Have you thought about turning that passion into a form of PASSIVE INCOME?!?
Well, you should. Passive income is income that requires little to no effort to earn and maintain. It is called progressive passive income when the earner expends little effort to grow the income.
Don’t have a college degree, or are you a high school dropout? No problem! In this article, I will show you THREE creative ways to earn lucrative passive income and one bonus tip, as well. Share this article with your fellow artists, creative, and hobby enthusiasts!
Teach what You Know!
The key to this strategy is by…TEACHING!
Now wait. Before you stop reading this article, please hear me out. If you are already skilled at doing something, do you ever find yourself as the go-to person on your area of expertise with your friends and family? Do you ever find yourself being the one explaining every facet of your hobby (like fishing or sewing) to others?
So why not get paid for for sharing your tips?
Before I introduce these methods, please keep in mind that there is NO quick, easy or guaranteed way to get rich. If you want to generate an automated source of income, there WILL be some work you will have to put up front. But like any investment, you can really set yourself up for a handsome return on your investments.
So let’s get started!
Passive Income Method Number 1: YouTube
Create a YouTube Channel. Seriously! If you can create consistent content around your skilled area and can gain at LEAST 1,000 subscribers AND 4,000 hours of watch-time within a year, then your channel can be eligible to enter into the YouTube Partner program, and can potentially get monetized for your videos. Simply put, you can get paid by Google Adsense for VIEWS on your channel. It takes some time, but it can be a great way to earn extra revenue.
Maybe you are very knowledgeable about an activity like…skateboarding. What if you created a Skateboarding 101 type of channel that teaches and educates viewers on how to learn cool tricks on skateboards? You could even review different types of skateboards and go over all of the parts and equipment you need to repair and maintain your boards. Not only are you educating the general public, but you have also created a niche! You can apply this type of thinking to YOUR specialty hobby, art, or craft. Just replace skateboarding with your area of focus.
Passive Income Method Number 2: Outschool
A second option to consider is Outschool. Per their platform, Outschool connects motivated learners, parents, and teachers together to create great learning experiences.
You can teach your skill to children up to 18 years of age. Though you can teach live classes & courses, you can also teach Flex courses, which are recorded sessions of your classes. Since you are creating your own classes & schedules, YOU can set the price. While earnings per class DO vary, the average Outshool teacher can make an average of $35 per hour-I personally know of teachers earning about $100 per hour.
Outschool does not require a college degree, or formal teaching credentials. they believe that many adults can offer rewarding classes based on their experience and interests.
Requirements: You will have to apply on the platform, create a short intro video, and an example of the types of classes and courses you would offer. They do require criminal background checks before your first class starts. Teachers must be residents of the US, Canada, Australia, New Zealand or the United Kingdom.
The Caviat: Outschool takes a 30% commission fee for your total class earnings. Keep in mind that tens of thousands of parents from around the world go to Outschool as a destination for their children’s education-they connect YOU to your students!
Click here to learn more about teaching on Outschool & apply to teach using my referral link.
Passive Income Method Number 3: Skillshare
Is teaching kids not quite your thing? No problem. Consider Skillshare. Per their platform, Skillshare is a learning community for creators. Anyone can take an online class, watch video lessons, create projects, and even teach a class themselves.
Earnings: How much can I expect to earn on Skillshare? An average teacher on Skillshare makes about $200 a month. Top teachers on Skillshare make up to $12,000 a month (or sometimes even over $100k per year). Think about it like this. Say you’re a skilled painter. You can create one course on oil painting, and a separate one for acrylic painting. Basically, you could hypothetically create five different courses, with each course being dedicated to a different painting or art technique-and each course…well…adds up for you!
You can create a course of ANY topic of your liking if you know enough to be able to teach others about it. With Skillshare, Learners of all ages can search for the subject topics you teach. The more views your course gets, the more you get paid.
Requirements: It’s pretty simple: You create a course, and Skillshare will market that course for you on their platform.
Caviat: You’ll earn money through monthly royalties based on the amount of minutes watched in your classes plus a referral bonus for every student you refer to Skillshare Premium Membership. But keep in mind that there are over 5 million active users who take advantage of courses offered through skillshare.
Click here to learn more about teaching on Skillshare.
Bonus Passive Income Method: Airbnb Online Experiences
Airbnb is THE go-to spot when it comes to travelling and seeking trying new expeirences. So you may be scratching your head and wondering why I listed this-given the fact that we are still in the midst of a global pandemic.
Like many companies, Airbnb has adapted to the current times and is now allowing creatives to offer Online classes and experiences on their platform. Are you really knowledgeable about the history, architecture, or culture of your neighborhood or city? Why not consider hosting a virtual tour? Are you a local sommeleir? You could do a virtual wine tasting, and educate viewers about the local and organic wines sourced from your region.
Believe it or not, many of the classes have been very lucrative for the virtual hosts. Furthermore, just because most of us are still in quarantine does not mean that people aren’t looking for new things to experience.
Similarly to Outschool, you can set the hours, class size and prices for your offering. This is a fantastic option for those who may already have a full-time job and are looking for a fun & lucrative way to supplement their income.
Caviat: This fee is 3% for most hosts, but may be higher for Airbnb Plus hosts, hosts in Italy, or for listings that have a Super Strict cancellation policy. The fee for hosts operating listings located in Mainland China is 10%,
Click here to learn more about hosting anAirbnb online experience.
Did I forget to mention any other passive income ideas? Comment below!
Disclaimer: Some of the links mentioned contain affiliate or referral links, where I may receive a commission for your enrollment at no cost to you. These are all platforms that I believe in.