Streams of Income | 5 sources of Passive Income and Active Income
Let’s talk about money and streams of income. In this article, I share 5 streams of income – both passive and active income, capable of making $500 a day legitimately.
If you’re looking for get rich quick schemes, don’t read this post, it’s not for you.
There is no way to get rich quick. It is not a thing. So, if you’re looking for a get rich quick scheme, those things just don’t exist nor work.
The way I think of it is that, ultimately, money is just a medium for exchanging value. The only way to make money is to provide value. And the only way to make passive income, passive money, is to provide value in a way that is not directly tied to your time.
So please, please, please, do not try and join get-rich-quick schemes, they don’t work.
The only way to make money is by providing value. And in this post, I share 5 different income streams through which you could provide value if you wanted to and earn some good income.
Before we dive in, thanks so much for stopping by to read this.
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5 income sources (passive and active) that can earn you $500 daily!
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Graphic Design
The first stream of income I want to talk about is Graphic Design. I have a friend who as a graphic designer, mainly specialized in one kind of design which is User Interface Design. She designed apps, websites, magazines, books, posters basically any design that involves a lot of text and something people would read about.
We are in a digital age with social media apps everywhere and companies are trying to stand out with creative communications in form of a beautiful design, why not be the person they need for that?
Graphic designers are one of the highly demanded people in the creative space. To do this would require you to practice a set of skills which my graphic designer friend always recommend starting with typography, that is learning how text and fonts work. Here is a link to the course that can you get way better with typography. It’s by a professor of type called Ina Saltz, and it really changed my friend’s life for real. My friend used to earn up to about $14,000 in 6 months or almost 2,300 a month.
For her graphic design work, during peak times, my friend could earn somewhere between $77 a day to $200 dollars a day and sometimes it can be way higher but this is just a modest average. Infact, another friend of mine, who is one of the best designers for user interfaces that I know – a super dope designer, she can actually earn tens of thousands of dollars because her skill level is way beyond expert at this point. That’s what happens when you put the time in.
Check out this well-detailed article I wrote about Graphic Designer Work from Home Jobs and Top Companies Hiring Now.
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Video Production
Streams of income – The next income stream I recommend is from video production and photography. Clients who hire graphic designers also need these 3 things – photo editing with photoshop, taking
pictures for their website and making a video that would be graphically inclined and would further
communicate their message or promote them so that they can make sales.
This is a great opportunity that I’ll encourage you to take to learning. My graphic designer friend took a lot of courses and kept practicing day and night and that’s the thing. For skill based things like graphic design, coding and videos, the more you practice, the better you become. Truly.
She tried her hands with video production and made videos for clients and friends for free, and this helped her become better. At the time, she was still employed as a graphic designer so she offered to create videos for the company even though she was mainly a graphic designer and social media manager then.
She created videos that would promote the brand as well which she got to learn a lot from. Here is a link to a Video Editing LinkedIn Learning resource that is super super useful if you want to learn video production.
Another thing many of my graphic designer friend’s clients did ask for after her design work especially for websites was coding. She doesn’t know how to code but wishes she did but thankfully she has friends who could code that she would work with and be able to earn a commission from that as well when she refers them.
Alright so give or take, for video editing and dabbling in photography here and there, she’s able to make around 80 to 160 dollars a day or 2,000 to 5,000 dollars in a month.
But like everything else, if you put your mind to it and commit yourself, you can actually hit really high numbers so you shouldn’t limit yourself. You can learn a lot from YouTube if you can’t afford to pay for
resources on Linkedin Learning. Linkedin learning has people with years of experience like professors that teach on there and they categorize it in order for you. That’s one of the places another friend even learned music theory and started dabbling in to making some music.
However, Youtube is a super huge FREE platform and great resource.
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3. Affiliate Revenue
Alright, let’s talk about Affiliate Revenue as one of our streams of income. Affiliate revenue is when you recommend a product or service to people and when they click to purchase, you get a small commission from that.
Take for instance, if you love Audible, the audio book platform and you share your Audible Link and ask people to sign up, they would get 30 days for free and would only start paying after the free trial expires and you would get a tiny commission. This can be useful for people who also have Podcasts and want to support their shows, if you can get people to sign up as well you both benefit.
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4. YouTube
Now, our 4th streams of income, a fantastic source of passive income is having a YouTube channel.
One of my friends tries to make the best videos she possibly can to create interesting thought pieces about smartphones and apps, or just gadgets she likes and can get a hold of in general. She has been making YouTube videos for over 4 years now.
I would say making videos on YouTube does require a certain amount of skill where you need to learn about concepts you’re trying to talk about and make a video of. Essentially something you’re interested in and can’t get bored of talking about. For my friend, it’s tech and some aspects of finance. She likes to think about her platform as a portal for Entertainment or Education but it’s much broader than that.
Let me explain, a lot of people come on Youtube to watch funny videos, interesting vlogs, music videos and celebrity topics, and more things along that line, those are entertaining and on the other spectrum, a video like about how you can make some money, or just a tutorial in general, science videos, tech review videos and the likes, are categorized as educational videos where you hope to gain some knowledge or be informed about a certain topic.
The way people make money on YouTube is by the views and the advertisers. Let me break it down. YouTube as a platform has many creators and viewers which is why advertisers who want people to see their products or services pay YouTube and creators share that money with YouTube where the creator gets 55% and YouTube gets 45%.
If a video gets 20,000 views for instance, and the advertiser says for every 1,000 views they want to
pay $10 because that’s how much they value 1,000 people watching their ads. This is what is called
CPM or Cost Per Mille, where mille means 1,000 so cost per thousand.
Because of that, if 20,000 people viewed the video and the ads, we divide the total views by 1,000 to get 20, so the advertiser pays 20 x 10 which 200 dollars and the creator keeps 110 dollars while YouTube keeps 90 dollars.
How much you earn from your Youtube videos largely depend on the country, region from where your viewers are watching from. If you’ve got viewers from countries like the US where advertisers spend a lot on promoting on YouTube, the CPM could be as high as $20 per thousand so that same 20,000 views can make around $400 where the creator would keep 55% of that which is $220
compared to $110. From the same 20,000 views.
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5. Branded / Sponsored Content
Last but not the least on our list of streams of income – our final source on our list of streams of income is Sponsored Content. This is where a company or brand directly pays you to talk about their product or service where they believe you can share to as many people.
This can happen when a brand thinks you’ve got an engaging audience in the form of followers or subscribers and they want to get in front of those people. And how much this stream of income can bring you can range anywhere between $2,000 to $6,000 approximately per month.
When comparing which is more risky between having a stable job or working for yourself and having to deal with multiple clients where the income varies, many people will pick being an entrepreneur or working for yourself as more risky because you kind of don’t know what can happen next exactly. Business might not come and this is very true. The well can dry up.
However, as an employee, you’re guaranteed a salary at the end of the month. Now, the point I was trying to make is that, if the employee gets fired for any reason, and they don’t have any other source, everything is gone. But an entrepreneur with multiple clients or multiple streams of income might be able to afford losing 1 of them, or 2 because there are options.
Conclusion
Alright that’s pretty much it.
My hope is that this article helps you find that job of your dreams. If you found it helpful, please let me know in the comments.
Which of these jobs or companies interests you so much? Feel free to leave a comment below. I’d love to hear from you.
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