What’s better than making money?
Learning to make money while you sleep!
Waking up wealthier than when you went to sleep is a great feeling. You don’t have to be ultra-rich to make money while you sleep. There are things you can do wherever you are in your financial plans so that you can create passive income sources.
Continue reading this article to learn how to create passive income streams that will pay you while you’re catching zzz’s.
The 411 on Ways to Make Money While You Sleep
Linear income is income you make by the work you do. You have to be there to make a linear income.
Passive income is income you earn by doing little to no daily work to keep it coming. That’s the kind of income we like, isn’t it?
1. High-Yield Savings
If you’re extremely risk-averse then high-yield savings accounts are a good way to generate passive income. While the returns aren’t very high, you don’t have a lot of risk with a savings account as you do with other options.
Most banks don’t pay enough to make any difference in your cash flow but if you go with an online bank, you can get some decent interest on your savings.
2. High Dividend Stocks
Ready to stop playing around with small returns? High dividend stocks can help you get into higher ROIs than high-yield savings. You do have to keep in mind that there are more risks with this investment.
Keep in mind that you can gain income from dividends and capital gains. Find a good brokerage with low fees and you’re off to the races.
3. Passive Real Estate
Real estate doesn’t sound like very passive investment, does it? You may be thinking about people flipping houses or managing renters. The good news is that this is not the only way you can make money from real estate.
If you own properties that you want to rent, you can hire a property management company to take care of this part of things. You simply have to be responsive when the property management company needs you for any major decisions.
There are other ways to make your real estate investment passive such as using a company like Fundrise or Realty Mogul.
4. Invest with a Robo Advisor
Don’t want to make your own decisions on what investments to buy? No worries — robots can do it for you.
These smart algorithms take the guesswork out of which investment plan is the best for you. When you use a robo advisor, you input your willingness for risk and the robo advisor is off to make a decision for your financial future and success.
5. Invest in CDs
CDs are another safe way to grow your money. They have a little bit better rates than high-yield savings accounts but you have to commit to keeping your money in the accounts for a certain amount of time.
The longer you commit to having your money in the CDs, the more money you’re going to have on the other side when the CD is mature.
One of the good things about CDs is that your interest is locked in no matter how much interest rates fluctuate during the length of your CD.
6. Invest in Index Funds
Investing in index funds allow you to invest in the general market. No worrying about which investments to pick or when you need to rebalance your portfolio.
YouTube channels that are making big money aren’t only the gamers that you hear about. There are channels on beauty, kids opening toys and much more that are making a nice income on their videos.
8. Affiliate Income
Affiliate marketing is when you market other people’s products and get paid for commissions that come from your specific tracking URL. Affiliate income off a product can be anywhere from a few cents for a lead to hundreds or even thousands of dollars as a commission on a sale.
Creating a way to get the right people to those links can allow you to make a nice passive income. Blogging is one of the ways many people use to get traffic to affiliate offers.
9. Selling Ad Space
Another way to make money if you have a blog other than affiliate marketing is by selling ad space. If you can get people to look at your blog then advertisers want to get in front of those people as well.
You can charge individual businesses or you can use ad networks like Google’s own Adsense or companies like MediaVine.
Selling ad space can make a good income but it does take a lot of traffic to move the needle.
10. Create an Online Course
Chances are you know how to do something other people would like to do. If you create an online course, you can direct people to that course and earn money from each of the sales.
While you only get a percentage of the sale amount with affiliate marketing, when you make your own course, you get the whole amount of the sale. Since the course is a digital course, you don’t have a lot of costs so the profits are high.
Once you’ve made the course, the work you have to do is very minimal.
Ready to Up Your Money Game Even More?
Now that you know some great ways to make money while you sleep, why not continue learning more about making your money work for you? Or even better — other people’s money?
Read our article on debt today to learn when debt is good and when it’s bad.