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Let’s face it, most earnings still come from a traditional 9 to 5 job where you clock in 40 or more hours a week. For most people, this is the only way that they are making money!
But start thinking creatively beyond the paycheck, and you will realize there are dozens, even hundreds of ways to earn passive income that gives you round the clock earnings, even while you sleep.
Time is our most valuable asset and passive income gives you the opportunity to have more time to focus on what’s important to you such as building a business, launching a website, creating art, or writing a how-to book.
Passive income is earnings on a reoccurring basis that require minimal to no work to maintain. If you strategically invest the start up time, you’ll see results far beyond your initial time commitment.
Let’s take a look at 10 ways you can make passive income and earn money while you sleep.
1. Create a mobile app
Fantastic new apps appear every day, and with lots of hype, many go viral and earn their creators a lot of money, sometimes millions.
If you have a great idea for an app you can use sites like Appy Pie that will make your app for you so you don’t need coding experience to take your app to market.
Or, partner up with a friend who knows how to develop an app. You can focus on what you want the app to do and your friend can develop and design it! Once your app is complete, you can make money 24/7 selling it on an app store.
2. Be your own bank
In the same manner a bank or credit union gives out loans, peer to peer lending allows you to help others with personal and business loans, college tuition loans, car loans, or just about anything else under the sun.
These lending clubs pair people willing and able to lend up to around $40,000 to others needing a loan. There’s a percentage of interest, of course, allowing you to make a profit. As a bonus, you will know you’re helping others finance something important in their lives.
There are multiple sites like this one that match you with someone who needs to borrow money.
3. Investing in the stock market
It may seem dicey or risky, but if you put in the time to learn about the ins-and-outs of playing the stock market, you can take small steps to start based on a long-term plan.
There are tons of sites for tutorials aimed at newcomers to the stock market, teaching you the lingo, how to assess your risk tolerance, and even giving stock tips.
4. Create your own online course
Ready to demonstrate how to write the perfect resume? Knit a sweater? Read tarot cards? Buy a car? Balance a checkbook?
If you’re an expert (or willing to do the footwork and become an expert) on any topic, you can create an online course to teach others your skills.
Setting up the curriculum requires a time commitment, as does marketing your course, but once it’s up and running, you’ll earn passive income based on the number of students.
Ryan Scribner offers a free course all about building a successful online course or membership site. You can enroll here!
TIP: Ask people who’ve completed the course to write a testimonial praising it, and publish their words.
5. Buy a vending machine
Every time you put in money or swipe your card for a Coke or a Kit Kat Bar or bag of chips, someone somewhere is gaining a profit from your purchase.
Jump on that band wagon by investing in a quality vending machine, which will range from $3,000 to $4,000 a piece, then find a prime location to set up.
Negotiate with the property owner, say a laundromat, and offer a slice of the profit pie in return for the optimal site.
This can easily be a single employee business (you) when you take care of restocking and checking the machine. Reinvest your profits into another machine, and repeat the process over and over until you have a small business!
6. Get started with affiliate marketing
The idea here is you market someone else’s product for them and earn a commission on each sale you’re able to provide for the original seller. This works best when you have a large audience of some sort on social media.
One of the best ways to do this is with Amazon Affiliate Links. In this video, Ryan Scribner will teach you how to make passive income with these links.
7. Create videos on YouTube
Back in the day, kids used to dream of growing up and being on television, but in today’s world, there a way for anyone to be seen and heard.
Find a unique, entertaining or hilarious subject and launch a YouTube channel of your own. Market yourself to friends and start building an audience. You’ll need to start small at first, but keep plugging and creating new content as often as possible.
Soon, you’ll generate enough views to start earning money from ad revenues. Top YouTube creators rack in millions of dollars from their viral views.
8. Write your own ebook and sell it
Learned a lot about home improvement? Discovered secrets to small space gardening? Restored an old sailboat recently? Put your knowledge onto the page by penning your own non fiction book and hook up with Amazon for sales.
Then, invite everyone you know, from family to Facebook friends, to order a copy of your new publication, and earn both accolades and extra income. It could be fiction or non fiction but the sweet spot here is usually 50 to 60 pages of well written content.
9. Investing in a crowd funded real estate projects
So, you’ve always wanted to invest in real estate but haven’t been able to pull together the funds for a decent two family home? There’s a new way to add real estate to your investment portfolio that pools money towards a specific project, allowing you to decide how much to put towards it.
Sites like Fundrise offer projects for you to review as well as low fees to start. The expected annual returns are in the arena of 8 to 11 percent, which is a nice return! Experts help you determine where to invest your money in the real estate projects based on your long term goals, and keep you updated on how your project is progressing.
10. Buy and sell domain names
Domain names are unique identifiers for websites, and some are highly sought after. You can easily brainstorm domain names that could be the next big thing, then buy them up early for as little as a few bucks. Be specific by identifying potential markets ahead of time with a bit of time invested in research. Once you have identified what may draw interest in a particular field or sector, buy the domains they offer them for sale with a mark-up so you make a profit.
There are countless ways to make money in a passive way. Your goal should be to stop working for every dollar you earn and to make money while you sleep! What is your favorite way to make passive income? Drop us a comment below.
“If you don’t find a way to make money while you sleep, you will work until you die.” – Warren Buffett