Does making money while sleeping sound appealing to you?
Don’t worry, we aren’t trying to reel into some get rich quick scheme or strange sleep study (Although, getting paid to sleep doesn’t sound all that awful).
What we’re talking about here is passive income. Passive income allows you to make money even when you stop working. It is the opposite of active income- money you only make while working.
However, there is a big misconception that passive income means putting in no effort at all to earn money.
This is entirely untrue. Eventually, if you do things right, you will get to a point where you don’t need to put in any effort and the cash flow stays the same (or even continues to grow).
However, to get to that point, be prepared to put in a lot of hard work in the beginning. You are going to have to bust your butt and do something crazy (like write an ebook!) in order to get started. But once that book has been written, you get to sit back and watch the PayPay sales trickle in without any additional work.
But don’t sweat it if you’re not a good writer. You don’t necessarily need to have a expert-level skill set. There are plenty of ways to make passive income without one. What you do need, however, is determination and a lot of hard work.
So, if you feel like you’re ready to put in the effort, keep reading. We’ve got a list of the top 13 ways to make passive income in your sleep.
1. Write an eBook
Ok, we kind of already used this example in the intro, but it’s worth talking about some more.
You may have rolled your eyes at the thought of writing an ebook. “I’m no Hemingway, so this idea isn’t for me. Next, please.”
Well, not so fast. Just because you can’t tell the difference between a metaphor and a simile if your life depended on it, doesn’t mean you wouldn’t make a great eBook writer.
Ebooks aren’t just geared towards literary academics. There are ebooks out there on all kinds of subjects. Just think of something you know a lot about- marketing, cooking, traveling on a budget, raising kids- literally anything!
And the best part about ebooks? You can self-publish them. That’s right, you don’t have to wait for someone to give you the nod. Once your book is finished, you can head right over to Amazon Kindle’s Direct Publishing and put it out there for the world to read.
Of course, you will want to do some marketing first to make sure the word gets out about your book. But eventually, if the book is valuable, you’ll have nice and steady passive income stream.
2. Create an Udemy Course
Udemy is an online platform that allows people to take classes on a variety of subjects.
You can create your own course, set a price, and allow users to purchase it.
Again, you will definitely need to put in some upfront work and money. These are professional instructional videos, not just glorified Youtube tutorials.
Just like an ebook, you can really choose any topic you have knowledge in to create a course. Some of the most popular courses are in graphic design, web development, social media marketing, life coaching, and photography.
If your class gets good reviews, your passive income will only grow more and more.
3. Create Youtube Videos
If the professionalism expected in Udemy videos isn’t your thing, Youtube videos are another venue worth exploring.
Just like Udemy, you can create a video covering almost any subject matter. People especially eat up quick, tutorial videos, such as “how to apply liquid eyeliner” or “how to fix a cracked phone.”
Once you’ve created a video that’s ready to post, you attach Google Adsense to it. This overlays your video with automatic ads. Then, anytime someone clicks on these ads you make money.
4. Sell Stock Photos
Do you ever wonder where pictures on websites, magazines and online advertisements come from?
Turns out, most companies don’t hire professional photographers for their ads. Most normally buy from stock photo sites.
Stock photo sites allow you to submit your photos. Then, every time someone buys your photo, you make a commission.
And don’t worry, you don’t need to travel to exotic locales around the world to get your photos. Most companies are looking for photos that involve simple human interactions, such as two people shaking hands.
5. Sell Your Own Stuff
If you’re not into the idea of creating something to sell, why not sell stuff you already have lying around?
Amazon and Ebay are undoubtedly the two best sites to turn your junk into someone else’s treasure. Or, if you really want to make big money, you can create your own online store to sell your things.
You can sell anything- books, furniture, DVDS, clothes, collectible items….the possibilities are endless!
6. Affiliate Links Through Blogging
If you’ve always wanted to start your own blog, now is a better time than ever.
That’s because affiliate marketing is one of the best ways to make passive income.
Affiliate marketing, for those who don’t know, is the process in which you earn commission by promoting a company’s product or service. Basically, instead of selling your own stuff, you’re selling someone else’s stuff.
The process is pretty straightforward (although it involves a lot of upfront work).
First, you create a blog. Once your blog starts seeing some traffic, you can reach out to companies you’d like to partner with. Then, you recommend their product or service to your followers. You can do this through banner ads, links, or written posts. After you’ve sung their praises, you provide an affiliate link to the company’s site. Every time someone clicks on this link and buys, you make a commission.
7. Create an App
Everyone these days has at least a few apps on their phones or tablets.
If you’ve ever had an idea that you thought could make for a great app, now’s the time to make a move. Creating an app can be one of the best ways to make passive income.
If you don’t know how to program, no problem. You can always hire a programmer or get a buddy to do it.
8. Invest in Real Estate
Ok, this in one of the ways to make passive income that requires a little more activity on your part throughout the venture.
However, once you have an investment property rented out, there isn’t much to keep up with. All you need to do is make sure your tenants are staying in line and that you’re staying on top of any maintenance issues.
9. Cashback Reward Cards
Perhaps one of the easiest ways to make passive income is through a cash back rewards card.
Cash back rewards allow those who pay their bills using credit cards to earn points back on purchases they make. These points can be turned in for credit to your bank account or for credit towards participating businesses. Nearly every bank has a cash back rewards system in place, you just need to make sure you’re signed up!
10. Storage Rentals
Purchasing a set of storage units may cost some money upfront, but it will certainly pay off when you start renting them out.
Unlike real estate, there is little to no upkeep involved with renting out storage units. The only time you’ll need to put in effort is when someone’s lease ends and you need to look for a new renter.
You actually don’t even need to go as far as buying a storage unit to make rental money.
If you live in an apartment or home with a spare bedroom, guesthouse, or even a comfy couch, you can put up a listing to rent it out on Airbnb.
Or, if you’re someone who isn’t home a lot, you can rent the whole place out. Listings go anywhere from $10- $1000 per night. Best of all, you get to pick when you want to rent. For example, if December is a busy month for you, you can just block out those dates on the Airbnb calendar so no one rents out the place.
12. Become a Silent Business Partner
Ever watch the show Shark Tank and thought, “I’d love to be one on that judging panel!”
If so, you might make a great silent business partner. All you need to do is find a successful business that needs some capital in order to expand. If you can provide that capital, you can jump on and take an equity position. An equity position will allow you to own a certain percentage of the company (usually between 5 and 10 percent) without having to participate in any of the day to day business hustle.
13. Peer-to-Peer Lending
While this one’s a bit riskier, peer-to-peer lending can be one of the most lucrative ways to make passive income.
It involves lending money to people over the internet who can’t get money any other way. Then, you make money through the interest you charge.
Because this one involves more risk, you really need to make sure you do your homework and launch the right way.
Ways to Make Passive Income: Wrap Up
Now that you know all these ways to make passive income, it’s time to get out there and do your thing!
Of course, each one of these 13 ideas will take time and effort, so don’t expect to be rolling in money overnight.
If you have nay questions regarding any of these ways to make passive income, please do not hesitate to drop a comment below!