In 2014, Charlie Chang graduated college amid a series of medical school rejections, prompting him to embark on a journey of career exploration. Over the subsequent years, he engaged in various money-making endeavors, including modeling, tutoring, and working as a real estate agent.
However, the turning point arrived in 2018 when Charlie initiated the creation of personal finance content on YouTube. Although this venture didn’t immediately generate substantial income, the landscape shifted during the pandemic in 2020. His focus on explaining stimulus and relief measures resonated deeply with his audience, leading to viral video success.
Taking advantage of this momentum, Charlie registered for YouTube Adsense to optimize monetization. This marked the inception of his passive income venture. By 2021, his revenue had reached an impressive $1.5 million.
In the present year, Charlie’s passive income stream has surged to an average of $114,000 per month. This income is derived from a blend of video content, online courses, and social media posts, solidifying his success in the world of passive income.
Meanwhile, he offers insights into launching businesses with minimal upfront investment, listing four options that can be initiated for $99 or less.
1. Affiliate marketing
Cost to start: $0
Affiliate marketing, as practiced by Charlie Chang, involves earning commissions by promoting brand products or services through various platforms like blogs, social media, and websites, with compensation linked to user link clicks or purchases.
While the advantage of this business model is the absence of content creation costs, the primary challenge lies in crafting focused content that effectively engages the intended audience.
In the scenario where Charlie begins a lifestyle blog, he leverages tools like Google Trends to collect data on prevalent searches within that genre. This data might unveil trends such as a surge in searches for “best hair brands.” This insight prompts him to consider creating content like blog posts or YouTube videos wherein he assesses and reviews different hair products.
For sourcing affiliate partnerships, Charlie employs management platforms such as Impact Radius, Partnerstack, and Share-A-Sale. Within these collaborations, he emphasizes three key factors:
- Partnering with reputable companies that offer high-quality products or services, enabling him to endorse items he’s genuinely proud of and reducing the likelihood of product returns.
- Prioritizing products with robust conversion rates, ensuring a significant number of users who interact with the product ultimately make purchases.
- Seeking deals that encompass a “cookie window” of 30 days or more. These cookies function as trackers, recording a user’s journey to clicking on a product link. They remain stored in a user’s browser for a specific period. If a customer who initially accessed a product through Charlie’s link makes a purchase within this cookie window, he receives proper attribution and compensation.
2. YouTube Adsense
Cost to start: $0
Charlie Chang reveals that over 50% of Adsense revenue is directed to content creators, with many of his older videos still yielding passive income.
However, prior to registration, building an audience is essential, necessitating a minimum of 1,000 subscribers and 4,000 hours of watch time in the preceding year for channel eligibility.
Charlie’s channel initiation sprang from a deep-seated passion for personal finance. When driven by genuine enthusiasm, the affinity for one’s niche fuels a commitment to producing high-caliber content. This fervor also facilitates a keen understanding of audience desires, a result of extensive consumption of related content. Augmented by tools like Google Trends, this insight proves invaluable.
For consistent growth, Charlie underscores the importance of frequent uploads. While presently maintaining a pace of three to four videos weekly, during the initial channel expansion phase, he even posted daily, underscoring the significance of sustained content delivery.
3. Digital products
Cost to start: $99 on Kajabi
The initial step involves identifying your teachable expertise, whether it’s copywriting through marketing skills, productivity leveraging organizational psychology background, or management based on leadership experience.
A recommended move is utilizing a platform such as Kajabi or Teachable for course hosting, as seen in Charlie Chang’s approach with his courses like the 6-Figure YouTube Academy and the Personal Brand Masterclass, both hosted on Kajabi.
To craft his courses, Charlie used Notion, an online organizational tool, outlining his instructional content. Filming took place within his apartment, facilitated by a tripod and camera. Modules were delineated, accompanied by supplementary materials like worksheets and PDFs, which were developed post-video production. Post-production, videos were edited and uploaded to Kajabi, which also offers campaign creation features.
Charlie designed informative landing pages describing course offerings and capturing visitor emails. Additionally, automated email campaigns were established, serving as reminders for potential sign-ups.
4. Renting out a room
Cost to start: Varies depending on your situation
Back in 2017, Charlie Chang and his sister made a significant move by purchasing a two-bedroom condo in Los Angeles. While Charlie occupied one room, the other was rented out for a monthly sum of $1,500, a strategy that persisted for two years.
Sharing living space with a roommate necessitates sacrificing some privacy, but for Charlie, the compromise was justifiable as it contributed to paying off his mortgage. Notably, Zillow facilitated the process by offering complimentary rental applications on their platform, complete with background checks.
For those disinclined to engage in extended rentals, the option of utilizing short-term platforms like Airbnb comes to the fore. This alternative permits listing one’s space for brief periods, like weekends or during personal absences.
Charlie Chang, an accomplished content creator and serial entrepreneur, is on a mission to enlighten individuals about personal finance and business. As a graduate of UCLA and the founder of StartupWise, he shares his insights on platforms like Instagram and YouTube.
Source: cnbc.com