Imagine making 6000 dirhams a week from something you did 7 years ago!
I was listening to a podcast recently and a coach named Craig Ballantyne shared how his YouTube video about burning belly fat has been getting so many views since COVID-19, that he’s making 6000 dirhams per week from the monetization. And the video was created in 2013! This is an amazing example of passive income.
Craig created an asset – a valuable digital product (video), that he can sell again and again and again, without any additional work. He put in the time and effort up-front and is now reaping the benefits of his labour.
What can we learn from this? Here are 3 things to think about:
How can you create an asset that will generate income without requiring your ongoing time or effort? Is there something of value that you could offer the world that could be sold again and again and again? An asset is something that generates income – it brings money into your life. You could buy an asset, but even better is to create an asset. What do you have to offer that the world would pay for?
Attention is a Product
The people watching Craig’s video aren’t paying him with their money, they are paying him with their attention. They are giving him 5 minutes of their time, and Craig is able to SELL his viewer’s attention to advertisers on YouTube. If you create something interesting, entertaining, informative…you can attract people’s attention. And in our digital economy, attention is a product you can sell.
Strive for Evergreen
When considering what kind of asset you should create, aim for something that will be relevant for years to come (evergreen). A video that explains how to use an iPhone 4 or a parody of Breaking Bad would have been relevant in 2013, but no one would watch it in 2020. However, people will always be looking for tips on losing belly fat – Craig’s video is just as relevant now as it was seven years ago.
Most people begin earning money by trading their time and effort: they go to work and they get paid. But if you desire more freedom in your life, creating assets is one of the best ways to separate your income from your time and effort.