A SOCIAL media user has shared tips for starting a side hustle.
The entrepreneur offered advice on how to make thousands per month in passive income.
An influencer revealed how to make as much as $18,000 a month through residual income.
Mike Hoffman, who goes by the username @MrPassive_ on X, shared his top 10 sources of passive income on the platform.
The first side hustle on the list was running a laundromat.
A video posted by Hoffman showed a laundromat owner’s process for collecting quarters from laundry machines, which can amount to thousands of dollars a month.
According to the laundromat owner in the video, the self-service side of his business pulled in $2,119 over the five days prior to filming.
This includes $1,471 in quarters and $648 in debit and credit.
The video showed the owner collecting quarters and cash from self-service machines.
In the video, he claims that the only reason he visited the laundromat that day was to fix a jammed coin slot on one of the washers.
He also says that his laundromat brought in over $40,000 in gross revenue in a single month.
In the replies, Hoffman posted another video from the Iced Coffee Hour podcast.
The guest on the show was social media influencer Investment Joy (real name Brandon Schlichter), also known as the “Laundromat Kingpin.”
In the interview, Schlichter estimated that he makes around $15,000-$18,000 per month through the laundry business.
When asked, Schlichter said that he only owns one laundromat.
“I’m trying to figure out ‘how do I get more of them?'” he said.
“‘Cause I love my laundromat.”
Schlichter explains that he met an older woman who ran a laundromat and made around $8,000 per month.
However, she was looking to exit the business as the physical strain of carrying that much change was too much for her.
“$8,000 a month in a dumpy location,” Schlichter said.
“And I was like, I have to buy this business.”
Schlichter has garnered a large social media following documenting his owned businesses, with 3.7 million followers on TikTok and over 2 million subscribers on YouTube.
Content shared from www.the-sun.com.