AFFILIATE MARKETING
7 Passive Income Entrepreneurs That Are Profiting Right Now in 2023
Calling all hustlers and dreamers! If you’re wondering if it’s truly possible to make money while you sleep, the answer is a resounding “YES!”
In fact, there are a whole lot of savvy entrepreneurs who are doing it right now, and they’re killing it. Even better, once you set up a passive income stream, the sky’s often the limit to how much you can earn.
Do passive income streams appear overnight? No.
Do they often require a lot of upfront work, and the benefits are reaped later? Absolutely.
So, who’s doing it best?
Let’s dive headfirst into the lives of 7 entrepreneurs who have mastered the art of generating passive income.
Keep reading for the smart, strategic, and surprising ways they’ve turned their side hustles and businesses into moneymaking machines.
1. Greg Gottfried
This online entrepreneur has built a portfolio of businesses that are bringing in up to $160k per month, which is over a million dollars per year.
Greg earns this money through five different income streams.
His first gig is a high-yield savings account, so the interest he earns is a passive income stream. This is a common theme among online entrepreneurs.
His second gig is a print-on-demand t-shirt business using Redbubble, Amazon Merch on Demand, and Teepublic. He uses the same designs across all platforms and earns a commission every time a t-shirt with his design is sold.
His third income stream is affiliate marketing. By promoting companies’ products on his websites and social media, he earns a commission every time he makes a sale through his referral link.
His fourth income stream is online courses on two platforms, Udemy and Skillshare, and his fifth stream is his YouTube channel, where he earns ad revenue.
What happened when he took two years completely off work to let his businesses run themselves?
He earned over $700k in the first year and over $800k in the second year…
2. Ali Abdaal
Ali is also killing it online, taking home over $27k per week. In 2022, he earned over $4 million.
He has carefully developed multiple passive income streams, though his biggest is YouTube, the platform where he rose to fame over the last 6 years.
He earns passive income through YouTube AdSense, Amazon Associates, and other affiliate programs, YouTube sponsorships, podcast AdSense and brand deals, his email newsletter, Instagram and TikTok, merch, digital products like website themes, classes on Skillshare, self-hosted courses, and cohort courses.
3. Matt Parr
Matt has been building up his portfolio for a decade, and today, he’s earning up to $37k per week in passive income and 7 figures a year.
He created his first YouTube channel when he was 14 years old. Two years later he reached his first million views, and a year later he had 100k subscribers.
In 2018, he started outsourcing the content and scaling the business. As of 2019, he runs more than 12 different YouTube channels, earns up to $37k per week, and works less than 3 hours a day.
His channels range in niche from animation to top ten lists.
Today, he has branched out to teaching and offers courses on YouTube monetization and faceless YouTube automation.
4. Rose Han
Rose is a passive income entrepreneur, bringing in $60k each month. She did this by building up several income streams over the course of 2 years.
She earns a portion of her money from a combination of dividends, options trading, interest from a high-interest savings account, and property rentals.
As for her online strategies, she’s earning from YouTube, Amazon Affiliates, and other affiliate marketing programs, and the online courses she created.
5. Charlie Chang
Charlie is earning over $120k per month from his multiple passive income streams.
Although some of his income comes from the real estate brokerage that he created, his side hustle as a mortgage loan originator, and stocks and crypto, he has other projects that anyone can start.
He entered the eCommerce game by creating and selling products through Amazon FBA. He currently has six products created in China and shipped directly to Amazon’s warehouses.
His three YouTube channels bring in passive income in two ways: affiliate marketing and YouTube AdSense.
Charlie also has brand deals and sponsorships on his YouTube channel, TikTok, and Instagram, meaning that companies pay him a flat fee to promote their products.
He recommends online education as a way to monetize your skills, just like he does with his course on how to succeed on YouTube, which is a growing moneymaker.
6. Noah Kagan
Noah Kagan is a serial entrepreneur earning 8 figures a year.
If he stopped working tomorrow, he would still earn over $350k a month.
But how?
Like other entrepreneurs, Noah has multiple passive income streams working behind the scenes to bring him a big fat check at the end of the month.
While some of those are related to AirBnB and crypto, he also has more accessible streams.
They include his monetized YouTube channel and his digital products. In particular, he’s earning passive income from two products he created 8 years ago: a Kindle book and a “How to Make Money” course.
He also earns from his blog and email list, but his biggest earner?
Developing his own software products.
His products, such as SendFox, are earning him $230k per month. As Noah says, once you build the software, it doesn’t cost you any more to issue it to more people, which makes it a low-maintenance stream of income with a lot of potential for profit.
Noah also built an $80k per month business called AppSumo.
Although there’s a ton of work upfront that goes into building a business, he has been able to be hands-off for years, letting other people run it and cashing in at the end of the month.
7. Pat Flynn
Of course, no list of online entrepreneurs earning passive income would be complete without the OG: Pat Flynn.
Pat originally lost his job back in 2008, which led to his entry into the world of online business. He started out by creating a website to help him prepare for an exam. When traffic to that website exploded, he realized he was on to something.
Fifteen years later, Pat has built an empire that includes his website and podcast, Smart Passive Income, which has become a go-to resource for people looking to follow in his footsteps.
Over the years he has built countless income streams that make money while he sleeps, including YouTube channels, courses, niche sites, affiliate marketing, software and app development, sponsorships, and everything in between.
His estimated annual earnings are more than $13 million.
Start Your Business Today
So, what’s the takeaway?
Anyone ready to hustle can set up a passive income stream or multiple ones!
Whether you’re thinking about creating e-books, an eCommerce store, a dropshipping business, or a YouTube channel, the possibilities—and earning potential—really are endless.
Then, you make your income streams passive. At the end of the day, it’s not about working harder; it’s about working smarter.
The sooner you get started, the sooner you can reap the rewards.
AFFILIATE MARKETING
Most Employees Are Secretly Using AI Tools At Work: Report
Most people are using AI at work, whether their bosses know about it or not. Meanwhile, company leaders are simultaneously looking for non-technical talent with AI skills.
A new joint report from LinkedIn and its parent company Microsoft released Wednesday revealed the almost contradictory state of AI at work, as employees discreetly use AI tools and employers seek out candidates with those skills without the majority investing in internal training or tools.
The survey took in responses from 31,000 people across 31 countries between February and March drawing from research that Microsoft conducted with its Fortune 500 customers to add an employer dimension to the survey.
Company leaders showed in the survey that they overwhelmingly favored job candidates with AI skills, even non-technical talent that could use generative AI like ChatGPT.
In the report, 66% of the leaders stated that they would not hire someone who didn’t have AI skills and 71% said that they would probably hire a less experienced candidate with AI skills over a more experienced one without them.
Related: These 4 Words Make It Obvious You Used AI to Write a Paper, According to New Research
Despite employer demand for AI knowledge, lower percentages have provided AI training (39%) or invested in AI tools (45%) for employees.
Regardless of whether employers provide training, more employees than ever have adopted AI tools and are reaping the productivity benefits, even as they fear losing their jobs to the technology.
Three in four knowledge workers, defined in the study as employees who work from a desk, use AI to help get things done at work. The main reason 90% of these respondents reported using AI was to save time.
About half of the group (46%) that use AI recently started using it, within the past six months, and the majority of them (78%) are using AI tools at work “without guidance or clearance from the top.”
At small and medium-sized companies, the percentage of workers taking this “bring your own AI” approach is even higher: 80% of employees use AI discreetly, without a go-ahead from higher-ups.
The trend applies across generations — 73% of boomers and 85% of Gen Z reported using AI tools not provided by their companies.
Related: JPMorgan Says Its AI Cash Flow Software Cut Human Work By Almost 90%
At the same time, about half of the employees (45%) said they were worried that AI could replace their jobs.
Companies, like $7 billion “Buy Now, Pay Later” Klarna, have indicated that AI would pick up the responsibilities of laid-off workers. Klarna stated in February that its AI chatbot “is doing the equivalent work of 700 full-time [customer service] agents.”
The reason why employees are turning to AI tools, despite fears of AI replacing them, could be that they are dealing with higher workloads. The majority surveyed in the report (68%) stated that they find it hard to keep up with the amount of work they have to get done. Nearly half (46%) report feeling burned out.
“The data is clear: People are overwhelmed with digital debt and under duress at work— and they are turning to AI for relief,” the report reads. “The opportunity for every leader is to channel this momentum into ROI.”
AFFILIATE MARKETING
Panera Discontinuing Charged Lemonade Drink After Lawsuits
Panera’s Charged Lemonade has been under fire from consumers and regulators after lawsuits alleged the highly caffeinated beverage has been the source of long-term health problems and even death.
Now, the chain has decided to phase out the drink as a part of overarching menu changes.
RELATED: ‘100% Should Be Illegal’: Woman Exposes Jaw-Dropping Amount of Caffeine in Panera Lemonade
“We listened to more than 30,000 guests about what they wanted from Panera, and are focusing next on the broad array of beverages we know our guests desire — ranging from exciting, on-trend flavors, to low sugar and low-caffeine options,” a spokesperson for Panera told CNBC.
According to Bloomberg, Panera will begin discontinuing the drink within the next two weeks and replace it with a “broad array of beverages” featuring a blueberry lavender lemonade, a pomegranate hibiscus tea, a citrus punch, and a tropical green smoothie.
The beverage was at the center of three major lawsuits, two of which were filed on behalf of the families of 21-year-old Sarah Katz and 46-year-old Dennis Brown. Both died after allegedly consuming the Charged Lemonade, citing pre-existing medical conditions.
Another lawsuit filed in January claimed that 28-year-old Lauren Skerritt developed long-term heart problems as a result of consuming two and a half of Panera’s Charged Lemoandes.
“You put an innocuous product like lemonade in an innocuous bakery-cafe like Panera, what reasonable consumer is going to be thinking that they’re drinking, essentially, three Red Bulls?” said Skerrit’s lawyer Elizabeth Crawford at the time. “Everything in her life has been altered because of this situation.”
Per Panera’s nutrition information, one large 30 oz. serving of the Charged Lemonade contains 390 mg of caffeine in addition to guarana extract, a natural stimulant.
Related: Panera Sued: Alleged Charged Lemonade-Related Heart Issues
According to the FDA, the maximum amount of caffeine that the average adult can safely consume per day is 400 mg, though the average adult consumes about 135 mg of caffeine daily.
Panera did not immediately respond to Entrepreneur’s request for comment.
AFFILIATE MARKETING
Jack Dorsey Exits Bluesky Confirms on ‘Freedom Technology’ X
Jack Dorsey, co-founder and former CEO of X/Twitter until he resigned in 2021, has left the board of X rival Bluesky, a decentralized social media network he helped create, fund, and promote.
Bluesky started as a small research project within then-Twitter in 2019 and became its own platform in 2022. The company’s goal is to create a common operating standard for social media platforms so that apps can work between them. It works a lot like Twitter, which it was designed to replace.
Dorsey has been on Bluesky’s board since the platform split from Twitter, now X, two years ago, but took to X on Saturday to simply write “no” when asked if he was still on the board.
no
— jack (@jack) May 4, 2024
He also posted and pinned: “Don’t depend on corporations to grant you rights. defend them yourself using freedom technology. (you’re on one)” on the same day, deeming X “freedom technology.”
Jack Dorsey. Photo by Joe Raedle/Getty Images
On Sunday, Bluesky posted an official statement on their site thanking Dorsey “for his help funding and initiating” Bluesky. The company stated it was looking for a new board member “who shares our commitment to building a social network that puts people in control of their experience.”
We sincerely thank Jack for his help funding and initiating the bluesky project. Today, Bluesky is thriving as an open source social network running on atproto, the decentralized protocol we have built.
— Bluesky (@bsky.app) May 5, 2024 at 4:11 PM
Dorsey also reportedly unfollowed over 2,000 people this weekend and weighed in on government surveillance.
Related: Jack Dorsey Blasts Mark Zuckerberg Over Threads Follow Request: ‘Too Soon’
He now follows just three people on X: Elon Musk, Edward Snowden, and Stella Assange.
The seemingly public approval of X is a change of tune for Dorsey, who openly called out Elon Musk’s leadership of X last year.
Dorsey also founded the fintech conglomerate Block, which the Department of Justice is currently investigating after a former employee alleged compliance issues.
Dorsey mainly dismissed the news report at Block’s earnings call last week.
Related: ‘Should Have Walked Away’: Jack Dorsey Says ‘It All Went South’ After Elon Musk Took Over Twitter
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