In 2016, the author was working two jobs as a senior web developer and an adjunct professor. To help make ends meet, he also worked as a freelance web developer. Despite knowing little about business at the time, he has since built more than 10 passive income streams, including e-commerce brands, a YouTube channel, and an online school. Collectively, these businesses generate around $49,000 per month in passive income. Through this journey, he has gained valuable insights on creating profitable companies.
The author challenges three common myths about creating successful side hustles and passive income streams. The first myth is that you need to spend money to make money. Contrary to traditional business models, the author’s preferred online business model is print-on-demand, which allows him to sell customizable products without any upfront costs. By leveraging platforms like Amazon, Etsy, Walmart, and eBay, he only pays for inventory after an order is placed, keeping costs low and profits high.
Another myth the author dispels is the belief that passive income can be earned without putting in the work. Building passive income streams requires dedication and time, and there are no shortcuts to success. While initial effort is necessary, many have been able to step away from day-to-day operations once they reach their desired income level. Embracing delayed gratification and maintaining discipline are key aspects of building profitable passive income streams.
The third myth is that you need a team to run your business. While a team can be beneficial, the author has found success running his businesses solo, thanks to the variety of tools available for entrepreneurs. Automation tools like MyDesigns have helped streamline processes and reduce tedious work, allowing the author to introduce new custom items without extra manpower. Leveraging these tools strategically has enabled him to stay on top of his businesses while enjoying flexibility in his work-life balance.
Ryan Hogue, a former web developer and adjunct professor, quit both jobs to focus on his e-commerce business. Through his YouTube channel, he teaches people how to earn passive income using “Ryan’s Method.” His success story serves as inspiration and showcases the potential for anyone to build their own passive income streams. With dedication, strategic use of tools, and a willingness to put in the effort, individuals can also create successful side hustles and passive income streams.
To help others interested in earning passive income, the author offers an online course through CNBC on How to Earn Passive Income Online. The course covers common passive income streams, tips for getting started, and real-life success stories. By signing up for the course, individuals can learn valuable insights and strategies to build their own passive income streams. Additionally, registering for CNBC Make It’s newsletter provides tips and tricks for success in work, finances, and life, further helping individuals on their journey to financial independence.
