Earning passive income is a dream for most people. The idea of making money while you sleep sounds too good to be true, but it’s actually quite possible.
If you’re looking for ways to make money that don’t require your full-time attention, then this list of passive income ideas will help you get started on your path toward financial freedom.
Start an Online Side Hustle
If you’re looking to make money in your sleep, an online side hustle is a great place to start. There are a number of ways you can generate extra income through the internet. Here are some options:
- Affiliate marketing: You sign up with an online company or website and then get paid when your readers make purchases from them. For example, if someone buys a pair of shoes on Amazon after clicking through one of my links, I get paid by Amazon for the sale (which has been known to happen).
- Selling items on eBay: The amount of money you earn depends on how much your item sells for and how long it takes for the buyer to pay their fee (typically 3%). In addition to selling clothes and toys, sellers have also made big bucks off their pet parrots! One seller sold her pet hen for $50k all thanks to Ebay!
Rent Out Your Home
Renting a room in your home to a student, family, or business is the easiest way to earn extra money while you sleep. If you live in an area with a large university population (as many do), there are likely many students who are looking for housing. You can offer them a room at your place and make some cash off their rent.
If you have more than just one spare room or two, consider renting out rooms as part of an apartment or house share. It’s very common for people who live in cities where space is limited to rent out rooms in their homes on Airbnb and similar platforms; simply check these sites first when considering how much money you can make by renting out space in your home! If this isn’t possible due to zoning laws or something similar though then don’t worry: there are still other options available!
Invest in Real Estate
Invest in Real Estate
When you invest in real estate, you’re buying a property and renting it out. This is one of the best ways to make money because your investment will increase over time. But there are risks involved: if the rent doesn’t cover your mortgage payments or maintenance costs, then this isn’t a good option for you. If that’s not something that worries you, here are some tips on how to invest in real estate:
- Do research
- Find properties with good potential
- Buy low and sell high
Buying stocks is the most basic way to make money in your sleep. You can do it online or over the phone, but you’ll need a broker. Brokers handle all of the paperwork and paperwork costs, so they charge you a fee for their services.
If you’re getting started with stocks, I recommend using Robinhood because it’s free (for now). It also has no account minimums and commission fees that are lower than most other brokers’ levels.
Beyond opening an account with Robinhood, there are two things to consider: how much money should go into each stock trade? And which stock should be bought first?
The answers depend on what kind of investor you are—and if there’s any kind of urgency (or lack thereof) attached to having those specific companies’ shares traded on your behalf right now.
Invest in Bonds
Bonds are one of the most reliable ways for investors to make money. A bond is a debt investment, meaning that it’s a loan between two parties: the borrower, or issuer, and someone who buys it from them. The borrower pays interest on this loan periodically (usually once per year) until their loan has been paid off completely by its maturity date. Bonds are often considered safer investments than stocks because they’re backed by collateral and can be sold quickly if necessary. We’ll get into more detail later in this article about how bonds work and how you can invest in them yourself!
Become a Freelancer
Whether you want to make money in your sleep, or just make it easier on yourself, becoming a freelancer is an option worth considering. A freelancer is someone who sells their expertise and skills to other businesses. Freelancers can be writers, programmers or graphic designers—just about anything!
The benefits of being a freelancer are many:
- You get to pick your own hours
- You can make more money than if you were working for someone else (sometimes)
- You have the freedom to work wherever and whenever you want
So how do you become a freelancer? First of all, figure out what type of business would best suit your talents and interests. Then find clients who need those services—this could entail networking with friends/family members who might know people in related industries or posting ads online. Finally price your services according to the market rate for similar jobs (searching “how much does it cost” will give some good insights).
Start an LLC
You might consider setting up your business as a Limited Liability Company (LLC) instead of a sole proprietorship or corporation. An LLC is less expensive to set up than other types of businesses and offers more protection from liability. As with any type of business, there are costs involved in establishing an LLC: filing fees, annual reports and taxes.
If you choose to register your company as an LLC, remember that you will need to file annual reports and pay federal taxes each year on behalf of the company like any other type of incorporated entity would do—even if no income is generated by the business during that time period! The good news about this? It means that if you’re doing well financially in one year (and don’t need all your money), then some can be set aside for later years without being taxed now.
Get Paid to Blog
If you’d like to start a blog, but don’t know where to begin, here are some tips:
- Pick a topic. If you’re passionate about something, there’s probably an audience for it out there. If not, try to find something that interests you enough to write about regularly and consistently.
- Write about what you know. If possible, write about something that relates directly or indirectly to your skillset or professional experience—this will make it easier for readers to trust what you have to say and engage with your content more easily.
- Create an email list from the get-go (if possible). When people subscribe by email with their full name and contact info., they’re more likely than others who aren’t signed up this way—and thus aren’t required first & last names) —to read future posts!
Making money in your sleep is possible, and it doesn’t have to be as hard as you think. There are many ways to earn passive income with some effort now that can pay off later. I hope this article has given you some inspiration for how to get started and made the whole process seem less intimidating!