How These Hustlers Are Making Over $100,000 a Month In Passive Income
Passive income methods can be a great way to help you generate extra cash flow. It can help you earn more during the good times and cover for you in the bad times or in case you suddenly lose your job or decide to quit. Today, with the power of the internet, there are several ways including drop shipping, YouTube, investments, and more, through which people can earn money on the side. Here’s a look at three success stories of people who made over $100,000 a month from their passive income sources.
Graham Cochrane, an entrepreneur who works just 5 hours to make $160,000 a month in passive income
When Graham Cochrane, 40, lost his job as an audio engineer in 2009, he was looking for ways to make ends meet. He started his first business, “The Recording Revolution”, a music and education blog that sells music production courses. Years later, he started another business to teach people how to make money off their passions. As per Cochrane, teaching is the most lucrative business, thanks to online course and coaching program sales, as well as affiliate commissions.
Thirteen years after losing his job, Cochrane’s two online businesses earn him a combined $160,000 a month in passive income, as per a CNBC Make It. Apart from his work, Cochrane has also published a book, “How to Get Paid for What You Know.” He claims over 2,800 people use his products, and his goal is to help more entrepreneurs grow their online businesses while working fewer hours. Graham claims that he works for less than 5 hours a day.
Ryan Hogue, the side hustler who earns $14,600 a month in passive income by working just one hour a day
Ryan Hogue, who started his print-on-demand side hustle in 2016, makes $14,000 a month in passive income, as per a CNBC Make It report.
Hogue quit his job in 2014, from which he was earning $85,000 a year as a full-time web developer. As he felt like he was putting too much time into the job, Ryan set out to seek opportunities to make passive income in e-commerce. Thus in 2016, after experimenting with “dropshipping”, Hogue started his print-on-demand side hustle. His business allows him to sell his digitally designed T-shirts by outsourcing the physical work of printing, packaging, and shipping the products to a third-party vendor. Today, he makes an average of $14,600 a month from his print-on-demand business and he claims to work just one hour a day. Hogue uses tools like All Sunsets, Creative Fabrica, and Vexels to create designs and sells his work on Amazon Merch on Demand. According to him, the best-selling product is a standard T-shirt which her sells for $19.99 and makes a 26 percent royalty fee per sale, which is about $5.23 profit from Amazon. He also sells products on eBay and Etsy.
Charlie Chang, 31-year-old YouTuber who makes $114,000 a month
Charlie Chang graduated in 2014, but he failed to make a career in medicine as his applications were rejected. In search of a new career plan, he spent the next few years finding ways to make money.
In 2018, Chang finally found his mojo and started making personal finance videos on YouTube. According to Chang, the side hustle wasn’t lucrative until the pandemic hit in 2020. One specific topic “stimulus and relief efforts”, struck a chord with the audience, and it helped his channel go viral, Chang told CNBC Make It. After a few of his videos started going viral, Chang registered for YouTube Adsense to further monetize the channel. That’s when his passive income journey began and soon in 2021, he made 1.5 million dollars in revenue from just YouTube. In 2022, as per the report, Chang made an average of $114,000 a month through his videos, online courses, and social media posts.