Making money while you sleep…otherwise known as passive income
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 whether it’s building a business or just having time to spend with friends and family.
What is passive income?
It’s income that you earn on a reoccurring basis that requires minimal to no work to maintain.
Let’s take a look at 10 ways you can make passive income.
1.) Create a mobile app
Awesome new apps appear everyday after going viral and make their respective creators a lot of money, sometimes millions. If you have a great idea for an app you can use sites like www.appypie.com that will make your app for you so you don’t need coding experience to take your app to market.
Joel Comm made over $1 million from his iFart app.
2.) Peer to peer lending
Just how a bank would lend money to you and make you pay interest on it but this time you get to be the bank. There are multiple sites like this one that match you with someone who needs to borrow money.
3.) Investing in the stock market
You have to make sure you do your proper due diligence and educate yourself before entering the stock market but it’s a great place to put your money to work for you. Learn what a stock is and how to buy one here
4.) Online Courses
Do you consider yourself an expert in something? Well, you’re in luck, there are tons of sites where you can create online courses to teach people your skills and earn passive income on it with little to no work after the course has launched. Check out sites like udemy.com and teachable.com.
5.) Buy a vending machine business
Yes you read that correctly, a vending machine business. Ever been putting in your crisp dollar bill getting ready to eat a snickers bar when you wonder “who owns this thing?”
Well you can. Initial Costs can range $3000-$3600 for a quality vending machine but can be very lucrative if your able to get yours in a prime location.
6.) Affiliate Marketing
The idea here is you market someone else’s product for them and earn a commission on each sale your able to provide for the original seller. This works best when you have a large audience of some sort on social media.
7.) Create YouTube Videos
Create entertaining videos that will build an audience. Earn money from YouTube for having people watch your video’s. Top Youtubers are able to rack in millions of dollars from their views.
8.) Write an e-book
Amazon allows you to turn your book ideas into actual income through their site. It could be fiction or non-fiction but the sweet spot here is usually 50-60 pages of awesome written content.
9.) Investing in crowd-funded real estate
Always wanted to invest in real estate but never had the funds? Sites like fundrise.com allow you to pull your money together with a group of people and invest in real estate, a nice alternative to investing in the stock market.
10.) Buy and sell domain names
Buy domain names (names of websites) for cheap that you have identified will draw interest in a particular field or sector and sell them for a profit. This one takes a bit of research to be able to find where a profitable flip might be.
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