If 2020 has taught us something, it's never
a good idea to rely on one source of income. Anything could happen, even a global pandemic
can get you unemployed and stop that paycheck coming in every month—no wonder why an average
millionaire, for example, has at least seven streams of income. If one of them fails, there are at least six
more streams of income that generates cash. But building even a second source of income
is not easy when you have a full-time job.
But it's certainly possible. Building the second source of income is the
most difficult one because the first one isn't that difficult. All you have to do is get a job that pays
the bills. But once you already have the second source
of income, you will have the luxury of free time to think, plan and build the 3rd stream
of income. With the rise of social media, that has become
much easier. If you have a computer and access to the Internet,
you have everything that's needed to create at least a second source of income from the
comfort of your home. Hey friends, welcome back to the channel where
you will learn stuff that actually matters. If you want to succeed financially, personally
and want to take your life one step forward, then be sure to subscribe.
Today, I am going to share with you five ideas
that you can use right now to build a second or a 3rd or even 4th source of income so that
if something like god forbids a global pandemic happens again. You have got yourself covered.
number 1: Dividends The stock market is one of the best places
to build wealth. Especially in the 21st century, with the rise
of the Internet, it became much easier and simpler. Anyone with a smartphone and internet connection
can start investing regardless of where you are. Some brokerage firms even stopped charging
commissions even if you are investing less than a hundred dollars. But how do you make passive income through
the stock market? One way to profit from the stock market is
definitely through buying low and selling high; however, the second way is through dividends. Whenever you buy shares of a certain company,
you automatically become one of the owners of that company, it might sound a bit absurd,
but that's the reality; however, since the company is so big, being an owner of a tiny
percentage doesn't give you any influence over the company, but you are still entitled
to the profits that the company earns, that's what dividends are.
Apple, for example, pays a dividend yield
of 0.62 percent per stock, which is a little over 80 cents per stock. That's not much, especially if you consider
the fact that it uses to pay a dividend yield of around 2 percent in the past. Other companies like The Home Depot pay over
2 percent. So if you buy enough stocks of these companies
that pay high dividends, you could be making pure passive income without doing anything,
and at the same time, your investment will keep growing.
2. number 2: digital products The Internet has presented a unique opportunity
to everyone. Think about it, let's say you are good at
playing the guitar, one way to make money using your skills is to teach people to play
guitar. It's a skill that needs to be taught, and
there are plenty of people who would like to learn to play the guitar. The only problem is, you can teach only a
certain number of people at a time, and you only have 24 hours a day like everyone else.
You cant, of course, work the entire 24 hours. You have to sleep, eat, rest, and do other
things, which means you can only make a limited amount of money out of this skill. However, if you take a moment, create a course
on how to play the guitar, and sell it online, you are no longer constrained by time. You can sell as many copies as you want and
each extra course isn't going to cost you anything.
If you are an adult, I am sure you have at
least one skill that's in demand. Be it playing the guitar as we have talked
about or editing videos like this one. 3. number 3: start a youtube channel
Youtube is no longer the place where people
periodically upload cat videos. It has turned into the major platform for
videos. Everyone is here, from the largest tv networks
to artists, actors. Even Will Smith is here. Before the video started, you probably saw
an ad, and if you didn't, I am going to place an ad right here. 3, 2, 1…. Every time youtube is going to show you an
add before any of our videos, we are going to earn a tiny small amount of money, but
if thousands of people or god forbid millions of people watch this video and a million people
will see that add, that amount will quickly add up and will turn into a decent amount
of money. So if we upload a lot of great interesting
and valuable videos that people will find interesting to watch, even if we stop uploading,
we will still be receiving income from all the ads YouTube will be showing before our
So another way for you to build passive income
sources is to start a youtube channel around something you are passionate about or something
you understand at least slightly better than everyone else. Let's say you are an engineering graduate,
and you definitely know much more than I do when it comes to engineering. I am sure that there are a ton of people who
are interested in engineers. Theoretically, you can start making videos
explaining how the world works from an engineering perspective, such as how Tesla cars work,
why hydrogen cars are not efficient, or anything else that you believe people would find interesting. As long as people watch your content, you
will be earning money even if you stop making videos.
number 4: affiliate marketing If you check the description of this video,
you will find out that there are a lot of links.
Some of these links are affiliate links, which
means we will get a tiny percentage if you use that link to buy something from that website.
Whenever I suggest you read a certain book, I always put an affiliate link to audible
for those who want to get the audiobook, and audible will share a tiny, tiny percentage
if you end up buying that audiobook. Of course, a tiny percentage means nothing,
but if a thousand of you do that, that will add up to a decent amount. Webull is a brokerage firm, and they are offering
anyone who will use our link in the description 2 free stocks if you sign up and despot 100
bucks. If you do that, we will get a few dollars,
and you will be supporting the channel. If you don't, we will get nothing, whether
you use that or not, that's entirely up to you, but our job is to provide as much value
as we can.
Number 5: start blogging At first glance, it might not be clear how
websites usually make money, but they are essentially what drive the Internet forward. It might seem like we have past these days
where blogs or websites could possibly make any substantial amount of money or what so
ever since most people spend most of their time on social media and few other websites. But, that's not the case. Every time you google something, you get directed
to a blog to get an answer to your question. Besides just getting an answer to your question,
you will come across multiple ads.
And ads on websites are much more efficient
than on youtube videos, for example. Take this video, there was an ad at the beginning
of the video, and there might be another one or 2 throughout the video, and that's it. Even after spending countless numbers of hours
creating this video, that's the maximum number of ads we can possibly insert.
If we fill this video with too many ads, most
viewers will just get bored and will click away. That's not the case with blogs. As you scroll down and read the article, you
are bombarded with a ton of ads on the side, on the top of the page, and on the bottom,
maybe. The exact same article as a blog can have
3 or 4 times more ads than when its a youtube video. That's why blogs usually make much more money
than YouTube channels.
Here you go, these five practical ways to build passive income even if you have a 9
to 5 job. No more excuses! All that's left is execution! Even if you can't put the time into one of
them, you can tighten up your budget and start with dividends at least, but make sure to
learn more about the subject before throwing your money.
The information on this video is meant for
educational purposes and not meant to be financial advice. If you have enjoyed this video, you will most
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