Passive income is the holy grail of wealth creation. It’s the income that flows into your bank account while you sleep.
And thanks to the advancement in technology, generating passive income has never been easier.
One of the latest innovations in the tech world that can help you create passive income is ChatGPT.
ChatGPT is a large language model that is trained by OpenAI.
It has the ability to generate human-like text and can be used for a variety of applications.
In this article, we will explore how you can generate passive income with ChatGPT. So, are you ready to learn some tips and tricks? Let’s get started!
How to Generate Passive Income with ChatGPT: A Comprehensive Guide
What Can ChatGPT Do?
ChatGPT can be used for a variety of applications, including:
Content creation: You can use ChatGPT to generate blog posts, social media posts, and even books.
Coding: You can let ChatGPT write code for you.
Customer service: ChatGPT can be used to create chatbots that can answer customer queries.
Language translation: ChatGPT can translate text from one language to another.
Personal assistant: ChatGPT can be used as a virtual personal assistant to help you with tasks such as scheduling appointments and sending emails.
3 Ways to Generate Passive Income with ChatGPT
Method 1: Start and Grow a Blog
One of the best online businesses you can build with ChatGPT is a blog.
Here’s how to do it:
Pick a Niche
First things first, you need to select a niche for your blog.
You want to choose a topic that you’re passionate about and that has an audience.
Don’t worry if you’re having trouble coming up with ideas because ChatGPT can help you generate them.
I think the best way to find a profitable blogging niche is by reverse engineering what’s already working.
Go to Flippa and see what types of websites and blogs are popular.
If someone else is selling or buying a blog, chances are it’s generating results.
Plus, sellers disclose their monthly revenues to attract buyers on Flippa.
Let’s say you’re interested in “Gardening” and know that it’s an in-demand topic.
What do you do next?
You get your blog live! Most aspiring bloggers make the mistake of waiting too long to start a blog.
They become victims of analysis paralysis (Thinking too much about which niche should they pick and end up picking none).
You just want to dive in as soon as you have a decent niche.
Buy a Hosting Service
The first thing you should do is go to Hostinger, which is an affordable, high-quality hosting service, and start a blog.
That’s literally the only initial investment you’ll have to make to start a blog. And you won’t find a better host that’s so affordable.
After you’ve purchased a Hostinger package, pick a domain name (Free for the first year), and install WordPress on your site.
You’ll be able to install WordPress from right within your Hostinger dashboard.
Next, visit your blog by entering your domain name into the browser search bar (www.yourblog.com/wp-admin).
Here’s what your WordPress dashboard will look like:
That’s it. Your first blog is live.
Find Popular Topics (Keywords)
Once your blog is live, the next step is to find popular keywords or topics.
ChatGPT can help you do that as well.
Let’s say you’ve chosen the weight loss niche, although it’s typically a highly competitive niche, you can find a lot of low-competition, long-tail keywords to work on.
Just ask ChatGPT to come up with a list of topics that are popular among your audience.
Next, plug these topics into SEMrush to get lists of popularly searched keywords on Google.
Note that although SEMrush is a paid tool, you don’t have to purchase any of its plans to use it.
Sign up for its free trial (7 days) and gather any data you want within that period.
Alternatively, you can use a free keyword research tool like the one from Google (Google Keyword Planner).
Save these keywords in a separate Excel file.
How to Write Blog Posts with ChatGPT?
To write a blog post with ChatGPT, you have to talk to the chatbot like you’d talk to a writer.
Don’t just ask ChatGPT to write a blog post on “X topic”.
Use the AIRPM Chrome extension.
It has all the prompts you’d need to write long-form blog content.
A ChatGPT prompt is simply an instructional message to the chatbot.
“Write a 1000-word blog post on “How to lose weight fast”. Use a conversational writing style and active voice. Write short sentences and paragraphs and suggest images and outbound links wherever relevant”.
Something like that.
Copy that article, paste it into your WordPress post, and make the following changes:
- Proofread it for accuracy
- Add headings, subheadings
- Add images and outbound links
- Give it a human touch
Publish the post.
If you’ve purchased SEMrush, keep a tab on your metrics like keyword rankings, on-page SEO, and backlinks.
Don’t forget to add your blog to Google Search Console for SEO monitoring.
Method 2: YouTube Affiliate Marketing
Another incredible way to generate a passive income using ChatGPT is by:
- Creating a YouTube channel
- And promoting affiliate products on it
The cool thing is you don’t have to own any video recording equipment or video recording software.
You don’t even have to appear in front of the camera or use your voice.
I’ll tell you how in a bit.
Pick a Niche
First things first. You must select an affiliate marketing niche.
Why? Because only then, can you build your trust and credibility in the eyes of Google and its users.
Let’s say you want to help businesses find the right freelancers for their business.
You join Fiverr Affiliate and earn commissions for selling freelance services/gigs.
Once you’ve picked a niche, go to SEMrush (7-day free trial) or any other YouTube keyword research tool and enter your seed/main keyword.
It’ll give you a list of keywords you can create YouTube videos on.
You can use Ahref’s free keyword research tool as well (with some limitations):
Next, it’s time to get to the main part: Video creation!
Now, there are essentially three ways to create YouTube affiliate marketing videos:
- Buy the product you’re an affiliate for and review it in front of the camera
- Create screencast videos with your voiceover (Software reviews, how-to guides, and tutorials)
- Automate the entire video creation process using AI (AI video script writer + AI video maker)
The first one may not be suitable as it requires investment and you talking in front of the camera (Which can be daunting for many people).
The second one is relatively easy where you use a software and record your voice-over talking about it. You leave your affiliate link in the video description. Whenever someone buys that software product, you get a commission (which is sometimes recurring).
The third one requires minimal input from you because you’re using artificial intelligence tools to automate the entire process.
Use ChatGPT to Write Video Scripts
I’m assuming you already have a YouTube channel at this point. If not, create one. You just have to go to YouTube.com and sign in with your Google account.
Then, select the name and upload a display picture and a cover photo and you’re ready to post videos.
To get ChatGPT to write video scripts, create a free OpenAI account here.
Then, install the AIPRM Chrome extension.
This extension has hundreds of pre-built prompts (Commands) you can use.
To write a YouTube script, type “YouTube Script Creator” in the search bar at the top.
Here’s what the YouTube Script Creator came up with for the topic “How to Change a Tire”:
Pro Tip: You can talk to this chatbot like you’d talk to a human and get it to write virtually anything, including a YouTube script (E.g., write a 2-minute YouTube script without the scenes).
Next, copy the script and head over to another AI tool InVideo.
The tool will then create a video with free stock videos and images. It’ll also add automated AI voiceovers to your video.
Lastly, download the video and upload it to your YouTube channel. Don’t forget to add a description under your YouTube video and your affiliate link.
Method 3: Create E-Books with ChatGPT
Here’s how you can write e-books with ChatGPT:
Brainstorm ideas: Use ChatGPT to generate ideas for your e-book. You can input a topic or keyword and ask ChatGPT to generate prompts or ideas related to that topic.
Expand your outline: Once you have a rough outline for your e-book, use ChatGPT to expand and refine it. Input each section or chapter heading and ask ChatGPT to suggest additional subtopics or ideas to include.
Generate content: Use ChatGPT to generate content for your e-book. Input a topic or idea and ask ChatGPT to write a paragraph or section related to that topic. You can use these generated pieces as a starting point for your own writing or incorporate them directly into your e-book.
Simplify complex ideas: If you’re struggling to explain a complex idea or concept in your e-book, use ChatGPT to simplify it. Input the idea or concept and ask ChatGPT to rephrase it in simpler language.
Refine your writing style: Use ChatGPT to refine your writing style. Input a paragraph or section of your e-book and ask ChatGPT to suggest alternative phrasing or to identify instances of passive voice.
Fact-check and research: Use ChatGPT to fact-check and research information for your e-book. Input a question or topic and ask ChatGPT to find sources or generate data related to that topic.
Remember to always double-check and edit the content generated by ChatGPT, as it may not always be perfect or exactly what you’re looking for. By using ChatGPT to enhance your writing process, you can create a more engaging and informative e-book.
Important: ChatGPT is a goldmine for content creators, marketers, and business owners/entrepreneurs. So, there’s no limit to how many passive income sources you can create with this powerful tool. Your creativity would be the only limit here.