Top tips for making passive income in 2019. (as a millionaire)

Top tips for making passive income in 2019. (as a millionaire)


Welcome back to coffee time with your host, the Ex-Google Ex- Facebook TechLead. Today I wanted to talk to you about some of my top tips for generating passive income, as someone who’s been running passive income for over the past decade. Throughout the years, I’ve had passive income businesses that would make just a few dollars a day to thousands of dollars a day and I would find myself wondering: “Why am I even going to work that day if I’ve already made more than my day job?” And then I remember they’ve got free breakfast. Now, passive income is this alluring idea where you’re making money in your sleep and then when you wake up your work for the day is already done. You’ve already made your money and you can just continue sleeping and you don’t even have to wake up anymore. Many people actually will tell you that passive income is a myth. It doesn’t quite happen like that, which is partially true. So I wanted to clarify for you how this actually works and give you my top tips. Oh hey, by the way, do you want this cup and other free swag? I’m giving you guys a free swag giveaway with our sponsor Ting Mobile, a smarter, more modern phone service. If you’re locked into some expensive cell phone plan that’s overbilling you every month, then check out Ting Mobile, a low-cost no-contract, pay per use cell phone plan. Get free $25 just for checking them out, and you can also enter for a chance to get some free swag like this cup at techlead.ting.com . So what you need to understand is this type of truly passive income. While it does exist, it usually doesn’t make you much. It earns you a few bucks here and there, maybe set up a blog, put up a few affiliate links, let it go. And what really happens is if you were to put in a little bit of effort, right, put in some effort into advertising, marketing and building up whatever passive income you have, You can actually 10x the amount of growth you have. It will almost always be more worthwhile to play somewhat of an active hand in your business, which is why I would think of this more as this concept I like to call “Leveraged Passive Income” It’s a hybrid approach between passive and active where you build a vehicle for generating income. You still have to drive the vehicle yourself. You still have to put in some of that work, but the amount of impact the money that you make can actually be multiplied. So for example, if you have a store and you’re selling some product, a customer comes in, they make the transaction, they leave. That’s 100% active income and you’re earning every cent of that. But if the customer comes in and you give them a brochure and you sell something else and you get a commission on that sell, that’s affiliate marketing. Then you generate a little bit more income from that. You still have have to do the same work to bring in the customer, but the amount of income that you’re generating is now maybe doubled. Now if in addition you get the customer signed up to a mailing list and you start promoting your products and other products to this person over time, then the lifetime value of this customer you’ve just increased by a lot more. And meanwhile, you haven’t put in all that much additional time and effort into getting this stuff set up. What you’ve done is multiplied the original active income stream that you set up at first. You’re leveraging that original customer that you earned through hard work into additional streams of income So for example, if you’re running a website, you can cross-promote your other websites and products. You can put in affiliate links and this is an idea that I’ve been toying with on my YouTube channel as well. If you check the links in the description below, you’ll see there’s a bunch of other things I’m promoting. Speaking of which, check out techinterviewpro.com, where I will fast track your career and teach you how to pass those coding interviews and land the tech job of your dreams. But what happens is anytime I publish a video or for you, it could be publishing a blog post, launching a new website feature, making a new product. It kickstarts this whole passive income engine where all these additional streams of income start making money. So normally, if I just make one video, I get some advertising revenue and that would just be about it. That’s the active income stream. But I’ve actually multiplied it into all these additional revenue sources and that’s what I would encourage you to think about doing as well. Don’t think so much about making something a hundred percent passive, where you can just abandon the whole thing and go to sleep But if it’s something in-between, if you still have to put in some work, but then you leverage that work to generate additional income streams, I think that’s going to be far more effective. Another tip I have for you is to understand that failure may very well be your competitive advantage. You know, these areas of generating passive income is relatively new, unexplored. A lot of people don’t understand it and I think a lot of people don’t start these things because they’re afraid they’re going to fail. And yeah, you will. You probably will fail your first few times. But that’s okay. Just accept it. Build that into the original cost. You know You may have to try two to three times to come up with something that works. If it were truly easy and mapped out, everybody would be doing it. Passive income, especially making it online, is a relatively new industry enabled through the internet There are so many wacky ideas out there like self-publishing ebooks, selling merchandise, making YouTube videos, Advertising through Facebook and Instagram as launching a Shopify store, selling merchandise on Amazon, making t-shirts and countless other ideas. A lot of these areas people don’t understand. And they haven’t written books about. It’s unmapped and you just have to go out there and explore it and try it and see what works and doesn’t and there’s going to be failures. It’s almost guaranteed you’re going to fail. You’re going to make mistakes. You’re not gonna get it right the first few times. You’re gonna lose some money at first here and there, but that’s okay! As long as you limit your risks, don’t let it get you down, learn from those failures, it’s going to all build up to become competitive advantages for you. Almost any time I’ve made serious amounts of money, it has been through writing a trend You have to keep yourself open to opportunities, keep an open mind and chase those ideas when you see them. These days, if you were to just start selling t-shirts, when people have been selling t-shirts for centuries, it’s not likely you’re going to see some runaway overnight success business here, unless you have some competitive advantage that nobody else thought about or there’s some trend that you’re writing enabled through technology. It’s funny that for me, I don’t consider myself to be particularly ambitious or a hard worker. Rather, I see opportunities for success. I know this then and then I feel that success chose me. I need to just go after that idea and pursue it and see what I can make of it because I see a clear money-making opportunity sometimes. And I just think: “I should probably try that idea. I really should. I need to make some time to give it a go.” Because I’m not going to be satisfied until I can see whether this idea works or not and half the time it doesn’t work, but the other half is succeeds. And a lot of people, they don’t pursue their online businesses, their passive income streams, because they think they first need to learn how to do coding. They need to make some website that has order processing and it needs to be automated and scalable. My tip for you is don’t worry about automating it yet. You can do all the order processing by hand. You can set up a blog or a website, throw in some PayPal buttons, put in some Google forms for order processing if you want. And just launch it, see how it does. Every evening, maybe you’ll have to go through and do a bunch of manual processing by yourself, administrative tasks. And that’s okay, but over time what you can do is figure out what can be automated and just automate that later. You can do it through coding, hire programmers. Or simply just hire people to do the order processing for you. If you remember when Facebook first launched their “virtual assistant”, they ended up just hiring a bunch of normal people to be on the back and answering people’s questions. And then they tried to use some machine learning to automate some of it. But it doesn’t need to be a hundred percent automated through computers and code. It can just be a manual process where you hire some normal people. That’s considered automation too, actually. Just hiring other people to do stuff. Now as you’re working on this passive income stream, I recommend that you don’t talk about it. And there are a number of reasons. Number One: I know that when I was starting out this YouTube channel for the longest time, a lot of people were hating on me. Friends and family, they tell me this was silly. I even shut down the channel at one point. And this has been a recurring theme in my life. Several years ago, I was making those silly Facebook apps and games and the fact of the matter is people just don’t understand the business It’s a relatively new area and people are going to be more inclined to go towards the active income streams that they’re used to where you go into work, you get paid thirty bucks an hour or so. No more, no less. That is purely active income. If you don’t go to work, you don’t get paid. There’s just going to be a lot of pushback from people who don’t understand it. As well as their “crabs in a bucket” mentality where people try to pull you down to where they are. Not to mention, there have been studies to show that if you start talking about an accomplishment, then you lose motivation for that because you feel that you’ve already accomplished it in your head. Even though you haven’t actually finished the project, just by telling other people by that you feel that you’ve accomplished something and you start losing motivation So just do the grind. And then my last and final tip is: Rather than inventing your own brand new idea, which you can do if you like, I would encourage you to perhaps iterate on other people’s ideas So take a look at what’s working out there and you don’t necessarily want to copy the idea, but you can take it and put your own spin on it and then make it even better. And this is one of the tried-and-true paths to success. Just take a look at what’s working out there and make it better In product teams, we refer to this as either a zero to one product, where you’re inventing something new. And usually there’s a bunch of risk in this because you don’t even know if it’s going to work, there’s no product market fit or you can do a one to two product where you take a product that’s already there and you just iterate on that and make it better So if you’re starting out and want to de-risk the situation a little, take a look at people operating in the same space that you might want to be and really study their products. Take a look at what they’re doing why is it working and think about how you can put your own spin on it Make it your own because we all have something we can bring to this world All right Well, ready to start generating some passive income? Well, you can start by saving on your cell phone plan at techlead.ting.com . Get a free $25 credit just for checking them out plus enter for a chance for free swag! You know I used to spend $50-$80 per month just on cell phone bills, locked into two-year contracts Thinking that was the only way to get cell phone service when in actuality, there are more modern pay-per-use cell phone plans. In fact, these days, I don’t even use voice calls so much. Most of my communication is done over email or social media So I only need phone calls occasionally and that’s where a pay-per-use plan really comes in handy for me. I got my whole family in on this. It’s very easy to set up You just send them a dollar and they give you a SIM card You activate it, and you’re all set up. Because I’m the TechLead, I’m getting you guys a free $25 credit just for checking them out. Plus there’s a chance to win some free swag. So head on over to techlead.ting.com . So there you have it. Overall I think it’s not so much about truly passive income as it is about leveraged income. Let me know your top tips on generating passive income. If you liked the video give it a like and subscribe and I’ll see you next time. Thanks. Bye

100 thoughts to “Top tips for making passive income in 2019. (as a millionaire)”

  1. Happy Halloween! I actually did a bit of work to get you guys some free swag with Ting. They don't do this every time, so check them out at http://techlead.ting.com/ for a chance to get a Ting swag bundle. Also, head on over to https://www.techseries.dev/interview-sale for our 50% off Halloween Sale on interview coaching with a certain ex-Googe/ex-Facebook tech lead.

  2. It seems like you really have to have a lot of skill and knowledge to create a course or video series or whatever that people would find valuable enough to pay for (or watch for an extended period of time), which means you have to be a genius or go to college for years which ends up being the same stuff you have to do for a regular job. 😕🤷🏾‍♂️

  3. I 100% agree with his advice "don't talk about it". Case in point, my social network is puling in $200/day, and when I first started almost everyone told me "Why would someone use yours? They already have Facebook". Just do what you think will work. The other reason not to talk about it is that people will steal your idea if they're other programmers and your idea does wind up working.

  4. Why does the video description only say you're an EX-GOOGLE tech lead? Did you get rehired at Facebook between the time you uploaded the video and edited the video description?

  5. you're an extremely intelligent gentleman 'techlead' and i love your videos. clearly you do not need the plugs you do and i feel this disvalues your channel.I'm a youtube premium customer so not sure if your putting adverts in vids but being unemployeed as you you need to start thinking loooonnnnggg term

  6. This guy looks like Viktor Tsoi's identical twin. He needs to create a separate Youtube channel playing Kino cover songs to generate more passive income.

  7. Pretty sure the people hating on him saying “he’s a millionaire” don’t understand that what he’s really saying is that, being the illusive millionaire isn’t all that difficult in actuality. What’s more difficult is staying at a job you hate for 30 years just for a chance to retire with a shot out 401K. Me? I’ll take my $56K/year SEP-IRA all day! Thanks TechLead you rock! Success did choose you!!!

  8. Tip :- Work at Apple Microsoft and Amazon and get fired, then you can brag about being Ex Google Ex Facebook Ex Apple Ex Microsoft Ex Amazon tech lead.

  9. Same here, too many haters out there, especially friends, especially family. So much hate. So many crabs in that bucket trying to pull you to their level. So much reoccurring drama. Just follow TechLead's advice "Don't talk about it" and pursue your goals/dreams.

  10. "…most people just go to their regular 9 to 5 job, make $30US/hr, no more no less, and that's it."
    Bahahahaha! That's a good one, Techlead!
    (cries inside)

  11. I’ve made so much profit from investing in Bitcoin. My gratitude goes to the best UK trader Helena whom I met here on YouTube. Making £54,320 from £3000, contact; H E L E N A C R Y P T O I N C [at G m a il

  12. This guy strikes me as an autist. Typical guy I had in a circuits class at UCLA .He does have some excellent points though.

  13. I heard someone committed suicide after got let go by Facebook, and left by Wife. I am sorry that I got confused, and thought it was this guy. I am sorry.

  14. thanks for you wisdom sorry of what life have to bring to you . i invest in Forex and get paid weekly with mr pavil conrad as my trader. would like you to do a crypto video .

  15. What a minute! What just one damn minute! I see what you are doing here Mr. TechLead guy: sipping coffee like a boss making, generating passive income making a video on generating passive income. Very meta. Very. Well played sir…

  16. Hi TechLead! I need your suggestion. If a startup company wants to develop a B/S SaaS application such as CRM or Sales leads generation+Management System (mainly for business users), which is the better language for that? I'm just lingering between PHP and Java. I just want the product quick response, safe and strong scalability.
    In our local area, the number of jobs for recruiting JAVA engineers is significantly higher than that of PHP engineers. But I feel that there are too few JAVA engineers with enough technical experience willing to work in a startup company. So I don't know how to make a choice.
    As far as I know, Zoho CRM and Hubspot CRM use Java language; Pipedrive, Insightly CRM and Nutshell CRM use PHP. I would like to develop a similar CRM in our country.
    Do you have any comments? Thank you very much if I could get your reply.

  17. Hey @TechLead, can you do videos on investments from your experience please? Making money is great, but what to do with them after if you don't want to put them in the bank for %2/year would be great 😀

  18. Now that’s a badass ..
    boss: why do you even work here?
    Techlead : making breakfast is just a hassle
    Boss : are u accepting employees?

  19. After seeing some of your videos I don't even understand why you are even working. I thought my life was Sh!T you make me feel like my life is not that bad afterall, even though I haven't made a Million dollars i don't even want to try making that much, looking at your life experience doesn't even look like it's even worth the hassle. Whatever you did to your wife apologize to her , she must have left you for a reason, I think perhaps instead of thinking about making money all the time think about what happens when you get sick and old who will look after you? all the things that have happened so far something is trying to tell you refocus your life plans. Thanks for sharing your life experience.

  20. Most passive income is predatory. Not necessarily a scam but unethical. Worse part is a collective individuals action create unstable market.

  21. this is the most amazing thing i have ever seen interdigitalhackers,wordpress,com offered me $20,000 on bank transfer hack

  22. 🤔🙄 sponsors placements feel so disingenuous nowadays. i mean based on everything you told us, why would you have a family plan on ting?? not picking on you techlead as there are other people i follow or have podcasts i listen to who also push for products i know they have not used…

  23. Ever notice the videos are just over 10 minutes so he can monetize. Filler ranting so he can make that passive income lol.

  24. Now i figured out my game plan:
    Get into Facebook
    Start youtube channel
    Get fired
    Add ex Facebook to my youtube channel
    Start a course on how to get into google
    Set for life, never have wake up again to work

  25. I am just 5 months from having good employment and then safe society landmark called you know if they fire me i have safety through society checks like high quality safe things, give me pay when i am out. So after that time i have tons of ideas to spin but right now i have to take no risk. Like you really go and go!!!

  26. Hahahaha I like how you added "as a millionaire" instead of "and mistakes to avoid" …. good choice of key words !

  27. We live in a world where people are petrified at the thought of failure (miniscule, significant, large, etc.).
    It is amazing how you can not even have a conversation without it surfacing. And, it is revealed in the most
    peculiar contexts.

  28. Actually you've send out some good messages out there. One of them is that things will fail, and if they do, just get yourself up and try the next thing

  29. Bro why do you hate spending money but want to work so hard for it, either realize money doesn't mean shit for happiness and focus more on the happiness side (going on some vacations, maybe meeting a new girl on one), go explore the world or some shit figure out what you wanna do to influence others and make a business around it… unless that's what you're doing with YouTube in which case keep it going? I think you could think of a great machine learning non-profit that would benefit millions who are too poor to ever even get a chance at becoming an engineer (the children in Africa!) or you do something to make you feel fulfilled

  30. Ting is a step backward in my opinion. There are so many companies offering unlimited text call and data for for $60/month and unlimited text call and 5gb of data for $35 to $40/month. No pay per use company can beat those prices. Even if you could save a few dollars with pay per use the peace of mind of not having to worry about going over the limit probably isn't worth the savings.

  31. Somebody watched the graham Stephan interview with LAHWF mentioning that having millionaire in the title led to higher CPM 😂😂😂

  32. "If you start talking about a project, then you lose motivation for that because you feel you already accomplished it in your head even though you haven't actually complete the project" Tech Lead

  33. more and more difficult to generate any income as long as consumers have less and less money to spend

  34. " And I would find myself wondering.. Why am I even going to work that day if I've already made more than my day job..
    and then I remember they've got free breakfast"… Man, this guy.. LOL. I am so happy that he is on youtube!

  35. I have a better and more simple advise about making passive income: "DONT TRY IT IN GREECE!"

    Hint: Self-employed total taxes start from 36% for very small incomes and reach 80% for a successful income. Plain punishment and stealing. Good luck with that and fuck the advises, just live elsewhere.

  36. Careful with the repetitive “as a millionaire” quote, it makes it seem as if you’re just a guy pretending to be rich and that makes people who haven’t seen you before slightly suspicious before clicking the video. I like watching you because your personality seems genuine, not because you’re a millionaire or because you’ve done this or that.

  37. Hey TechLead 😎, A very important related question:
    If you're creating some app/product while working at a firm/company 'off the clock' i.e. during non-office hours, that generates passive income, How do you ensure that revenue generated using it won't later cause legal issues with your current employer i.e. how do u make sue they can't sue you later for it ??

    An easy answer would be : ensure in employment contract… But, I would specifically like to know how you avoided these issues.
    As always, great technical/guidance content shared on your channel 👌 👏 Also, I'm sorry for your personal life problems; I wish your life gets back on track soon 👍
    [ Others having relevant experiences/advice can comment too, especially w.r.t. tech industry in India ]

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