8 income streams for 2024 (passive income strategy)

hey guys welcome to silicon valley girl when i first came to the us and started talking to people and started watching online youtubers they've all been talking about passive income and i was like as a person who has no idea about passive income how do i build that so in this video we're going to dig into different sources of income we're going to dig into how you can build them i'm going to give some back story about how i was managed to build some of the different income streams and hopefully by the end of this video you will have a strategy for yourself how in 3 5 10 years a portion of your income can be passive now something i really want you to start with is actually to think about how much money you actually need a lot of people when you ask them like if you asked me five years ago marina how much money would you ideally need i would say oh my god maybe like 200 million or 300 i don't know even why but when you start calculating what you actually need like oh i want to live in this place this is the average cost of the house it's how much i would need in taxes this is what i want for my kids etc you end up with a sum that is a lot more moderate and is a lot more achievable when you set goals that are super huge without breaking them down into smaller steps sometimes it's really hard to achieve them and of course it also applies to financial goals so please please please be realistic one of my financial goals is to have 2.5 million dollars invested because if it's invested at seven percent that means 175 000 a year in passive income in case i want to sell this growth portion and you know i can always go and live somewhere in thailand or in a country that is cheaper than california and feel great and live on my passive income so this is something that i have in mind that i really want to build uh soon now let's dig into different sources of income that you can have number one is of course income that you make by working nine to five and again it is totally fine i don't like how people victimize every employee who works for a bigger company it's great that you have insurance it's scary that you have some kind of stability because if you're an entrepreneur or youtuber you depend on the algorithm and whether people are buying from you or not and you can get cancelled yes of course there are things that happen to you if you're an employee but anyways earned income is something you work for it's not passive at all it is income that is taxed at the highest bracket uh in most of the countries in the world so basically it's money you get from your job nothing special but the passive income you can start building when working for a company it's your retirement plan but you can access it only later in your life but at least there is something that you can start doing even if you do 905 job with zero money left after you spend your salary now business income is something that excites me the most i know about you guys but for me like i like that there is no cap i like that if you're building a business yes your revenue can be zero one day but the other day it can go really really high and i like this flexibility i like this freedom now when i was a kid my mom was running a small like a medical center like a private doctor stuff and i was like but mom doesn't having your business mean that you you know set everything up and then you chill because my mom was working nine to nine every day because every day something went wrong somebody would quit or somebody would come in and they would call an ambulance because they were really sick to just visit them like some something happened every day and this was the time when i realized business is actually very active income unless you build a system that works for you and here it's really important to note something when you as a founder are active in your business uh it grows a lot faster we have seen and we know a lot of stories when the founder quits even for bigger companies like apple right steve jobs quit and yes they've been updating products but there hasn't been like this tremendous innovation where he created iphone or when he created ipod it was like this whole new world without the founder without the visionary the company can continue growing but it's going to be slower and it's very rare when somebody is able to form a management that takes the company to like the huge next level and for example speaking with my own experience we were able to build a team that would continue working on products that would continue making sure we have growing revenues but it is only us as founders when we come in and say like hey we need to come up with a new app we need to come up with a new product so i would say my business for me it is more passive right now well first of all because my husband took over the operations but also because we have a very strong team but it doesn't mean it's 100 passive income and of course depending on the type of business there are different types of income you could be like my mom of running a service business you could be a youtuber running a business and i would say google ads adsense i would qualify more as uh royalties again i wouldn't i i'm kind of tempted to call uh google adsense uh passive income because i'm creating videos and i love what i'm doing and i get paid for it isn't that amazing but also understand if i stop doing videos on youtube it would stop completely like at some stage it's gonna last for maybe a year a year and a half but then it would stop so it's slightly passive and business ranges from like being really really active in your business to being involved like five percent being on the board of the business we're gonna pause for a quick ad here and then i'm gonna continue describing what other types of passive income you can build in 2022. one of the most exciting products that i've created that is super kind of passive in terms of my involvement is actually a book and it could be like a pdf or a workbook whatever you call it and it doesn't have to be like a book where you have all the text for example the books that i've created have different templates for planning your day or a template for building your vocabulary as a language learner so there are many things you can do without actually you know writing 300 pages and bookbot a company that is sponsoring today's video helps you find profitable niches for books on amazon so they basically would help you identify the niche that would resonate with you but wouldn't also require you to like spend three years writing an actual book because they're gonna help you with producing a low content book by the way selling books with amazon is really easy you upload your book to amazon kdp platform and then when somebody buys it amazon will print it for them and ship the book to them so you don't really have to invest in the inventory and when the buyer receives physical book amazon kdp would pay your royalties because you're the author