“If you don’t find a way to make money while you sleep, you will work until you die.”
Time is our most valuable asset and passive income gives you more time to focus on what’s important to you.
What is passive income?
Income that you earn on a reoccurring basis that requires minimal to no work to maintain.
Let’s take a look at 15 ways you can make passive income.
1.) Create a membership only community
If you have a ton of knowledge in a certain niche and can gather enough people into a group producing value you can begin to charge new members to join and get the exclusive content in the community.
2.) Rent out your possessions
Have a spare bedroom? Make passive income by renting it out on airBnb
There’s also sites where you can rent out your car, bike, equipment, etc.
3.) Affiliate Marketing
Make money by running paid ads or creating a niche site that promotes other people’s products. You will earn a commission for each sale you’re responsible for.
4.) Own Rental Properties
This is one of the more expensive passive income streams to start but one of the most profitable. Buy and fix up a house, and rent it out.
Hot spots can be places like college campuses because theres always students looking for a place to live.
Get started looking for houses on zillow.com
5.) Run a paid newsletter
Will people really pay for a paid newsletter when they can get the information for free online?
Yes, but you must choose the right niche and deliver awesome content in an organized manner.
6.) 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….Yes I said iFart.
7.) 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.
8.) 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.
9.) 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.
10.) 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.
11.) Buy a laundromat
If you have a lump some of savings wait to be put to use a laundromat can be a great investment.
There’s never anyone in the laundromats besides the people spending their money to wash their clothes.
12.) 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.
13.)Write an e-book
Amazon allows you to turn your book ideas into income through their site.
It could be fiction or non-fiction but the sweet spot here is usually 40-50 pages of awesome written content priced around $3-$5.
14.) 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.
15.) 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.
So as you can see there are a lot of ways to make money in your sleep and I hope this list helped you narrow down some ideas.
Take an idea and put some action behind it to start earning some passive income!