Passive income is the dream, right? Making money while you sleep, the hands-off approach.
Over the last few months, I began listening to a lot of audiobooks about making money work for you, rather than against you. I also started watching a lot of youtube videos along the same topic lines.
So I have set myself a goal of generating £200/$250 a month in passive income. I thought about just setting is very low at first say £20/$25 but that would not be a challenge would it.
Well after listening to the audiobooks and countless youtube videos, I have set my plan into action in a few ways. Here is how I will start my quest for generating passive income.
My Passive Income Plan
- I have opened up a Vanguard account. I will say I knew nothing about stocks and shares or the stock market in general. However, I soon came to realize that you do not need to know anything at all. Vanguard fees are very low some of the lowest in the industry so that is of no concern. I have two separate investments one is 100% lifestrategy the other S&P 500 index tracker. S&P 500 also pays dividends every quarter so far I got £2.20 a couple of months ago as my first dividend. Not a lot but its a start.
So far my return is 1.70% but I’m not concerned as the idea is to leave the money in for at least 5 years but ideally much longer to allow the magic of compound interest to take over.
2. This website. Hopefully, I plan to attract more and more visitors to the site and share my progress along with Travel posts and Useful Random posts with you all. A couple of affiliate links here and there on the site. Hopefully, when I have a few more posts I will apply for Google Adsense rather than the affiliate banners as they pay per view rather than conversions only generating passive income through AdSense.
3. I have set up a Youtube channel – On the channel, I mostly post performance reviews of emulated games on PC. After just a little over one month of this the results surprised me.
Now due to Youtube’s new rules monetization of the channel takes some serious work. Much longer videos are needed to hit the 1000 subscribers and 40000 hour watch time in one year. However, using google analytics I know the exact demographic of my viewers. Using this information I can deploy affiliate links in the descriptions of the videos that I think will fit their needs. Hopefully, this will in time start to add to my passive income pot. Adding links to this site in the video descriptions is also getting more people to my site.
I also have Instagram, Facebook and Pinterest accounts (links at bottom of page). All designed to drive traffic here and to my Youtube Channel. I did initially set up a teespring store as well but I have put that on hold until more traffic is coming.
For now, I have these 3 in place to help me try and get to that £200/$250 a month passive income goal. I’m under no illusions and do not expect this to happen overnight. If I keep at it hopefully I will make headway and start approaching the target. WHEN not if I hit the target what next? We will see but I see no reason to stop.