Episode•April 25, 2023•12 min

Passive Income Ideas That Actually Worked For Me | Ep. 223

Are you looking for some passive income ideas that actually work? Looking to free up your time and make money while doing it? Well, I have tried and tested passive income ideas that actually worked for me! From creative side hustles to smart investments, I'm sure you'll find something that works for you. Tune in now and start building a different, more secure financial future. Expanded list of 40 Passive Income Ideas: https://moneytalkwitht.com/blog/passive-income-ideas/ Every Tuesday, Tiffany answers one of your submitted questions. To submit a question for an upcoming episode, visit here: https://www.moneytalkwitht.com/asktiffany This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

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Key Takeaways

1
High-yield savings accounts offer easy passive returns with minimal effort
Ally Bank currently offers 3.75% APY on savings
Best used for emergency funds since you can 'set it and forget it'
Online banks typically provide the highest rates due to Fed rate increases
2
Dividend investing creates recurring income from stock ownership
Companies share profits with shareholders through dividend payments
Dividends are paid on top of any stock price appreciation
Reinvesting dividends compounds returns over time
Host currently earns ~$30/year in dividends from portfolio
3
Content creation (blogging/podcasting) can generate multiple revenue streams
Started blogging in 2017 and podcasting in 2019
Revenue comes from ads, affiliate marketing, and sponsorships
Takes significant upfront work before becoming semi-passive
Successful bloggers have sold sites for multiple six figures
4
Affiliate marketing and referral programs reward authentic recommendations
Only promote products/services you genuinely use and believe in
Builds trust with audience and protects credibility
Can be combined with content platforms like blogs and podcasts
Referral bonuses can include monetary rewards or service credits

Intro

Tiffany answers a listener question about passive income strategies that have worked for her personally, drawing from her experience building wealth through various income streams.
Tiffany is a financial coach and host of the Money Talk with Tiff podcast, where she helps listeners build wealth through practical money strategies.

40 Passive Income Ideas Article Submit a Question

– High-Yield Savings Accounts

The easiest passive income option with no ongoing effort required. Ally Bank currently offers 3.75% APY, and rates have been increasing with Fed rate hikes.

I like to keep my emergency fund there because that means I'm not looking at it every day and at a site out of mine. I really forget about it sometimes.
– Tiffany

– Dividend Stocks

Companies pay shareholders additional money when they perform well. Host started paying attention to dividend-yielding investments after seeing 'dividend bros' on Twitter.

As of right now, I'll be making what about 30 something dollars in a year just from dividends, just for having my money sit there.
– Tiffany

Not investment advice - for educational purposes only. Dividends are reinvested to compound returns over time.

– Blogging & Affiliate Marketing

Content creation requires significant upfront work but can become semi-passive. Revenue comes from display ads and affiliate commissions when readers purchase recommended products.

Do not just promote anybody in anything. Make sure it's stuff that you actually believe in and stuff that you are familiar with and have used.
– Tiffany

– Podcasting & Sponsorships

Started in 2019, now generating revenue through podcast ads and sponsored segments. Host charged small fees for Black-owned business spotlights in February.

I've been blogging since 2017 and podcasting since 2019, and I'm just now starting to make some decent money from it.
– Tiffany

– Referral Programs & Niche Websites

Referral bonuses can be monetary or service-based (like free meetings). Niche websites can be monetized through ads/affiliates or sold to interested buyers.