Passive Income Ideas That Actually Worked For Me | Ep. 223

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Tiffany Grant: Is Tiffany with another Tiffany Star? Take. This is where I answer your many questions on the podcast. So if you'd like to answer, ask your question, sorry, not answer, ask, then go to www.moneytalkwitht.com/tiffany and I'll be more than happy to answer.

So today we're talking about. Passive income ideas because somebody asks, well, Tiffany, what are some passive income ideas that I can take advantage of? Now, I did write back in, uh, when did I write this? March 19th, I wrote a whole article about 40 best passive income ideas to build wealth in 2023. So if you haven't checked that out, definitely go do that.

I went over 40 in this episode. Since I try to keep these short. I'm not gonna do 40, but I'm gonna do my favorites. Okay? So, not sure how many I can fit, but I'll try to, to, um, spitfire as much as possible. So first and foremost, A high yield savings account, that is the easiest one to get into. There's really no lift on your end right now.

Like for instance, I'm on Ally's website. They're AP A P Y, so how much they pay you an interest is 3.75% right now, which is pretty darn good. Um, because the Fed keeps raising rates that. Means that, of course the credit cards and all that stuff, mortgages go up, but also savings accounts go up. So Ally kept hitting my inbox like, your rate is going up again, your rate is going up again, blah, blah, blah.

And right now they're at 3.75%. So if you wanted 3.75% returning on your on your investment, then check out Ally Bank and then this is not sponsored. Matter of fact, ally, if y'all out there, please sponsor me cuz I love y'all. But there are other ones like Marcus and um, there's a lot of online banks, so just check out the high yield savings accounts.

Typically you'll find them with online banks and I like to keep my emergency fund there because, That means I'm not looking at it every day and at a site outta mine, I really forget about it sometimes. So check that out. The next one is something that I kind of got into last year, and that is dividend stocks.

So, you know, on Twitter there's the dividend bros. Fortunately I have a lot of them on my timeline and I was like, you know what? I wanna see, you know, what is what it's looking like. Lemme get into some dividend stocks now. I didn't know that my portfolio already had. Some dividend stocks, you know, some mutual funds and stuff that had high dividends.

And so I was like, oh, I'm kind of already doing this, but let me like really pay attention. So I started buying investments that were dividend yielding, which dividends are. Money that companies pay out on top of the price already going up or down, right? So this is just money. Like if they do really, really good, they're like, oh, we'll share it with our stockholders, and then they throw you some.

That's pretty much how it works. So I got into that and that's another like easy win. Now granted, this is not investment advice. Just wanna throw that out there. This is just for educational purposes only, but as of right now, I'll be making, what about 30 something dollars? Um, in a year just from dividends, just for having my money sit there.

And that's not including the stock prices going up or down or whatever they're gonna do. That's just extra money. And then I'm reinvesting those dividends and so it'll be more and more and more. So I have some friends on Twitter, you know, their goals. Or to get to like a hundred thousand in dividends a year, you know, so on and so forth, which is completely doable if you get in early and you start doing it now.

So, um, like I said, this is not investment advice, but just some things to think about. Another thing that I really, really like, and I'm very kind of biased with this, but it's blogging. Um, I actually make. You know, quite a bit of money on my block, and I'm not gonna say now, with a lot of these, it's not passive income.

Like we got the real passive income, dividend stocks, and high yield savings account. Okay? Those are passive cuz you just put money in and you just let it sit. But the rest of the stuff that I'm gonna talk about is not really passive because it takes a lot of work, but once you get it to a point that.

It's making money on itself, then it's cool, right? So I know quite a bit of six figure bloggers that are making the big bucks now, but they have been doing it for a very long time and I'm kind of on my way to getting there as well. So with blogging, I love it. Um, it's, I love to write first of all, but I also love to educate.

So I'm like, okay, I can sit here and write these blogs out, um, make sure that I'm doing keyword research, make sure it's stuff that people are interested in. And as they come to my blog, I have like some ads on there. It's not too, too much, but the ads are actually how I get paid. And then one as as your traffic increases, Your ad dollars can increase.

And then that also leads me into another passive income idea, and that's affiliate marketing. And so if there's something that I really know and love, like Ally, if you have an affiliate, hit me up. Cause I love y'all anyway. But I can. You know, post about these things on my blog and put a link to my affiliate in the blog post.

And I'm, um, pretty much putting my stamp of approval on this product or service. And then if you click and you decide, oh, this is something that I wanna do too, or this is something that I can use, then I get a little kickback from that. Um, a lot of bloggers, um, Do participate. And even not just bloggers, like social media, influencers, stuff like that, they get quite a bit of their money from affiliate marketing.

Now, I will say caveat, do not just promote anybody in anything. Make sure it's stuff that you actually believe in and stuff that you are, um, familiar with and have used, and you don't mind putting your stamp of approval on it because there is nothing like, Putting your stamp of approval on something and then something goes haywire for your audience.

Now you've lost their trust, you've lost, you know, all of that credibility. And so it's super important to make sure that you are advertising for stuff that you use that's important to your audience, and that you will stand behind with your name. So I put on every blog post how. Well that includes an affiliate link.

How it doesn't, um, change my view or opinion of any brand or anything. It's just a way that you can support me by supporting yourself, cuz you're gonna purchase it anyway. So, um, that's affiliate marketing and blog in kind of in one. Uh, I also love podcasting, as you can hear now. So podcasting. Now, this is another thing that takes a very, very long time to get situated.

But once you do, you'll find that there are people that reach out to put ads. So now you do hear ads on the podcast. I do get a little bit of money from those. Um, but it took a long time to get here, so I'm sorry for the ads, but at the same time, I'm like, This is my full-time job, so I need to get paid too.

Um, so, um, podcasting has been really fruitful. And then also sometimes same thing with blogging and affiliate marketing. There might be companies that reach out and say, Hey, Tiffany, can you do, um, an ad for us and we'll pay you for that? Or, one thing I did in the month of February was, I wanted to highlight black-owned businesses, and so I charged a really small fee to get some ad space on the podcast and they were able to see some gains from that.

So, you know, just check. Just check out podcasting if it's your thing. Like I said, blogging and podcasting are not overnight sensations, so please make sure your expectations are intact. I've been blogging since 2017 and podcasting since 2019, and I'm just now starting to make some decent money from it.

So just keep that in mind. Um, another thing that I kind of wanna get into, I haven't yet, but it's niche websites. So that's when you find. A type of website or you create a type of website that's very, very niche down, but has a lot of traffic, and then you kind of monetize it the same way. Then also you can turn around and sell those websites because there might be somebody out there looking for it.

And that's the same thing with the blog as well. If you decide to start one, if you get enough traffic and you're making enough money from it, you can absolutely sell your blog. There's a lot of big bloggers, um, that have sold for multiple six figures, so just keep that in mind. And the same thing goes for niche website.

I did an episode with, um, Luke Vanderveer, and he talked about Rank and rent, s e o, and that's kind of what he was talking about. So if you're interested in the whole niche website thing, either go to this article, the 40 Best Passive Income Ideas on my website. Or check out, um, rank and rent, s e o, with Luke Vanderveer, cuz he went into a whole episode about it so you could check it out.

Uh, another thing that, and I'll just do one more cuz we're running on time. I will say also referral program. So that's kind of like affiliate marketing, but it's kind of different. So with referral programs, Let's say for instance, I have a relationship with, um, an insurance person. Okay? And if I'm like, okay, I don't sell insurance, but I know somebody that does, who's reputable, who's knowledgeable, that will treat my clients, right?

I. I can send people their way and then they can give me a referral bonus. On top of that, I kind of do the same thing as well. Um, it's in the form of an affiliate, but it's the same. Um, if somebody, like any of my clients recommend someone else to me, uh, because they love my services, then uh, they, they're able to get an extra meeting with me free of charge.

So every time they refer someone, They get an extra meeting for free. So there's many different ways you can do referral programs that have value for people. So check that out as well. Uh, especially if you're a business owner. Um, think about ways to, uh, maybe give something away in order for people to send people your way.

So anyway, that's all I'm gonna go over now, but on the. Article. I mean, I talk about some of everything. eBooks, CDs, um, drop shipping, subscription boxes at m ownership, vend machines, car washes, laundromats, all types of stuff. So if you're interested in learning about some passive income ideas, then check out that article on the website.

Uh, I will also say, A lot of these ideas will take some work up front, but once you get 'em going and you become knowledgeable and you do the darn thing, then they can potentially make you a lot of money. So thank you so much for listening to this episode of Tiffany's Take. If you want your. Question answered on the podcast.

Who's Got a Money? Talk with t.com/tiffany and until next time, bye.

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