That is why passive income is becoming one of the most researched terms in the past few years. Having your money work for you to generate more money means that you can have a more comfortable lifestyle or get ready for big and important moments in your life, such as buying your own house or retiring.
Do you want to understand how it is possible to make money while you sleep and find out the most popular ways to do it? Then keep reading this complete article with great passive income options.
Is it possible to make money while you sleep?
When we talk about how to make money while you sleep we don’t actually mean you’ll have to do nothing at all. Passive income usually involves a certain amount of initial effort before you start making a profit.
Getting this type of income is totally possible and millions of people around the globe are already getting started. The only problem is that financial gurus online and influencers make everything seem fast and easy.
Which means that when an ordinary joe like you or me get started, we’ll be quick to throw in the towel. After a few initial tries and failures, or just delays when it comes to making money, we’ll give up. It’s not supposed to be like that!
Even fairly traditional investments, such as real estate, take years to amount to anything. So you must be patient while you choose a possible new income source from the list below.
Make money while you sleep by creating content
You can make money while you sleep by going the same route as many bloggers, influencers and Youtubers: creating quality content. This means a lot of work, especially when you’re still getting started, but massive income potential over time.
The best part is: you don’t always have to be a master at acting to make a profit as a content creator. While there are platforms that prioritize visual content, others allow you to create texts and images. Find out the one best suited for you below.
1. Start a blog
Blogging has been a popular occupation since the start of the internet, but it’s never been as profitable as today. There are many ways to start making money off your blog, but remember that this is a long term investment. To get started you’ll need a good site with an easy to navigate layout. This way, readers can spend as much time as possible there while you make money. And you’ll have to create content, but there are ways to work around this with partnerships and guest posts.
After your blog is up and running (and attracting visitors with spending potential), all you have to do is run ads. They can be part of Adsense, Google’s ad platform that shows ads on partner sites. There is also the option of making partnerships with products that have a lot to do with your audience and inserting your own ads throughout the site.
2. Grow a Youtube channel
Do you love the spotlights and enjoy creating videos? Turn that hobby into a passive income source. After creating videos and uploading them to Youtube, there’s a choice to get the channel monetized. This way, Google will use your video to show ads along its runtime and everytime that someone watches, you’ll get a bit of profit.
To make the most out of your Youtube experience, it’s important to understand your public and what types of videos appeal the most. The most time people spend watching your content, the easier it is to get passive returns from this gig. Of course, you’ll have to work a bit to create useful videos, but you’ll eventually make money while you sleep.
3. Create a printable shop
Sites such as Etsy allow artists to make money while you sleep! These platforms allow you to upload original artwork and turn it into products, such as t-shirts, mugs, dresses, wallets, calendars and others. If you imagine it, you can make it!
The best way to make this a passive income option is to set up shop in these stores and load it with a number of great art pieces. Afterwards, you just have to sit and wait for the prints to start selling.
It doesn’t matter if you work with illustration, digital paintings or even calligraphy. Everyone can find their niche and start making money this way!
4. Work with affiliate marketing
Do you have a moderate audience online that is interested to understand about your choices for courses, e-books and other digital products? Then you might want to give affiliate marketing a try. This basically means you get to promote other peoples’ products and earn a share of the profit.
It’s one of the easiest and fastest ways to make money online because you don’t actually have to create anything. You can easily combine affiliate marketing with other tips in this list, such as blogging. Some programs allow you to place ads on your site, when traffic and sales arrive from these ads you’ll get your share.
Others are Youtube based, allowing you to promote products for your follower base or even an email list.
5. Sell e-books
Did you know some people are able to make money while you sleep by creating and selling e-books online? Major retailers, such as Amazon, allow creators to publish their books and sell them for a profit online. If you work with this type of platform you can even save up on marketing, since the store will suggest the book for clients that might be interested in the topic.
If you’re able to create your own landing page for sales, it’s even better! That way, you can get 100% of sales profits for yourself, without worrying about third party fees.
Make money while you sleep with traditional investments
Maybe you aren’t a fan of creating digital content, but would still like to make money while you sleep. That’s perfectly fine, since there are many traditional investments that allow you to make a passive income. The important thing here is to understand your own risk tolerance before taking any big steps.
1. Real estate rentals
People who have been saving up money for a long time might already have enough to buy their own place. After getting your very first mortgage, it’s time to start making one of the most traditional passive incomes in history: real estate rentals.
By securing a tenant for your house, apartament, loft, studio or any other type of housing, you can just sit back, relax and collect rent monthly. This is a reliable source of income, since people will always need a place to live. The only costs you’ll have to worry about are mortgages and eventual repairs.
2. Peer-to-peer lending
Peer to peer lending, or P2P, allows you to invest your idle money in people who need credit for any reason. This means that you can get interest rates over the amount lent while the third party gets more competitive loans than they would from a bank or financial institution.
There are many online platforms that work with P2P and give investors a safe place to put their money, minimizing the risk of fraud or identity theft in the process.
3. ETFs
ETFs are a good way to invest while expecting long term returns. Since they contain a varied portfolio of investments, they are reasonably safe from market fluctuation and give good interest rates for investors.
Unlike mutual funds, another type of popular passive income source, ETFs are reasonably cheap to maintain. If you identify yourself as a conservative investor, these might be some of the best choices for you.
4. Buy stocks
Do we have any risk takers looking to make money while you sleep here? Stocks are a great way to go about it, but they’re quite volatile to the market. Which means that you could either make money fast with dividends or lose quite a bit when the stocks fall.
Doing proper research and understanding the stock market is essential here! Don’t try to get started without adequate knowledge or you could risk most of your earnings.
5. High yield savings account
Did you know that a traditional savings account barely covers inflation loss by itself? The gains on this type of account are pretty insignificant, especially if you’re someone looking to make money while you sleep. That’s why financial experts recommend a high yield savings account as a choice.
These types of accounts offer better interest rates, meaning that you’ll make more money over time. Choosing the right savings accounts is a great option for conservative investors that also want to have their money close in case of an emergency. You can get your investment back anytime and sometimes even manage it through an online app.
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