Entrepreneur who earns passive income explains how she got started

  • Erika Kullberg quit her six-figure job a few years ago and is now making thousands of dollars in passive income.
  • She’s built a YouTube channel, a legal business, and an online course that generate well over six figures.
  • She says passive income has changed her life, allowing her to live and work as she wishes.
  • Read more stories from Personal Finance Insider.

Nowadays, “passive income” is a very familiar concept for Erika Kullberg, a lawyer and YouTuber personal finance who left her job as a business lawyer in a large law firm to become self-employed. But this was not always the case.

“I’ve never heard of the term passive income and I think, frankly, if I had heard it, I thought it sounded a scam,” she told Insider.

Kullberg quit his corporate law job a few years ago to build a life of freedom. She had made six figures, but when her business failed to welcome her during a family emergency, she knew she had to leave. She wanted the opportunity to work on her own schedule, to spend more time with the people she loves, and to have autonomy in her life.

“My father was in the military,” she says. “All I’ve known in my life is active income; 9-5 is how you make money for the rest of your career.”

But little by little, his state of mind changed. “There is a way to make money and you don’t necessarily have to trade time for it.”

According to Investopedia, colloquially, passive income is defined as “money earned regularly with little or no effort on the part of the person who receives it”.

After quitting his corporate job, Kullberg built 12 different sources of income, many of which are now passive sources of money.

She created a YouTube channel that brings in three different types of income

Although Kullberg is a lawyer by training, her passion has always been personal finance. So she started creating YouTube videos to teach others about the topic she loves.

Slowly, his channel grew to over 180,000 subscribers. Now that she has such a large audience, she is able to earn passive income through this business.

Kullberg earns ad revenue from every video she posts. Once an individual video is available, she doesn’t need to touch it anymore, but it can generate income for her for years to come.

Seven months ago, Kullberg posted a video on quitting a job in a company although he derives a significant income from it. “It didn’t go viral until months after I posted it,” she says. When she first posted it, it earned her “a few hundred,” but now the video is generating her thousands of dollars in ad revenue.

“I took the time to make this video in December, and then in April, May and June of this year, it made me thousands of dollars,” she says.

Kullberg also earns passive income from his YouTube channel through affiliate marketing. When she shares links to products or services she uses, she earns a commission on those if others buy. As with her videos, once she makes an effort to share the video showcasing the product, the income she can generate is endless.

Additionally, it will also partner with brands and earn money from referrals, although this income is usually not recurring in the same way as ad revenue or affiliate marketing.

Right now, his channel earns him more than $ 100,000 a year, according to documents seen by Insider.

She created a course to teach others how to build successful careers on YouTube.

Kullberg’s personal finance channel has only been around for a little less than two years, but it is already enjoying great success both financially and in terms of views and followers.

Due to this rapid mastery, Kullberg created a Online course teach others to do the same. Different from other YouTube courses, Kullberg’s course is aimed specifically at professionals who want to use YouTube as part of their business.

“I created the course once,” she says. “Now it makes me thousands of dollars every month completely passively for me.”

She founded a legal services company

While creating his YouTube channel on personal finance, Kullberg also leveraged his legal expertise and founded Plug and Law, a legal services company. Instead of actively meeting clients, she – along with other attorneys – created ready-made legal templates for business owners, part of a product she calls “the legal package. ”

Customers can purchase the models at any time, but Kullberg no longer spends a lot of time creating them. “This is the most passive of my passive income streams to date,” she says. “I keep them posted, but really, I don’t have any work to do on it.”

She says she spends maybe an hour a week keeping things up to date, but 99% of the legwork is already done.

She invested her time before she made a lot of money

“There are actually two types of passive income: one you put money in up front, the other you put in time up front,” says Kullberg.

An example of the first could be real estate: you need decent capital to start. Kullberg’s passive income streams are a better example.

“For the first few months, it was only a few hundred dollars,” she says. “I think this is what people don’t necessarily realize that not everything worth it will be quick results. It’s not a get-rich-quick scheme.”

Passive income changed her life

“Passive income equals freedom,” she says. Having this income has allowed her to dictate when she works, when she takes time off, and where in the world she lives and travels. “It’s a life I could never have imagined for myself, that’s all.”

His total income comes from more places than his YouTube channel and his legal firm. She still works for a few selected clients as a lawyer, representing both startups and other YouTubers as they negotiate various deals. She earns income from her stock portfolio and even does angel investments. But, she says, nothing has given her as much freedom as passive income.

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About Charles D. Goolsby

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