Hi there Go-Getter!
My name’s Alex Balinski. I’m the founder of couple websites (Lifey, Prepare to Serve, Draw To Learn) and multiple YouTube channels. While I’m no expert at earning passive income online, I can honestly say I’ve been living entirely off of passive income for the past five years or so. Since quitting my job in 2012, I’ve had no other employment to provide for my family- and I’m the sole provider.
Let me share with you some things I’ve learned about earning passive income online. Hopefully something here will be helpful for you!
7 Things To Know About Earning Passive Income Online As A Teen
- Passive income is amazing! If you establish passive income for yourself, you will be very happy you did. Making $20K/year in passive income in my mind is just about as good as earning $75K/year at a normal job. Why? Because it frees you to do whatever you want to, whenever you want to.
- Generating passive income takes time. From my experience it often takes about a year of working on an online project full-time to start seeing substantial financial fruits (at least if you rely on getting website traffic from search engines, like Google or Bing).
- It’s a lot easier to monetize website traffic, than YouTube traffic. While it’s often easier to get more YouTube views than website views, it’s a lot harder to make money on YouTube views than website views. For one, YouTube’s CPM (money you make per 1,000 ad impressions) is very low- in my experience generally between $0.50-2.00. Also on YouTube it’s hard to make a lot of other money unless you’re super ambitious and acquire sponsorships personally. On the other hand, websites can be monetized via Google Ads, easy to set up ad network ads, Amazon affiliate products, etc.
- You can create huge resources by yourself. Any online resources you create can persist ongoing and continue to add value to people’s lives, even years after publication. Because of this, a one man team can with consistent effort over time can create incredible, vast resources. For example, I’ve created a pretty extensive video library about missions around the world, mostly by myself. It just takes hard work and time, and you can create things that are incredible. You don’t need to rely on a team- you can do it.
- Your imagination is the limit. When it comes to creating web resources, you can just about create whatever you believe is possible. The cost of website hosting is virtually free and if you’re creating YouTube videos, you don’t even have to worry about paying for hosting- YouTube takes care of that. Also, when it comes to monetizing your website, your imagination is the limit. If you think it might work, test it and it very well may work.
- Testing is the key to success. Working hard, pumping out tons of content and testing is the key to having success online. If you thoroughly test 10 strategies to make a living online, one or two of them is bound to work. And all it takes to have a successful online business is to have one or two things that work really well for you.
- A sense of purpose will get you through the tough times. Starting an online business can be very difficult at times. If you have a strong sense of purpose, that sense of purpose will fuel you through the difficult times. Currently I’m working like a hound dog on our Lifey project. Lifey doesn’t currently generate much income at all, but my deep sense of purpose to serve humanity drives me to work day in and day out, as I try to get initial traction.
Well, I hope that was helpful to you! I love web entrepreneurship, and now that I’ve had a taste of it, I can’t imagine going back to the traditional workplace.
I wish you the best in your endeavors. If you wish to follow me in my endeavors, feel free to check on our Lifey.org website in a few months and our Lifey app should be launched (I think it’s going to change the world).