Your job offers a fixed income. You know what you will be paid for the foreseeable future. This is great when you’re following a budget. You know exactly how much you can spend and save.
But when debts are mounting or you are wanting to pay them down quicker, it’s almost impossible to go outside the lines of your fixed income and pay more to debt.
Freedom Financial Network wants to show you how to create passive income that can bring in extra money to help you get ahead on your debt and save more.
Passive Income Through Courses
If you aren’t familiar with how to create an online course and sell it, Freedom Financial Network is going to explain how this process works and how it can generate passive income for you.
There are certain things that each of us know well. It might be sewing, computer programming, woodwork, painting, creating video animations and more. Courses allow you to package your knowledge into a video format and sell it to people who are eager to learn what you are teaching.
There are a number of course marketplaces online from Udemy to Skillshare that allow course creators to upload their courses and sell them. You get a percentage of the total revenue for your course sells. The marketplace keeps a percentage so it can make money and pay its expenses. For most marketplaces, their percentage is usually the only cost to you.
How To Create A Course
Here are a few tips from Freedom Financial Network on how to create a course.
Creating a course requires screen capture software such as Screenflow (Mac) or Camtasia (Windows and Mac). You’ll also need an external mic that plugs into your computer, usually by USB. Your built-in computer mic simply won’t cut it.
Before getting started, create an outline for your course. The outline will generally follow this format:
Introduction —Who is the target audience? What will the course cover? What will students take away from the course?
Modules made up of lessons —Provide a logical flow starting with a high level view of the parts involved. What are they and what do they do? For example, if you are teaching woodwork, what wood will you be using and why? Which tools and why?
After the parts have been introduced, transition into application. Going with our woodwork theme, show a finished piece that we’ll be creating. Then start creating it, walking through each step and clearly explaining what you are doing.
Module intro and outro —For each module, it’s good idea to create an introduction to the module and a summary once you are complete. This provides another angle and high level view of what was covered in the module.
Course Summary —Finish off your course with a summarization of the main points. Don’t just repeat the course introduction. Now that students have gone through the course, they have a different view of the topic. Use that to your advantage. You can now speak a little more advanced about the topic than you did in the introduction.
After completing your course, export it to MP4 format. This is a video format.
Then you can upload each lesson one by one to the target marketplace. Each marketplace is different in how you upload but they all follow similar themes.
Passive income is a great way to supplement your fixed income. Even if you don’t know enough about a topic to create a course, grab a few books and dig into a topic.
Once you are ready to put your new income to work, Freedom Financial Network can help you create a plan to pay down your debt. Contact them at freedomfinancialnetwork.com when you’re ready to get started.