Tag: how to make money

ClickFunnels 2.0 Released — And There’s Just Not Much There

by Peter PruClickFunnels Training / Systems & ProcessesLeave a Comment on ClickFunnels 2.0 Released — And There’s Just Not Much There

 We know our Empire Builders have been eager to see what’s in store for ClickFunnels 2.0, and we’re here with an overview. Unfortunately, there’s not much to see, as not a lot has changed. Despite pressure from users, ClickFunnels did not lower their pricing — which, as of December 2022, stands at:

  • Basic: $147/mo
  • Pro: $197/mo
  • Funnel Hacker: $297/mo

What’s New in ClickFunnels 2.0?

With the exact same prices that were already pain points for most users, how does the new ClickFunnels release stack up in terms of features and usability? We’ll start with a breakdown of the ClickFunnels 2.0 membership tiers.

Basic Plan

The basic membership gives you one website with 20 funnels, one admin user, and one domain. It also comes with three “courses” (which are not ClickFunnels training resources but are instead courses for the user to host on the platform). These courses only come with 1,000 students — only enough for low-ticket items, like free promotional courses.

You also get only 10,000 contacts and “basic analytics.” The latter is a huge disappointment. The following features, at least, are unlimited:

  • Workflows
  • Pages
  • Products
  • Email sequences

All in all, it doesn’t make much sense for approximately $150 a month.

Pro Plan

Peter Pru discussing plan options for ClickFunnels 2.0

The ClickFunnels Pro plan still only gives you a single website. Funnels jump to 100, and you’re allotted five admin users, three domains, 15 courses, and 10,000 students. Contacts remain quite limited at only 20,000, and you get the same four unlimited features as in the Basic membership. The analytics for the Pro plan are also exactly the same as you get with the Basic membership!

If you wanted to help people be successful on your platform, wouldn’t you want them to have the best analytical tools? In our opinion, all ClickFunnels users need to be able to look at their funnel stats to improve decision-making and know how to tweak their funnels. Instead, good analytics are being used as a selling point.

Users should have the best analytics as they grow, which would help them learn new sales funnel strategies and ascend more naturally. You’d think ClickFunnels would want that because then their users will increasingly need more websites and funnels as their talent improves. Instead, users only get high-quality analytics after they’ve probably already mastered the skills analytics would have helped them learn faster. Holding out on high-quality analytics seems like it only hinders users’ success and growth.

New features on the Pro accounts include:

  • Affiliate program
  • API access
  • ShareFunnels (previously only in the top-tier plan)
  • Liquid theme editor
  • CF1 Maintenance Mode plan

ShareFunnels

Moving ShareFunnels down a plan is a welcome change and created a bit of a buzz — but it’s not a strong selling point. While I’ve been one of the biggest supporters of ClickFunnels and one of their top affiliates for a while, I’ve also been hoping they would make some of these “top-tier” features more accessible at the lower levels. That’s where they would actually do some major good for users.

ShareFunnels drove every single affiliate sale of mine. But now, ClickFunnels is milking a little more money from their affiliates. The affiliates are being screwed over a bit because ClickFunnels knows the ShareFunnels link is the most powerful affiliate-generating feature.

Once you’ve built a beautiful funnel you’re proud of, you’ll naturally want to share it with others and use it to earn affiliate commissions. Well, that’s a privilege that requires being on the $200/month plan. Like the analytics, ShareFunnels should be all the way down on the Basic plan — which, for what it is, shouldn’t even be $150.

Hard Decisions for New Business Owners

You’d probably be better off just using sales funnels on Shopify and bundling Zipify instead. The main thing is that these are brand-new business owners, just starting an online business, and $150 is a lot for basic features. When their operations start picking up after a month or two, they’ll be locked in and require an upgrade. It’s just like Shopify, where it’s, “Start your own business! For just $30, you can change your whole life!!”

No, it’s not, and you won’t. You won’t even be able to build a functional website for that, and there are easier ways to make money without a website. These kinds of arrangements attract people who don’t know what they’re getting into yet. They don’t realize how much actually goes into running their store, how many apps they’ll need, etc. Then, it starts piling up as they become inundated with add-ons and apps (and bills) they didn’t know they required until it’s too late.

It’s the same thing with ClickFunnels. You’ll need at least the $197 or $297 plan, and it’s most likely the latter because you need the analytics; looking at your stats to make better-informed decisions is the most important part of eCommerce. Shopify also becomes way more expensive once you’re already involved, at which point you’ll need tons of other apps to build a functioning, profitable website.

It just seems crazy to keep such fundamental things out of reach while using basic, fundamental features as selling points.

Funnel Hacker Plan

For $300, ClickFunnels gives you three websites and unlimited funnels. You also get 15 admin users (why are admin users included in offer stacks, anyway?), nine domains (which seems random), and marginal increases elsewhere. While you do get 200 courses, that only come with a capacity of 20,000 students — which is absolutely nothing. People just coming into this don’t realize 20,000 students is hardly anything, especially when using a funnel to sell higher-priced items.

Finally, they give you their advanced analytics. The Funnel Hacker plan also comes with the same Pro account features listed above, and…. that’s it! That’s all they’re going with.

Out of all my connections in this community, the people I’ve seen promoting this are only pushing their affiliate links. I don’t think they’re actually using ClickFunnels 2.0, but who knows?

Lastly, you get a bit of a discount if you make an annual payment.

Community Feedback

Peter Pru discussing the recent release of ClickFunnels 2.0 and analyzing the value

There were some insightful comments about ClickFunnels 2.0, including speculation that ClickFunnels is trying to increase valuation and sell to private equity. We thought that at first, too. But now, I think they just want fewer customers at a higher price point. But I don’t see why people would get into ClickFunnels right now.

Besides the whole “culture” behind it, there really isn’t a reason to join ClickFunnels 2.0 — and if ClickFunnels took their product to Silicon Valley investors, they would absolutely be laughed at. It’s just not good compared to Shopify or almost any other online sales platform. They spend so much time selling courses, coaching, “masterminds,” and all this other stuff… Why don’t they just spend that time building better software?

That said, I’m still a huge supporter of ClickFunnels 1.0. Many people have been using ClickFunnels 1.0 and will keep using it. I’ll probably never cancel my ClickFunnels account because it has so many memories for me, and we’ve created tons of ClickFunnels training and templates (including a template specific to high-ticket products). I think a lot of people are going to stay on ClickFunnels 1.0 rather than upgrade.

With software such a commodity now, you have to compete on price, and people are still very upset about ClickFunnels 2.0 prices. It feels like they’re doing nothing in the interest of helping newcomers sell more easily, especially with so many new online sellers just starting out.

Naturally, people are asking what better alternatives exist. Personally, we like StoreFunnels.net. For $69/month, you can build stores and funnels. Also, they support email marketing fully in-platform. We get a lot of support from Store Funnels users.

Final Thoughts on ClickFunnels 2.0

New dropshipper trying to decide if ClickFunnels 2.0 is worth the price

Unfortunately, there’s just not much to say about ClickFunnels 2.0. Having seen great things from them in the past, we wish there was much more to look forward to, but that’s our assessment. We want to know what you think about ClickFunnels 2.0. Are you sticking with ClickFunnels 1.0, or are you going to use the new version? Reply down below, and let us know your thoughts, as well as opinions about any alternative funnel platforms.

This is an open forum for us to have good discussions that support each other and improve our online selling strategies. Be sure to check out our exclusive funnel-building webinar, which you can access today, and you’ll also receive our free $100,000/month funnel template. You can also check out our YouTube channel for more tips. We’ll see you soon with more sales funnel and online wealth-creation tips — and until next time, remember: your empire starts now!

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Why Your Shopify Dropshipping Store Isn’t Making Sales

by Peter PruProduct ResearchLeave a Comment on Why Your Shopify Dropshipping Store Isn’t Making Sales

If you find that you’re not making the kinds of sales you want to with a new or existing Shopify dropshipping store, one of the most common reasons why your Shopify dropshipping store isn’t making sales is because you chose the wrong product to sell. To boost your sales and get better results from your store, there are certain criteria to consider as you optimize it. 

Struggling With Selecting the Right Product for Your Store

Many dropshippers make the mistake of either selling the wrong product or failing to effectively market their products, which means their dropshipping store isn’t making sales. If you’re not generating the number of sales you want to experience based on your goals, there are some steps you can take and examples to follow that will help you get through your current slump. It can be discouraging to enter dropshipping, only to find that your products aren’t moving. Still, there are ways to identify the issue and make the necessary changes to your strategy.

The three main criteria to consider when your dropshipping store isn’t making sales with your current products are:

  1. How does your product save time? 
  2. How does your product save money?
  3. Does your product have a “just gotta have it” appeal?

You need to meet at least two of these criteria for your product to have a chance to succeed. People want products that provide clear benefits. Alternatively, they want to be impressed with a certain “wow” factor that differentiates your product from the rest. Subsequently, if you can save your customers time or money or leave them in awe, you’ll be able to move your product. Of course, you’ll fare even better if you can meet all three criteria. So start researching products that check all those boxes.

To give you a better idea of which products are worth selling through your dropshipping store, including platforms like Shopify, we’ll go over some live examples of winning products.

Example #1: Glow-in-the-Dark Self-Adhesive Tape

Screen grab of Peter Pru discussing how glow-in-the-dark tape can be a great product

One product we found that appeared to be doing well and met at least one of the criteria we’re looking for is a brand of glow-in-the-dark tape. Homeowners can use this to decorate their homes. They can also make certain rooms stand out, or they can create pathways and improve safety in other ways. 

When thinking about the type of audience this product would appeal to, one niche that came to mind was gamers. Many gamers want to decorate rooms with different LED lights and other decor that would mesh well with this glow-in-the-dark tape.

This product may not appear on the surface to save customers time or money. However, it absolutely features that “just gotta have it” element that’s likely to drive people to buy it, largely on impulse. Additionally, there are ways to position this product in such a way as to convince customers that it will save them time or money.

For instance, this tape’s low cost could make it a far more cost-effective replacement for more expensive LED lighting fixtures. Those often cost up to thousands of dollars just to test and install. It’s also incredibly easy to install compared to conventional LED lighting systems, which saves them time. Combined with the third criterion of the “wow” factor discussed, these benefits are likely to drive far more sales with this product.

Example #2: Plastic Clothes Folder

This unique product caught our eye due to its effectiveness at showing precisely how it saves customers time. This is a plastic clothes folder that makes it easier for children and adults alike to instantly fold their clothes. The AliExpress page for this product even shows the basic steps for using this product to fold a T-shirt in no time.

The most obvious advantage of using this product is that it saves time. Customers don’t need to spend any time carefully folding their shirts. They simply place them in the open clothes folder and follow the basic folding pattern. The product also features that “just gotta have it” component that’s likely to attract a lot of potential buyers. 

It may not be easy to show how this product saves money. But the two aforementioned criteria make this one a likely success for dropshippers.

Example #3: Golf Glove Holder

Screen grab of Peter Pru assessing the viability of a product

Many golfers experience the issue of their gloves getting increasingly wrinkled and crusty over time. This golf glove holder advertises that it solves this issue.

Ultimately, the main criterion this product meets is the ability to save more money. These holders can preserve golf gloves for longer and ensure that golfers get more use out of them. In addition, this product has that “just gotta have it” appeal for golfers. This is particularly strong for those who play very frequently and might otherwise more quickly wear out their gloves. 

What makes this product especially appealing is the fact that it’s not commonly found. The perceived rarity of this product can lend to that “wow” factor that differentiates it from other more common golf products. Golfers who invest in this product are therefore more likely to feel like they’re part of an exclusive group. After all, it may not be as easy to find at their pro shop or other stores.

By saving money and impressing audiences, this is another product that meets two of the three criteria that contribute to a successful product.

Choose and Market a Product That Meets These Crucial Criteria

Online entrepreneur finding products to sell online

If your dropshipping store isn’t making sales, don’t just give up. Based on these example products, you can do some of your own research to find products that are similarly successful. Just be sure you’re meeting two out of the three critical requirements. If your product can save time and money or save one or the other while giving off that desired “wow” factor, that’s great. You can be on your way to increasing sales with your dropshipping store. With hard work, you can turn it around when your dropshipping store isn’t making sales.

Are you interested in learning more industry tips and tricks to succeed with dropshipping? There are many ways to build a winning online business with the help of sales funnels and other strategies. To learn more about how to succeed in your specific niche or even find a niche if you’re not currently in one, reserve your seat at our free eCommerce masterclass. You can also subscribe to my YouTube channel for more insights and tips.

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Top Tips for Making Money Online: Start Growing Your Online Business Today

by Peter PruSystems & ProcessesLeave a Comment on Top Tips for Making Money Online: Start Growing Your Online Business Today

eCommerce, affiliate marketing, dropshipping, selling digital products, and courses rank high among the ways of making money online. The list is endless with diverse options that you could consider. These fantastic opportunities allow you to take control of your finances. Whether you are currently holding a full-time position and are looking for a few extra bucks or have ambitions of becoming a full-time entrepreneur, there are numerous ways to achieve this goal. Follow these tips for making money online and navigating the online business world.

Leveraging Online Business

You need to know that most of these options work. They can earn you some good money from the start. However, you have to choose an option that will work best for you. Mostly, the choice of online business depends on your situation. You’ll first need to figure out your target market and your preferences. This initial step helps you settle your mind on your preferred niche. 

Once you settle on your preferred online business, work on getting multiple income streams to your business. How do you achieve this? It often comes down to selecting the right target market. Use these three criteria when choosing your best market:

1. Ensure That Your Market Is Evergreen

Never sell to a niche that won’t exist after a short time. These target markets can impair your business growth in the long run. Nobody wants to enjoy a few fruitful weeks or months then get into a slump because of the loss of clients. 

2. Avoid Groups That Have a Lot of Brand Loyalty

If 90% of your target buys from one or two specific brands, then you might have difficulty growing your presence. Opt for a niche that is more interested in the product than the brand that sells the product. You could also work on your marketing strategy to gain a consistent following as you start making money online.

3. Opt for a Group That Appreciates Both Physical and Digital Products

Diversified products ensure that you have multiple sources of income. Setting up your business with numerous products places you in an excellent spot and increases your chances of success. 

Finding the Perfect Niche

Peter Pru discussing the different types of products that can be sold online

Think about your current niche. Do they have a lot of digital products? Are people consuming lots of information from influencers? Are the influencers using ebooks and physical products to get to the target market? When you find a diversified niche, you can cash in on digital products, physical products, and affiliate marketing opportunities. 

With the perfect niche, you can leverage multiple sources of income as your business grows. It is essential to take advantage of numerous business models to sustain your business’s progress. However, your growth won’t be sustainable if you try to do everything at once. Build and compound the different income streams progressively. 

Grow Your Business Sustainably

Focus on a single product at a time to make the most of your business strategy and start making money online. Work on growing your business model before you decide to diversify your products. During your growth cycle, keep doing market research to learn more about your target market’s preferences. Such information will guide your adoption of other income streams. 

Once you start diversifying your products, quit running your business with a one-track mind. At this point, you’ll need to spread out your energy across multiple income streams and remain open to your market’s changes. Set up your business in a way that offers various products and monetizes what you have as best as you can.

How Can You Invest Your Resources?

Dropshipper researching investments and cryptocurrency

Many people miss the boat on what to do with what they make online. Going from business owner to investor should drive how you approach your business. Very few business owners think critically about this huge transition. 

As a business owner, remember that you’re still working, regardless of how well your business is doing. The chances are that if you don’t show up, your business may not grow. Investments can prove to be a game-changer for many business owners.

Putting money from your business into different investments allows you to grow your profit margins exponentially. Work on keeping all your profits saved or invested away to ensure that it works for you and helps you develop an empire. The best investments will help you build real wealth that can transcend through multiple generations.

Most business owners shy away from setting up investments because they think that they need lots of money to get going. Investing small chunks of your total profit is better than doing nothing as it allows you to flourish. The idea is to take advantage of every tiny amount you get from your business. 

Passive Income Investments

Peter Pru discussing the importance of keeping earned money in investments

Once you make up your mind about transitioning into investments, then you’d want to consider passive income streams. Dividend-paying stocks can be an excellent place to begin on your investment journey. These companies will pay on a quarterly or monthly basis for owning shares in their company. You could also opt to invest in crypto. For example, you can purchase different cryptocurrencies then earn interest from them. 

As you work to grow your business empire, ensure that the success and failures of other entrepreneurs around you do not carry you away. Work squarely on building, developing, and sustaining your business, not just making money online. 

Work With an Expert eCommerce Team

Are you ready to build a profitable online business? At Ecommerce Empire Builders, we can help you find the resources you need to set up and grow your online business today. We can train you on finding the perfect niche and help you carve out a name for your business in your preferred space. 

Our team will help you move your dream from the infancy stage into a profitable business venture. Are you ready to leap into the eCommerce scene? Attend our exclusive free webinar today and learn about everything you need to create consistent online income streams. Find all the tips and tools you need to make an impact in the eCommerce space. Also, explore my YouTube channel for more insight about achieving consistent success in the eCommerce industry.  

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How Much Money Dropshippers Can Make in One Month

by Peter PruDropshipping Case StudiesLeave a Comment on How Much Money Dropshippers Can Make in One Month

If you’re new to dropshipping and want to find out how much money dropshippers can make within just one month, here we’ll look at one of our private clients and their results after a 30-day period. Their performance in their first month can give you an idea of how much you can actually earn in that amount of time as a newcomer. 

This particular client managed to make $2,500 in their first month, and we’ll review what they did right to get them there, along with what they did wrong. You can then implement what works in your own strategy to potentially see even more monthly earnings.

Many people just starting out with dropshipping come across people claiming to make tens of thousands or even millions on a monthly basis. But it’s important to stay realistic. In reviewing this specific client, we’ll go into detail about how much money dropshippers can make at the start.

How Much Money Dropshippers Can Make: Our Client’s First Month and the Stats Behind It

Before getting into our client’s stats and exploring their strategy, we can’t stress enough the importance of setting specific goals for your dropshipping business. Consider whether you want to get into dropshipping full-time, or if it’s strictly going to be a side hustle for the purpose of earning passive income. 

Either strategy can work, but it’s crucial to decide which to pursue at the beginning before you start building your business. Approaching dropshipping as a side project can help you make some extra money. But turning it into a full-time effort will take a lot of work (albeit rewarding work).

With that in mind, let’s review what our client did to succeed in one of their early months.

Looking at the stats for our client over the course of May, they made just shy of $2,500 using a two-step dropshipping sales funnel. This amount is pretty good for dropshippers who are new to this industry. As we take these earnings into account, there are certain stats to pay attention to. They include:

Opt-In Rate

The first stat to look at is the opt-in rate, which is critical. This client had a 53.17% opt-in rate throughout May, totaling 746 email addresses collected. This is an impressive number, as we believe that dropshippers should be making around a dollar per email. 

By continually marketing to these leads, dropshippers can maximize each lead’s customer lifetime value (CLV) as they come back for both initial and repeat purchases. You’re essentially throwing away free money if you’re not sending emails to leads on your lists.

Dropshippers often make the mistake of thinking that ad campaigns will be the main breadwinners, but this simply isn’t the case. There’s a lot of competition on social media and other platforms, including advertisers with thousands to spend on campaigns. So you aren’t likely to see a lot of money from ads alone when initially launching your business. 

This is why a high opt-in rate and consistent email marketing are both so integral to your success as a dropshipper.

Sales

Screen grab of Peter Pru discussing how to succeed with upsells

Our client saw an 8.98% conversion rate in May for their base products, which translates to 126 sales valued at $1,754.53. Again, this is ideal, as your conversion rate should be at around the 7-10% range from month to month. Additionally, one of this client’s upsells saw a 14.67% conversion rate, with 11 sales totaling $164.67. 

This is also a perfect percentage, considering most upsell conversion rates for similar products should stay in the 10-15% range. On the other hand, upsells for more premium, complementary products may be in the 8-10% range due to the fact that they’re new. 

A general rule of thumb regarding upsells is to sell customers more of the same product they just bought. If this strategy doesn’t work, you can simply visit Amazon; look for related products that people purchase together with your base product. In short, keep your upsells simple, and you’ll likely see ideal conversion rates from them.

In addition to this client’s base conversion rate and that of their first upsell, the client included three other upsells. Their second upsell saw a conversion rate of 17.98%, earning them $239.52 more. Their third and fourth saw conversion rates of 15.66% and 7.89%, respectively.

Altogether, our client’s sales totaled $2,490.15 for the month of May. 

The Importance of Subscriptions in Evaluating How Much Money Dropshippers Can Make

New dropshipper considering how much money dropshippers can make

It’s worth noting that the fourth upsell was a subscription. The client gained six subscribers, which means six sources of regular monthly revenue. Some people may cancel their subscriptions. But many won’t. These purchases are invaluable for earning free and consistent revenue, as well as more sales. 

Consider how many brands have succeeded with subscriptions, from Netflix to Dollar Shave Club. If you’re not offering a subscription of some kind, you’re missing out on a huge opportunity.

When offering a subscription, there are a couple of ways you can approach it. First, there are full-priced subscriptions like the one our client offered, or you can do a downsell such as a discounted trial subscription. 

Stay Realistic and Use the Strategies That Work

Screen grab of Peter Pru discussing a client business's May revenue

Ultimately, we were impressed with our client’s progress during this one-month period. They were able to generate a solid number of sales for their base products, along with upsells and subscriptions.

 They also saw a high opt-in rate of almost 1,000 new emails. This can bring in thousands of dollars through consistent email marketing efforts. If you can keep in touch with email leads and optimize sales through upsells and subscriptions, you’ll be able to get the results you want. In turn, you can meet your goals as you grow your dropshipping business and maximize revenue.

Want to learn more about how to excel as a first-time dropshipper? Want more resources detailing the best strategies that drive sales and reach the upper bounds of how much money dropshippers can make? Reserve your seat at the free Ecommerce Masterclass, and you’ll find out how to build a winning dropshipping business. You can also subscribe to my YouTube channel for more about what goes into a successful online business.

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How to Make $100,000 Every Month in Passive Income Investments

by Peter PruSystems & ProcessesLeave a Comment on How to Make $100,000 Every Month in Passive Income Investments

Empire builders, if you’re not already doing so, you need to make 2021 your year to start building passive income streams so you can make $100,000 every month in passive income investments. You, me, and everybody else love the idea of making money while we sleep. While it’s easy to see why passive income is such a hot topic, many people continue to get the actual concept of passive income wrong. I see many people classifying endeavors like eCommerce, blog writing, affiliate marketing, or even real estate investing as a passive income strategy. 

I’m going to tell you right now that each of these endeavors requires you to put in work and hours on the clock. None of these endeavors are truly passive. However, each of these business endeavors has the potential to grow your wealth and help you find passive income investments. Read on to learn what these passive income strategies are and how your road to making $100,000 every month in passive income can start today. 

The Road to Creating Passive Income  

It’s important to realize that creating passive income streams will require work. However, the good news is that anyone can start building passive income streams in today’s world. Anyone can get started, even with extremely limited funds. But before going about building these passive income streams, you should map out your strategy. 

The first element you should map out is your number for financial freedom. Your freedom number is how much money you need to make each month to be financially free. I mean so much freedom that you could sit on a couch watching Netflix all month and still be financially secure. 

Maybe it’s $5,000 a month. Perhaps it’s $10,000 a month, or maybe it’s even $100,000 a month. Whatever your initial goal is, just write it down before you get started. This will help you stay motivated on your road to true financial freedom. 

How to Start Creating Passive Income Streams

Peter Pru discussing how to start a business before focusing on passive income investments

Once you’ve mapped out your financial freedom goals, it’s time to start creating passive income streams. While eCommerce is not a direct passive income source, you very much need to start a business or side hustle on your road to creating passive income streams. 

However, don’t quit your day job just yet.

 I advise most people to stay at their current job for as long as possible when building up their first eCommerce business. Building an eCommerce operation is quite stressful, and staying at your job will help minimize the financial part of this stress by providing you a steady income. Once your eCommerce business starts making real money, though, you’ve struck gold. Unlike a traditional salary job, your eCommerce business is scalable. With an eCommerce business, you’re no longer just trading money for time. 

Why Building a Business Is the First Step

The extra money and profits you make through your eCommerce business are so beneficial to creating passive income streams. The additional funds you have from your business can be reinvested into real passive income opportunities. Ultimately, having your own business is the best strategy to reach financial freedom faster. 

The tax system is built for business owners. If you are dealing with salary from your job alone, you will be paying a ton of money in taxes each year. This takes away a good amount of money that could be invested into potential passive income streams. Having a business is the best way to have the tax codes work for you. 

A great resource to learn about making tax work in your favor is Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes by Tom Wheelwright. Pick up a copy of this book today to learn about tax-free wealth and how it can provide you with money to invest in more passive income opportunities. 

The Best Passive Income Investments 

Screenshot of Peter Pru discussing alternatives to traditional savings accounts and banks

Now that we’ve discussed why you should build tax-free wealth and increase your funds to invest in passive income opportunities, it’s time to look at some of the best options available to you today. I want to preface that I am not a financial planner and that the recommendations I am about to share with you are not financial advice. Always do your own research and talk to your financial planner before making investments. You can also watch my step-by-step guide to passive income here.

That being said, three of my favorite passive income investments are dividend-paying stocks, crypto coins, and interest from the U.S. Dollar.

1. Dividend-Paying Stocks 

Investing in dividend-paying stocks is a great way to obtain passive income. Blue-chip stocks — huge companies with excellent and longstanding reputations — are some of the best dividend-paying stocks to invest in. 

Stocks like AT&T or Coca-Cola have incredible histories. They also pay out good dividends to stockholders on the quarterly level. While these dividends are generally less than $1 a share, the compound effect is still your friend. Dividends that you earn can also be reinvested to buy more stock and so forth. So even if you start with just a couple of bucks to invest, the compounding will help you build wealth and create passive income. 

2. Crypto Coins 

I believe that cryptocurrency truly is the future, and that is why it’s in my top three passive income strategies. While I don’t typically recommend investing in altcoins, if you do your research and find a coin that you think has potential, it might be a good investment opportunity for you. The top five cryptocurrencies I am currently investing in are:

  • Bitcoin 
  • Ethereum 
  • Cardano 
  • Chainlink 
  • Uniswap 

While investing in Crypto is a great passive income strategy, I recommend taking a step further. I store my coins in a wallet and get paid interest to keep them there. Through the Celsius Network, you can, too. 

3. Interest on the U.S. Dollar 

Going hand-in-hand with earning interest with my Crypto coins, I also build passive income through collecting interest on the U.S. Dollar. The Celsius Network and Gemini are disrupting the traditional banking industry. When you let your money sit in a savings account at the bank, you aren’t having your money work for you. Instead, you’re letting your money work for the bank. 

If you put $10,000 in the bank and then try to go get it out the next day, good luck. The bank has already invested this money for their interest. It will be tied up in their investments for at least a couple of days. So rather than having your money work for the bank, it’s time to have it work for you.

Through the Celsius Network and Gemini, you can actually move your U.S. dollars, convert them into stablecoins, and then earn 8-12% interest on this money when it sits in a Celsius Wallet. There’s no bank where you can earn that kind of interest on your cash. This is a great passive income opportunity to research more and utilize to help you reach financial freedom faster. 

Consult With the Pros 

Dropshipper starting to invest in cryptocurrency and stocks

Now is the time to start building up your passive income investments. Reaching financial freedom faster will require strategic planning with your business and passive income investments. If you feel like you need more guidance on your road to financial freedom, passive income, or growing your eCommerce business, feel free to reach out to us today. 

At Ecommerce Empire Builders, we can help you build, launch, and scale your own profitable dropshipping business. To get the ball rolling, sign up for access to our exclusive free webinar today. Be sure to check my YouTube channel for even more free resources and insights into the dropshipping and sales funnel industries. Remember, your empire starts now!

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