Making Over $75,000 per Month with These Passive Income Streams
Aug 28, 2024
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Cody shares his impressive journey of generating over $75,000 in monthly passive income. He breaks down his top four income streams: digital products, real estate, affiliate marketing, and stock market investments. Listeners will discover practical strategies for beginners, the importance of persistence, and innovative ideas like running an anonymous Etsy shop. The discussion also emphasizes personal growth and the emotional rewards of mentoring others on their financial independence journey.
Cody emphasizes the significance of self-discovery and passion in achieving financial independence through meaningful passive income generation.
The speaker's four main income streams—digital products, real estate, affiliate marketing, and stock market investments—showcase diverse paths to financial success.
Creating passive income requires initial effort and resilience, as success often emerges gradually through compounded growth rather than swift returns.
Deep dives
The Importance of Learning About Oneself
Adults often overlook the importance of self-discovery amidst their busy schedules, prioritizing external skills over understanding their own motivations and behaviors. Engaging in therapy can help individuals learn more about themselves, fostering personal growth and curiosity. This self-awareness is essential not just for emotional well-being but also for achieving financial independence and success in various life aspects. BetterHelp offers a convenient platform for those looking to explore therapy in a way that fits their lifestyle.
Journey into Passive Income
The speaker's journey into passive income began with a fundamental shift in mindset, realizing that true wealth comes from creating systems that generate income without direct labor. Influenced by Tim Ferriss's 'The Four Hour Work Week', the speaker focused on building streams that pay without constant effort. Early attempts included selling physical products and blogging, leading to the first success with digital products, which laid the foundation for substantial income. This transformative realization propelled a focused effort on passive income generation.
Breakdown of Passive Income Streams
The speaker currently earns passive income from four main sources totaling approximately $75,966 monthly. Digital products form the largest stream, generating around $60,000 a month through printables, eBooks, and online courses. Real estate investments provide an additional $7,000 monthly, with a mix of long-term rentals and Airbnbs. The stock market investments yield around $4,966 per month, while affiliate marketing contributes approximately $4,000, showcasing diverse income sources that complement one another.
The Reality of Building Passive Income
Creating passive income often requires upfront energy and time investment, particularly for beginners who do not have substantial resources. Many new ventures start slow, necessitating persistent efforts and a willingness to fail and adapt along the way. Success typically manifests over time through compounded growth rather than immediate returns, illustrating a 'hockey stick' growth curve where results exponentially increase after initial struggles. The key to success lies in focusing on daily inputs and honing skills, rather than fixating on financial milestones.
The Role of Passion and Community in Success
Passion for business drives continuous engagement and motivation in income-generating projects, further enhanced by community support. As individuals achieve milestones, demand for their expertise grows, allowing them to transition into teaching and mentoring roles within their respective fields. This cycle of support not only fosters personal growth but also amplifies the impact of their success on others. Ultimately, the joy derived from helping others succeed is a powerful motivator that fuels further ambitions and goals.
Cody shares how he's able to earn over $75,000 per month in passive income on the Forget About Money Podcast.
His big four are:
Digital Products
Real Estate
Affiliate Marketing / Sponsorships
Stock market investments (doesn't really count, but we explain)
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YouTube Interview
https://www.youtube.com/watch?v=g1bh6ZIld6w&t=1276s
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CodyDBerman.com (Cody’s Blog)
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