcription was taken from Otter.ai so it might not be completely accurate:
Sharon Tseung 0:00
Hey guys, it’s Sharon from digital nomad quest and today we’re gonna talk about my eight sources of passive income that made me 70 $900 last month now if you guys are new to this channel, welcome, I’m all about teaching y’all how to build passive income, become financially free and design your best life. So if you guys are interested in that, make sure to subscribe and hit the bell button to be notified my latest videos. So I actually haven’t tracked my passive income in about two years. So as you may have seen in my previous video actually talked about trying not to focus as much on money anymore, and also talked about not revealing my passive income and net worth as much in another video. And a lot of it is due to like safety reasons. But I recently was asked on a podcast interview about my income reports that I used to post on my blog posts, which I actually stopped doing because my parents were freaked out about privacy reasons. So I only limited myself to kind of announcing milestones, which is sort of like in this video, this is kind of like a milestone thing. I’m not giving you exact numbers, but I’m kind of giving like the milestone I hit so because I was asked that question, I decided to look and see what my passive income numbers were send meticulously calculated all my different income channels, as well as all the different expenses from those income channels, which included fees or with real estate or include like property management fees, and things like that. So I tracked it down really to the set. And it’s really surprising to see kind of how much passive income I’ve been making on top of, you know, my full time income and other side hustles. So though I am reporting this passive income numbers last month, I don’t plan on like doing this regularly and tracking because like I mentioned in my other video, I talked about how it kind of made me unhappy just focusing on those numbers, I do feel like I’m at a good place, I’m happy. And I’m really gonna focus more on you know, getting better at my craft and teaching you guys and giving you guys better value. Now the 70 $900 passive income milestone only includes passive income. So it doesn’t include like my full time job or other active income positions, I might have like freelancing sponsorships, or being a part time real estate agent. And I’m also not including stocks in this though in this bull market. Obviously, things are performing well. Now I’m going to list out these different ways, but they’re not going to be ordered, but I’m going to tear them off. So like tier one is gonna be the tier with the most income. tier two is like second tier threes like third. Okay, so let’s begin. So this is again, not ordered. So first off, tier one includes buying whole real estate merged by Amazon and courses. So let’s go into each of those. So first off real estate, I own seven rental units now and how this all works is basically I have these units that collect rental income, and then I pay off the different fees like property management fees, mortgage insurance and property taxes. So the remaining of that is the cash flow that I’m reporting when it comes to this passive income number. So what that entails is I basically research different markets and see what areas would do well. So what I mean by that is looking at job growth, looking at population growth, making sure crime rates aren’t too high, looking at median home prices, seeing if they are increasing or not. These are different factors that allow me to figure out which markets to invest in, then I find agents and property managers to work with. And I do this by kind of calling different contacts and seeing which ones are good. That way I’m building my boots on the ground team because I invest a lot out of state so I want to make sure I have a good team on board in those markets. Then I look for deals on the MLS or sometimes off market. So sometimes I can find deals on maybe like bigger pockets or Craigslist, even or Facebook groups or agents will pass me deals but the easiest way is probably just like Redfin and Zillow, but those deals are definitely going to have more competition, then I use my property analysis calculator to figure out if deals are good or not. Once I start kind of looking at different properties, I basically put in an offer all in with cash or put a downpayment with a loan. And if I get the property I essentially have all these different things coordinated with the property manager with the lender if I’m doing the loan path and a lot of different things like that. So there’s a lot of different things I got to coordinate and research and stuff like that. But if you guys are interested in out of state investing, I do have a real estate investing course with my boyfriend Sean pan who is a real estate investing expert. So go check it out in the link below if you guys are interested in looking at that. So with real estate investing, I’m going to keep doing it I do find it’s a great way to get consistent cash flow and I really like this method of growing passive income and then I’m going to talk about merch by Amazon so merch by Amazon is great. I have to say since the last time I posted this how I made $6,000 in passive income video merge has gone down for me bit and I honestly do feel like the pandemic might play a bit of a role as well as I haven’t touched merch by Amazon in a long time like yours. But I did upload designs in the last month or two. So I actually started working on it a little bit more, but it did go down a little bit since that last report I did two years ago. So I hope to kind of do more on merge, I teared up to 6000 actually, which is really cool merch by Amazon is a print on demand service that allows you to upload your T shirt designs and create listings on Amazon and whenever you get a sale Amazon actually prints and fulfills your orders for you so you don’t actually have to hold inventory. They’re gonna do everything for you. All you need to do is upload your designs, put in your titles, your descriptions, your keywords, pricing and everything like that and Every time we get sales, they’re just gonna do everything for you. So this is the most hands off way to actually make passive income. Really, the steps to merch by Amazon is you need to do research and then look into niches that actually have opportunity. So essentially getting into niches where you can actually rank for certain designs on the Amazon Marketplace, which means that it has to have lower competition and decent amount of search. So that requires some research. So you got to do that part. And then you got to get those designs created right after you do your research, you either create the designs yourself, or you might outsource the work. However, if you outsource the work, you need to make sure that the designers are gonna do original content and not get like images from free pick or something like that they need to create it themselves. Also, you need to research trademark, so you want to make sure you’re not violating any trademarks with your designs. So that’s a huge issue there. So you basically need to go on uspto.gov to make sure your designs are okay in that sense. So if you want to try out merch by Amazon, you should go ahead and check out merchandise amazon.com and apply and see if you get in. So if you’re going to apply make sure you show your design and marketing experience because that allows you a better chance of getting accepted. And then the last one that making passive income in Tier One is courses. So I actually launched a sale in December for my courses, and actually did pretty well. So I had a sale on my Etsy course as well as my blogging course, I’m probably going to increase my course prices this year. But yeah, I do feel like it gives a lot of value and gives a lot of step by step instruction. And it seems like a lot of my students are doing well with that. So I’m very happy with how that turned out. Now, tier two is basically digital downloads on Etsy, and then affiliate marketing, and then add. So basically, I sell digital products on Etsy. And that makes me a good amount of passive income. And what that looks like is I sell Microsoft Word templates and Photoshop templates. And the reason why it’s awesome and passive is that you don’t actually have to hold inventory again, you basically have digital products that whenever people buy, they just get their order automatically. And there’s low expenses, because again, you don’t need to hold inventory, you don’t need to ship the product. So the fees are essentially the Etsy fees, right, which aren’t too bad, you can check my video on Etsy fees on my channel to get a better sense of the fees they charge on the platform. I actually haven’t touched my shop in over two years now. But it’s still cash flows me well to this day. But because I haven’t been touching the shop as much, it has gone down and sales a little bit as well. But I’m still happy with the results I get from the platform. Now the next one I’m going to name is affiliate marketing. So I make money essentially referring people to different products that I recommend and use. And I use a unique referral link so that every time people purchase through the link, I get a commission. So the great thing about affiliate marketing is it helps the owner make sales, it also helps the buyer because they get value out of the purchase. And then it also helps me because I get a commission. So it helps everyone essentially now in order to find affiliate products to promote, you can basically look at affiliate networks like impact radius, Clickbank share, sell flex offers, and there’s a lot of different ones where you can find different products and then get your referral link. So apply for those affiliate networks, or just look for the affiliate programs of these products themselves that you highly recommend, and then promote those to your followers. And then the last one I’m going to talk about is ads on my tier two lists. So basically ads include both blogging, ads and YouTube ads. I feel like my brand has grown a lot in like the last one to two years actually. So the amount I get from ads is pretty decent. Basically advertisers will pay for the spots on your videos and on your blog posts. And you make Commission’s just like having them there and people watching or even clicking on those ads. And that actually earned me a decent amount of passive income last month. The reason why I say it’s passive, you know, people might think you have to keep cranking out posts and stuff like that. The thing is, if you’re making evergreen posts, and you’re able to rank them on these different platforms like YouTube and Google search, you’re gonna have a long lifetime value for those different posts. And it’s like that even if you don’t post for months and months, you’re going to still cash flow from those posts and from those ads. Alright, so the last here is essentially FBA and my Kindle sales. I would say Kindle sales are pretty negligible. But let’s go over everything. So what is Amazon FBA First of all, so Amazon FBA is Fulfillment by Amazon. And basically what it allows you to do is you’re going to work with manufacturers to maybe like private label products, and have that sent over to the Amazon warehouse. And then once you have those products there, Amazon will actually fulfill your orders every time you get sales. So it gets pretty passive when you find winning products, and all you need to do is replenish inventory. And again, when I say passive income, it doesn’t mean you just never look at it again. You know, you still have to maintain it a little bit, but it’s not going to take you that much time. If you can make money in your sleep essentially. I would say that my Amazon sales have dropped a decent amount since two years ago when I posted about my income report stuff and a lot of it is again because I haven’t been touching it haven’t touched Amazon FBA and many months now, but I still have some inventory at the warehouse that is still being bought and sold. I’m planning on looking at Etsy merged by Amazon, Amazon Be a little bit more again this year. Obviously, I’m more focused on my brand right now teaching people how to do these different income channels, but it’s good for me to kind of like work on it again, in my opinion, because they did cashflow me a lot like two years ago. So when it comes to Amazon FBA, it’s kind of like March by Amazon where you’re gonna find these different winning products. And then once you find these winning products, you’re gonna work with manufacturers and create those products, get those private labeled, send that over to the warehouse and again, when you get sales, Amazon will fulfill your orders for you. In order to do this, you should get a pro account with Amazon FBA is $40 a month, which is some money invested, so you should probably commit to it if you’re gonna do it. And then I said Kindle sales. I have not been doing Kindle since like four years ago, because I decided that’s not really for me. So the sales are pretty negligible. I’m counting basically KDP amazon.com, the Kindle sales there and a cx.com which is where I have audiobook versions of those Kindle books. So basically what these Kindle book sales I created outlines for books and then I had some ghost writers create those books for me and then I designed the books and formatted them and then put it up on KDP amazon.com I put them under pen name, so it’s not under my name. And then I just tried it out and I decided that wasn’t for me because it just didn’t feel like you know, I was working on a brand or anything like that it wasn’t really my thing. So I stopped doing that. So the sales are very negligible, I would say so this is probably one that’s just gonna die out for me but you know, it’s been four years and it just randomly gets sales from time to time. So if you guys are interested in writing Kindle books and stuff like that, check out KDP amazon.com you’re able to create Kindle books as well as paperback books there too, which is really cool. And then also check out a cx.com they actually allow you to find different people who can read your books for you and then you guys split the Commission’s half and half I believe for any audio book sales so hope you guys enjoy my video on the eight sources of passive income that made me 70 $900 last month pretty happy with the progress I believe 2021 is gonna be even better. So if you guys liked this video, make sure to smash the like button let me know if this video sparks some ideas for you. Make sure to subscribe hit the bell button to be notified on my latest videos. And I’ll see you guys in the next one.Transcribed by https://otter.ai
Hey guys, it’s Sharon from digital nomad quest and today we’re gonna talk about my eight sources of passive income that made me 70 $900 last month now if you guys are new to this channel, welcome, I’m all about teaching y’all how to build passive income, become financially free and design your best life. So if you guys are interested in that, make sure to subscribe and hit the bell button to be notified my latest videos. So I actually haven’t tracked my passive income in about two years. So as you may have seen in my previous video actually talked about trying not to focus as much on money anymore, and also talked about not revealing my passive income and net worth as much in another video. And a lot of it is due to like safety reasons. But I recently was asked on a podcast interview about my income reports that I used to post on my blog posts, which I actually stopped doing because my parents were freaked out about privacy reasons. So I only limited myself to kind of announcing milestones, which is sort of like in this video, this is kind of like a milestone thing. I’m not giving you exact numbers, but I’m kind of giving like the milestone I hit so because I was asked that question, I decided to look and see what my passive income numbers were send meticulously calculated all my different income channels, as well as all the different expenses from those income channels, which included fees or with real estate or include like property management fees, and things like that. So I tracked it down really to the set. And it’s really surprising to see kind of how much passive income I’ve been making on top of, you know, my full time income and other side hustles. So though I am reporting this passive income numbers last month, I don’t plan on like doing this regularly and tracking because like I mentioned in my other video, I talked about how it kind of made me unhappy just focusing on those numbers, I do feel like I’m at a good place, I’m happy. And I’m really gonna focus more on you know, getting better at my craft and teaching you guys and giving you guys better value. Now the 70 $900 passive income milestone only includes passive income. So it doesn’t include like my full time job or other active income positions, I might have like freelancing sponsorships, or being a part time real estate agent. And I’m also not including stocks in this though in this bull market. Obviously, things are performing well. Now I’m going to list out these different ways, but they’re not going to be ordered, but I’m going to tear them off. So like tier one is gonna be the tier with the most income. tier two is like second tier threes like third. Okay, so let’s begin. So this is again, not ordered. So first off, tier one includes buying whole real estate merged by Amazon and courses. So let’s go into each of those. So first off real estate, I own seven rental units now and how this all works is basically I have these units that collect rental income, and then I pay off the different fees like property management fees, mortgage insurance and property taxes. So the remaining of that is the cash flow that I’m reporting when it comes to this passive income number. So what that entails is I basically research different markets and see what areas would do well. So what I mean by that is looking at job growth, looking at population growth, making sure crime rates aren’t too high, looking at median home prices, seeing if they are increasing or not. These are different factors that allow me to figure out which markets to invest in, then I find agents and property managers to work with. And I do this by kind of calling different contacts and seeing which ones are good. That way I’m building my boots on the ground team because I invest a lot out of state so I want to make sure I have a good team on board in those markets. Then I look for deals on the MLS or sometimes off market. So sometimes I can find deals on maybe like bigger pockets or Craigslist, even or Facebook groups or agents will pass me deals but the easiest way is probably just like Redfin and Zillow, but those deals are definitely going to have more competition, then I use my property analysis calculator to figure out if deals are good or not. Once I start kind of looking at different properties, I basically put in an offer all in with cash or put a downpayment with a loan. And if I get the property I essentially have all these different things coordinated with the property manager with the lender if I’m doing the loan path and a lot of different things like that. So there’s a lot of different things I got to coordinate and research and stuff like that. But if you guys are interested in out of state investing, I do have a real estate investing course with my boyfriend Sean pan who is a real estate investing expert. So go check it out in the link below if you guys are interested in looking at that. So with real estate investing, I’m going to keep doing it I do find it’s a great way to get consistent cash flow and I really like this method of growing passive income and then I’m going to talk about merch by Amazon so merch by Amazon is great. I have to say since the last time I posted this how I made $6,000 in passive income video merge has gone down for me bit and I honestly do feel like the pandemic might play a bit of a role as well as I haven’t touched merch by Amazon in a long time like yours. But I did upload designs in the last month or two. So I actually started working on it a little bit more, but it did go down a little bit since that last report I did two years ago. So I hope to kind of do more on merge, I teared up to 6000 actually, which is really cool merch by Amazon is a print on demand service that allows you to upload your T shirt designs and create listings on Amazon and whenever you get a sale Amazon actually prints and fulfills your orders for you so you don’t actually have to hold inventory. They’re gonna do everything for you. All you need to do is upload your designs, put in your titles, your descriptions, your keywords, pricing and everything like that and Every time we get sales, they’re just gonna do everything for you. So this is the most hands off way to actually make passive income. Really, the steps to merch by Amazon is you need to do research and then look into niches that actually have opportunity. So essentially getting into niches where you can actually rank for certain designs on the Amazon Marketplace, which means that it has to have lower competition and decent amount of search. So that requires some research. So you got to do that part. And then you got to get those designs created right after you do your research, you either create the designs yourself, or you might outsource the work. However, if you outsource the work, you need to make sure that the designers are gonna do original content and not get like images from free pick or something like that they need to create it themselves. Also, you need to research trademark, so you want to make sure you’re not violating any trademarks with your designs. So that’s a huge issue there. So you basically need to go on uspto.gov to make sure your designs are okay in that sense. So if you want to try out merch by Amazon, you should go ahead and check out merchandise amazon.com and apply and see if you get in. So if you’re going to apply make sure you show your design and marketing experience because that allows you a better chance of getting accepted. And then the last one that making passive income in Tier One is courses. So I actually launched a sale in December for my courses, and actually did pretty well. So I had a sale on my Etsy course as well as my blogging course, I’m probably going to increase my course prices this year. But yeah, I do feel like it gives a lot of value and gives a lot of step by step instruction. And it seems like a lot of my students are doing well with that. So I’m very happy with how that turned out. Now, tier two is basically digital downloads on Etsy, and then affiliate marketing, and then add. So basically, I sell digital products on Etsy. And that makes me a good amount of passive income. And what that looks like is I sell Microsoft Word templates and Photoshop templates. And the reason why it’s awesome and passive is that you don’t actually have to hold inventory again, you basically have digital products that whenever people buy, they just get their order automatically. And there’s low expenses, because again, you don’t need to hold inventory, you don’t need to ship the product. So the fees are essentially the Etsy fees, right, which aren’t too bad, you can check my video on Etsy fees on my channel to get a better sense of the fees they charge on the platform. I actually haven’t touched my shop in over two years now. But it’s still cash flows me well to this day. But because I haven’t been touching the shop as much, it has gone down and sales a little bit as well. But I’m still happy with the results I get from the platform. Now the next one I’m going to name is affiliate marketing. So I make money essentially referring people to different products that I recommend and use. And I use a unique referral link so that every time people purchase through the link, I get a commission. So the great thing about affiliate marketing is it helps the owner make sales, it also helps the buyer because they get value out of the purchase. And then it also helps me because I get a commission. So it helps everyone essentially now in order to find affiliate products to promote, you can basically look at affiliate networks like impact radius, Clickbank share, sell flex offers, and there’s a lot of different ones where you can find different products and then get your referral link. So apply for those affiliate networks, or just look for the affiliate programs of these products themselves that you highly recommend, and then promote those to your followers. And then the last one I’m going to talk about is ads on my tier two lists. So basically ads include both blogging, ads and YouTube ads. I feel like my brand has grown a lot in like the last one to two years actually. So the amount I get from ads is pretty decent. Basically advertisers will pay for the spots on your videos and on your blog posts. And you make Commission’s just like having them there and people watching or even clicking on those ads. And that actually earned me a decent amount of passive income last month. The reason why I say it’s passive, you know, people might think you have to keep cranking out posts and stuff like that. The thing is, if you’re making evergreen posts, and you’re able to rank them on these different platforms like YouTube and Google search, you’re gonna have a long lifetime value for those different posts. And it’s like that even if you don’t post for months and months, you’re going to still cash flow from those posts and from those ads. Alright, so the last here is essentially FBA and my Kindle sales. I would say Kindle sales are pretty negligible. But let’s go over everything. So what is Amazon FBA First of all, so Amazon FBA is Fulfillment by Amazon. And basically what it allows you to do is you’re going to work with manufacturers to maybe like private label products, and have that sent over to the Amazon warehouse. And then once you have those products there, Amazon will actually fulfill your orders every time you get sales. So it gets pretty passive when you find winning products, and all you need to do is replenish inventory. And again, when I say passive income, it doesn’t mean you just never look at it again. You know, you still have to maintain it a little bit, but it’s not going to take you that much time. If you can make money in your sleep essentially. I would say that my Amazon sales have dropped a decent amount since two years ago when I posted about my income report stuff and a lot of it is again because I haven’t been touching it haven’t touched Amazon FBA and many months now, but I still have some inventory at the warehouse that is still being bought and sold. I’m planning on looking at Etsy merged by Amazon, Amazon Be a little bit more again this year. Obviously, I’m more focused on my brand right now teaching people how to do these different income channels, but it’s good for me to kind of like work on it again, in my opinion, because they did cashflow me a lot like two years ago. So when it comes to Amazon FBA, it’s kind of like March by Amazon where you’re gonna find these different winning products. And then once you find these winning products, you’re gonna work with manufacturers and create those products, get those private labeled, send that over to the warehouse and again, when you get sales, Amazon will fulfill your orders for you. In order to do this, you should get a pro account with Amazon FBA is $40 a month, which is some money invested, so you should probably commit to it if you’re gonna do it. And then I said Kindle sales. I have not been doing Kindle since like four years ago, because I decided that’s not really for me. So the sales are pretty negligible. I’m counting basically KDP amazon.com, the Kindle sales there and a cx.com which is where I have audiobook versions of those Kindle books. So basically what these Kindle book sales I created outlines for books and then I had some ghost writers create those books for me and then I designed the books and formatted them and then put it up on KDP amazon.com I put them under pen name, so it’s not under my name. And then I just tried it out and I decided that wasn’t for me because it just didn’t feel like you know, I was working on a brand or anything like that it wasn’t really my thing. So I stopped doing that. So the sales are very negligible, I would say so this is probably one that’s just gonna die out for me but you know, it’s been four years and it just randomly gets sales from time to time. So if you guys are interested in writing Kindle books and stuff like that, check out KDP amazon.com you’re able to create Kindle books as well as paperback books there too, which is really cool. And then also check out a cx.com they actually allow you to find different people who can read your books for you and then you guys split the Commission’s half and half I believe for any audio book sales so hope you guys enjoy my video on the eight sources of passive income that made me 70 $900 last month pretty happy with the progress I believe 2021 is gonna be even better. So if you guys liked this video, make sure to smash the like button let me know if this video sparks some ideas for you. Make sure to subscribe hit the bell button to be notified on my latest videos. And I’ll see you guys in the next one.Transcribed by https://otter.ai
