#Passive income strategies how to

She invested her time before making significant money She spends maybe an hour a week keeping things up to date, but 99% of the legwork is already done, she said. 'I keep them updated, but, really, there's no work that I have to put into it.' 'To this day, it's the most passive of my passive income streams,' she said. Instead of actively meeting with clients, she - with other lawyers - created ready-to-use legal templates for business owners, part of a product she calls ' the legal bundle.'Ĭustomers can buy the templates whenever, but Kullberg doesn't spend a lot of time creating them anymore. While building her personal-finance YouTube channel, Kullberg put her legal expertise to use and founded Plug and Law, a legal-services company. 'Now it brings in thousands of dollars each month completely passively for me.' She founded a legal-services company Different from other YouTube courses, Kullberg's is specifically directed at professionals who want to use YouTube as a part of their business.

#Passive income strategies how to

Kullberg's personal-finance channel has existed for a little under two years, but it's already extremely successful financially and in terms of views and subscribers.īecause of this quick mastery, Kullberg created a self-paced online course teaching others how to do the same. She created a course teaching others how to build successful YouTube careers Right now, her channel makes her over $100,000 a year, according to documents viewed by Insider. She also partners with brands and earns money through sponsorships, though this income usually isn't recurring in the same way ad revenue or affiliate marketing might be. Similar to her videos, once she puts the effort into sharing the video featuring the product, the income it can generate keeps coming. When she shares links to products or services she uses, she earns a commission on them if others make a purchase. Kullberg also earns passive income from her YouTube channel through affiliate marketing. 'I put in the time to make that video in December, then April, May, and June of this year, it was making me thousands of dollars,' she said. When she first posted it, it was making her 'a couple hundred,' but now the video generates her thousands of dollars in ad revenue. 'It didn't go viral until months after I posted it,' she said. Seven months ago, Kullberg posted a video about quitting her corporate job despite earning a big income from it. Once any individual video is out there, she doesn't have to touch it again, but it can generate income for her for years to come. Kullberg earns ad revenue from every video she posts. Now that she has such a large audience, she's able to earn passive income from the endeavor.

Slowly, her channel grew to over 180,000 subscribers. While Kullberg is an attorney by trade, her passion has always been personal finance, so she started creating YouTube videos teaching others about the topic she loves. She built a YouTube channel that brings in 3 types of income 'There's a way to make money, and you don't have to actually trade time for it necessarily,' she said.Īccording to Investopedia, passive income is colloquially defined as 'money being earned regularly with little or no effort on the part of the person receiving it.'Īfter leaving her corporate job, Kullberg built up 12 income streams, many of which are now passive sources of money. 'All I've ever known in my life is active income 9-to-5, that's how you make your money for the rest of your career.'īut slowly, her mindset shifted.

She wanted the opportunity to work on her own schedule, spend more time with the people she loves, and have autonomy over her life. She'd been making six figures, but when her company wouldn't accommodate her during a family emergency, she knew she had to leave. Kullberg quit her corporate-law job a few years ago to build a life of freedom for herself. 'I never heard the term passive income, and I think, frankly, if I had heard it, I thought it sounded scammy,' she told Insider. These days, ' passive income' is a very familiar concept to Erika Kullberg, an attorney and personal-finance YouTuber who left her job as a corporate lawyer at a big firm to work for herself. By clicking ‘Sign up’, you agree to receive marketing emails from InsiderĪs well as other partner offers and accept our