How I Made $160,000/Month In Passive Income

This video is about how the speaker grew their passive income streams from $10,000 to over $160,000 per month, and they share five tips that helped them achieve this, including diversifying income streams, optimizing existing income streams, using automation tools and outsourcing, delivering more value, and tracking progress.

This video by Greg Gottfried was published on Jul 30, 2023.
Video length: 05:48.

In this YouTube video, the creator shares their experience of growing their passive income streams from $10,000 to over $160,000 per month.

They discuss the Pareto Principle, which states that 20% of the things you do are responsible for 80% of your results. The video then goes on to explain five tips that helped the creator achieve significant income growth. These tips include diversifying income streams, optimizing existing income streams, using automation tools and outsourcing, delivering more value with the business, and tracking progress to determine what is working.

The creator also mentions the importance of investing in education and provides a link to a video about starting passive income streams.

• Diversifying income streams is crucial for making passive income.
• Optimizing existing income streams can be an easy way to increase income.
• Using automation tools and outsourcing can free up personal time and improve overall efficiency.
• Increasing income is directly related to delivering more value with your business.
• Having a process in place to track progress is crucial for growing your business and income.

How I Made $160,000/Month In Passive Income - YouTube

Diversifying Income Streams

• Diversifying income streams is crucial for making passive income.
• By uploading designs to multiple print-on-demand websites, the speaker was able to mitigate the impact of one website shutting down.
• It's important to not rely on just one source of passive income and instead set up multiple ways to make money.
• Adding on additional business models, such as affiliate marketing and selling online courses, can further diversify income streams.
• Diversifying within a single business model and adding on additional business models can help increase passive income.

Optimizing Existing Income Streams

• Optimizing existing income streams can be an easy way to increase income.
• By looking for mistakes and areas of improvement, the speaker was able to make more money.
• For example, going through analytics and finding popular articles without affiliate links and correcting them can lead to extra income.
• Optimizing existing income streams involves both correcting mistakes and looking for missed opportunities.
• By optimizing existing income streams, one can increase their income without having to constantly grow their business.

Using Automation Tools and Outsourcing

• Using automation tools and outsourcing can free up personal time and improve overall efficiency.
• For a print-on-demand business, using a tool like Chat GBT can quickly generate creative phrases for designs.
• While it's tempting to do everything yourself, there comes a point where you need to delegate tasks to continue growing.
• There are now more tools available than ever before to help with time-consuming tasks.
• However, certain tasks may still require a human touch and can be outsourced to freelancers.

How I Made $160,000/Month In Passive Income - YouTube

Delivering More Value

• Increasing income is directly related to delivering more value with your business.
• Investing in education, such as high-value courses, can help take your business to the next level.
• While some expensive online courses may be money grabs, there are courses that can deliver a ton of value.
• If you're maxed out and can't figure out how to make more money, investing in education can be the way forward.
• Delivering more value is essential for increasing income and growing your business.

Tracking Progress

• Having a process in place to track progress is crucial for growing your business and income.
• Tracking earnings from each passive income stream and major business changes can provide valuable insights.
• Using a simple Excel sheet and updating it monthly can make tracking progress easier.
• Tracking progress helps identify the 20% of actions that make up 80% of the results.
• By tracking progress, you can determine what is working for your business and make informed decisions.

Watch the video on YouTube:
How I Made $160,000/Month In Passive Income - YouTube