In 2016, the author was juggling two jobs as a senior web developer and an adjunct professor while also working as a freelance web developer on the side to make ends meet. With little knowledge about business at the time, he has since built over 10 passive income streams, including e-commerce brands, a YouTube channel, and an online school, generating around $49,000 a month in passive income. Through this journey, he has gained valuable insights on how to create a profitable company and has debunked three common myths about building successful side hustles and passive income streams.
The author emphasizes that the belief that one needs to spend money to make money is a common misconception. By utilizing the print-on-demand business model, he was able to start his side hustle on Amazon in 2017 for $0 and expand it to platforms such as Etsy, Walmart, and eBay. With print-on-demand, he sells custom-designed items like t-shirts and coffee mugs without paying for inventory upfront. Instead, he only pays a printing company after a customer places an order, allowing him to keep costs low and generate profits.
Another myth the author debunks is the idea that passive income can be earned without putting in the work. While there are ways to generate passive income such as dividend investing, building passive income streams typically requires time and dedication. Despite having to put in early mornings and late nights into his side hustles, the author acknowledges the importance of discipline and delayed gratification in achieving success. Although he remains involved in the management of his businesses, he highlights the possibility of stepping back from day-to-day operations once a desired income threshold is reached.
Contrary to the misconception that a team is essential for running a successful business, the author shares his experience of managing his ventures independently. Leveraging the availability of various tools for entrepreneurs, such as MyDesigns which automates design creation and product listings, he has been able to streamline his processes and boost productivity. By strategically utilizing these tools, the author has been able to stay on top of his workload while also allowing himself the flexibility to step away from work whenever needed, enabling him to lead the life he desires.
Having transitioned from his previous roles as a web developer and adjunct professor to focus solely on his e-commerce business, the author now shares his knowledge and experiences through his YouTube channel to help others earn passive income using “Ryan’s Method.” His advice includes the importance of continuous learning, dedication, and leveraging technology to optimize business operations. For those looking to explore additional income opportunities beyond their day jobs, the author offers valuable insights and practical tips to get started in the world of passive income and entrepreneurship.
To further support individuals interested in creating passive income streams, CNBC offers an online course titled “How to Earn Passive Income Online” which covers common passive income streams, tips for getting started, and real-life success stories. By registering for the course, participants can gain valuable knowledge and guidance on building successful side hustles and generating passive income. Additionally, by signing up for CNBC Make It’s newsletter, subscribers can receive ongoing tips and advice for achieving success in work, managing finances, and enhancing overall well-being.
