I set myself the following goal: Earn 100k this year, and this is how I’ll do it.
So here are my 8 sources of extra income:
1. My Day Job
First of all, I have my day job — which I’ll keep as long as possible. Yes, unless my passive income is at least triple of my day job, I’m not giving it up. And I’m not there yet.
2. Create art & put it on Print on Demand Websites (passive income)
If you’ve read my other articles, you know I’m doing all right with Displate, Redbubble, TeePublic and Society6.
This year I’ll just keep creating and publishing designs, HOWEVER, I’m planning to change my approach a bit.
Up until now I was mainly using stock images and selling posters, but actually T-Shirts and Sweatshirts sell A LOT better.
The problem: Poster designs look like sh*t on T-Shirts, so I’ll have to change my design style. More on that later — Subscribe if you’d like to keep updated!
3. Create art and sell it on Etsy & Amazon
Yep, this is different from the method above.
In short: I’m working with a production partner, for example Printify, Printaura, Printful, or others.
Next I’m connecting Amazon or Etsy to this partner, and pushing products directly to these e-commerce websites.
I recently started with Amazon so didn’t have that much success yet, and my goal for 2023 is getting a successful Etsy shop up & running as well.
I’ll be documenting my progress so you can follow along so make sure you follow!
4. Invest in stocks & crypto
2022 has been a horrible year for stocks and crypto, and I believe we haven’t even seen the bottom yet.
However, market conditions like this are the best opportunities to buy and to “fill your bags”. So the extra money I’ll be making will get invested into stocks and crypto. Which ones, you might ask yourself?
- Bitcoin (hold and sell later when it goes up)
- Ethereum (and stake it)
- High Dividend ETF’s (just Google them, there are many)
Get in now while everything is low, and sell later (or HODL, whatever you wanna do).
5. Buy income generating Real Estate and rent it out
Or simply rent out a room in your place via Airbnb.
Seriously, it can be so simple as to clearing a room, taking a bunch of lovely pictures, create an Airbnb listing and get started!
Check out this article on how much I made via Airbnb last year!
And here’s an intersting article about real estate: How to Get Started (and Wealthy) with Real Estate Investing
6. Start & Grow your YouTube Channel
YouTube is a business with unlimited potential.
For those who’ve read my other posts — you probably know I made a lot of money with YouTube in 2022, but then f*cked up and lost my channels…
Anyway, I started new channels and monetized my first one last month, in December 2022 and made 178 USD from it. That amount is only going to go up — I expect it to be between 500–1000 USD this month, in January 2023.
Interested in learning more about YouTube Automation? Read this: This is How to Build a Successful Cash Cow YouTube Channel
More tips on YouTube automation are coming as well!
7. Affiliate Marketing
Affiliate marketing means: Promoting a product and get a commission if someone buys.
There are hundreds of ways to do this, and millions of products to promote, however you should be picky. Only promote stuff you absolutely believe in.
My ways of doing affiliate marketing:
- Promoting products via my YouTube channels (going really well)
- Promoting 2 courses that I followed in the past, which really helped me, mostly via YouTube (these are “high ticket sales”)
- Sometimes when I post one of my POD images on Medium, I add a URL to that image webshop (so far no success but hell, why not?)
So once you have an audience, on YouTube or Medium or Instagram or Facebook or your own website or any other platform, you can leverage that and use your “influence” to promote stuff and earn a commission.
8. Write on Medium
Since last week, I got 100 subscribers on Medium, which allowed me to join the Medium partnership program. Yay!
I don’t know yet how much I’ll earn with this, but I don’t expect it to be that much — will keep you posted!
IMPORTANT NOTE
There is one thing that you have to be aware of though:
These are not get-rich-quick schemes. These things take time.
- Building a successful Airbnb business takes time
- Building a successful YouTube channel takes time
- Building a successful Print on Demand channel takes time
- Writing on Medium takes a lot of time (but I just love writing)
Etc… You have to prioritize and divide your time right. Focus on one thing, get successful in it and then move on to the next one.
Good luck in 2023!
-Michiel
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