Making money while you sleep is a dream for many people. It is as easy as starting to putting in the work. It takes a lot of action to get started, but when you can sleep and make money simultaneously, you will be on the right track to financial freedom.
So here are 11 easy ways to make money while you sleep.
1. Real Estate
Real estate is one of those easy ways to make money while you sleep. Every month you can receive rent payments, payments for short-term rentals, or even dividends from REITs. It takes money to buy a property and create this revenue stream, and once it is started, you can sleep easy at night knowing that money will soon be flowing in.
2. Dividend Paying Stocks
Income-seeking investors love dividend-paying stocks because they pay the share owner a small percentage of their profit. As you are looking for income while you sleep, an excellent dividend-paying stock or dividend ETF could be something you would like to own.
Every quarter or month, the company will give a percentage of its profits in the form of dividends to the shareholder, and you can either reinvest it or collect it as income. The more you have, the more income you can collect.
3. Make an Online Course
Teaching can be a tricky thing for many people. If you have a skill or a subject that many people are willing to pay for, you could create your online course. You can sell these courses in many spaces, like Teachable, Udemy, or Skillshare.
So all you need to do is create that course, with videos and sell it. If you can get enough referrals, you can sleep easy at night knowing the hard work is done and the money is coming in.
4. Invest in the Stock Market
Investing in the stock market is another excellent way to create income while you sleep. As the stocks or ETFs you buy increase, the money you invest will also increase. There are also opportunities to do the selling of options, which can be another lucrative way to use the stock market to create additional income.
With the explosion of e-commerce, it has never been a better time to get into dropshipping. The best part of dropshipping is that it can be easily done without touching the product. The products are warehoused, labeled, and shipped in your name. Simply put, the product is bought, you push the order through and pay a fee, and the product is shipped out. This can also be automated through Shopify or Amazon FBA.
6. Create a Blog
Creating a blog can be time-consuming, hard work, and also really rewarding. If you have a gift for writing compelling and engaging content, you could create a blog that receives income. If you can make an extensive enough portfolio that brings in organic traffic and plenty of referral traffic, you can generate a lot of income. As you sleep, the internet is not shut down, so the money can continue to flow.
7. Invest in Peer to Peer Lending
Looking for ways to use your money to lend to people? Peer-to-peer lending came on the market with a few start-ups in 2014 and has exploded. You can invest in loans to people and receive interest from the payments. You can create passive income while loaning people out money. You are the bank, and there are many ways to automate this with different companies, and that is the best part.
8. Invest in REITs
Those who want to get into real estate, but may need more income to jump in, could invest in REITs. REITs are real estate investment trusts that pay investors the profits in the form of dividends. Many of these REITs will create stores, shopping malls, housing developments, and many other aspects of real estate. It is a great way to receive some dividend income while being in the real estate sector.
9. High-Interest Savings Account
With many savings accounts offering interest rates of 3.75%-5%, it can take effort to pass up some good interest in these accounts. If you are saving money, you can make some good interest off of it. So an excellent high-interest savings account could be a great place to park your money for a while until you achieve some savings goal you are looking to hit.
10. House Hacking
House hacking has become a great way to earn extra money. Instead of buying that dream home of yours, you could buy a multi-unit family home. That could be a duplex, four plex, or even a single-family home with multiple rooms. Then rent out the other units or the extra room, and that rent can pay for your mortgage payments. You then have money coming in from buying a place to live in.
11. Rent Out a Room
Short-term rentals and house hacking has blown up, especially with the introduction of Airbnb. You can rent a room in your house or even place your room on Airbnb and make some extra cash. It is a great way to make money while you sleep, and who doesn’t like making a little extra cash on the side? So take advantage of the internet and your space.
Time to Make Some Extra Cash
Passive income can come in all forms, but it first takes some action. Once you can put in the work and money to create these different income streams, you can rest peacefully, knowing that you have additional cash flow besides your main job that will continue to bring in more money.
12 Passive Income Ideas That Will Make You Money While You Sleep
People strive to find the key to working less and earning more. If you want to live an early retirement life, you need to have your money work for you. Warren Buffet famously said, “If you don't find a way to make money while you sleep, you will work until you die.” The best way to get your money working for you is to buy income-producing assets, and these assets will continue to create money even while you sleep.
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Even if you are not experienced enough, you can still make some quick bucks if you know where to look. And if you find something that clicks your mind, you can make a full-time income out of it.
I’m Steve. I’m an English Teacher, traveler, and an avid outdoorsman. If you’d like to comment, ask a question, or simply say hi, leave me a message here, on Twitter (@thefrugalexpat1). Many of my posts have been written to help those in their journey to financial independence. I am on my journey, and as I learn more I hope to share more. And as always, thanks for reading The Frugal Expat.