How to Make Passive Income (Build Digital Assets)
Everyone should own digital assets and stop selling their time.
Unfortunately, many people have no idea how to achieve this. Everything besides 9-5 work and selling services seems like a complete scam, so they quit soon or don't even try at all.
What if I told you that 3 years ago I was thinking the same thing, but actually built multiple digital assets and now earn $30,000/month?
Today, I would like to give you a 5-step framework on how to build your first 5 digital assets even if you’re starting from scratch.
Let’s dive in.
1. Create content.
Turn your knowledge and expertise into valuable content for others. Try to find the content type you are comfortable with and start creating.
Write tweets, threads, posts, or even creating YouTube videos. Begin your journey allocating your knowledge into content pieces that can be spread across the internet.
By doing this, you will have your (asset 1) - content.
2. Build your audience.
Share your content pieces with the rest of the world and build your online audience. This will help you in so many ways, from building an email list to launching your first paid product. They will become your customers and some, even friends.
By doing this, you will have your (asset 2) - followers.
3. Create your lead magnets.
Turn your content pieces into larger resources and give them away for free.
These free products will serve as your lead magnets, helping you build your email list and providing more in-depth content to others. Additionally, they will provide you with data to determine which paid product you should create in the future.
By doing this, you will have your (asset 3) - lead magnets.
4. Build your email list.
Turn your free products into an email list-building machine.
Start promoting your lead magnets and plugging your newsletter opt-in page.
Move your followers to a platform that you actually own, even if it's a backed-up copy of all the subscribers. Even if your account were to be banned, scammed, or stolen one day, you would still have a list of everyone, which will be your biggest asset.
By doing this, you will have your (asset 4) - email list.
5. Create your paid product.
Use your free products as a guideline to create your paid one.
Solve bigger problems and make bigger impacts. Put all your knowledge into a single resource and finally monetize your time. Help people out, solve their problems, and get paid.
By doing this, you will have your (asset 5) - product.
Final words.
Let's imagine you actually took this as a sign and started taking action. One year later, you have 5 digital assets that can be leveraged to change your life. Simply by taking action, you have:
- Content (asset 1)
- Followers (asset 2)
- Lead magnets (asset 3)
- Email list (asset 4)
- Product (asset 5)
Combine these and you can easily make $10k/month or even much, much more. So take this as a sign and try. It will be a journey worth your time, I promise.
That's all for now.
Modest M.