Is it possible to earn money while sleeping?
Yes, it’s possible. Passive income is the income you get after work is done. You don’t need to be present to earn money. Getting a passive income is not as easy as we thought. If we want to receive 10,000$ as a passive income within two weeks, trust me, it is impossible. You have to spend some time and put some effort to make some money from it.
Ex: – Website earnings, Investing, Online courses, E-books
Some methods need a high effort(Website, Online courses) while some ways require less energy (Investing, Renting properties). But we have to remember that you have to be smart and committed to work.
In this article, I am going to give you simple but amazing methods to earn a passive income. I will also provide examples that are relevant to the methods.
Savings accounts that pay high interest
This is a simple and risks free method to earn money without working. All you have to do is find a good saving account which pays high interest. Then save your money in that account. You don’t need to bear a cost to earn money from this method. It’s free and safe. The only things you have to consider are the net present values, Rate of return and the interest rate. Never save on an account that gives lousy cash flows and make sure to keep your money for an appropriate time.
Invest to earn passive income
This is a very common and great way to earn money. But the risk is always high. You have to be wise about investing in the right thing and make a lot. Learn how to invest your money wisely. Keep in mind that if the risk is high, the reward is always high. In some investing methods requires talent in market research, some may not. Investing technique depends on the money you have and the knowledge you have.
One way is investing in the stock market. Here you will be able to become a shareholder of companies you choose. Also, you can get a chance to become a director of a company. It is not a compulsory thing. You can invest in shares and get the dividends profits at the end. Also, there are many advising companies to help you.
Investing in forex has also become an excellent way to invest in nowadays. But there is a high risk. Moreover, the profit is high. There are many legal agents as well as the illegal agents who are in the market to help you. You have to be smart to invest the money wisely.
Website or blog
This has become more popular with the rise of communication. There are thousands of people who make their living by just maintaining a web or blog. But it’s not easy to make the site or blog a money-making one. You have to work hard at the beginning. Websites or blogs follow the same root to earn money. There are plenty of websites and videos that can help you to create a site or blog.
Most important is your site should be consist of unique and quality content. You have to get the attraction and the loyalty of your visitors. This method is best for a person who expects more freedom and who has a sound knowledge about an area that has good demand.
Creating a site can cost you a small price at the beginning. Because you have to buy a domain name and a hosting service to establish your website, we recommend Namecheap and Hostgator for buying domains and hosting services. There are mainly two ways to earn money from a site.
One is from Google AdSense. If you have good traffic and high CPC rate keywords and a niche, you can put AdWords ads on your site. Your income will depend on the niche you select, traffic and the CPC of the keywords you choose. This is not a one day work. You have to work hard for a few days and make a quality and unique website.
Another way is earning money through affiliate marketing. Amazon, click bank is there to give you the money for selling and advertising their products and services on your website. It is a contionus method to earn passive income.
If you have sound knowledge in a particular area or different areas, this method is for you. As an example, if you are a good cook, you can teach about cooking. You have to record your teaching session and sell them. Udemy and Lynda are popular websites to sell your courses. But keep in mind that you cannot sell the harmful courses. Your courses must be professional and unique. After selling your course on the sites, you can earn money while sleeping. Because you will get cash when someone buys the course. So your effort is one time.
People think “do we need to manufacture products to do online stores”. No, you don’t need to make a product. Because there is a method called drop shipping to help you. In this method, you have to find a reliable seller from the stores like eBay and aliexpress. Then you have to create an online store using an extension like woo-commerce. With that site, you must market the products or services of the seller you chose. When you abled to sell a product via your website, you can get a commission from the real seller.
Here the customers think that you are the real seller. But you don’t have to bear the shipping costs or other costs relevant to shipping and returns. This is a very profitable method, and you have put less effort. All you have to do is rank your online store in search engines like Google, Bing.
Rent your properties
If you have an extra room, Houses or vehicle that you don’t use, this is the best way for you. This doesn’t require an effort. But the income is good. When talking about renting rooms or a house, you can find either regular customers or temporarily customers. It depends on you. If you don’t like to have long-time roommates and customers, sites like Airbnb offer you a platform to market your properties.
Also, you can rent your vehicles to companies or other organizations. But make sure the purpose they are going to use your vehicle. Otherwise, you will end up wasting your money. This is an effortless way to earn a passive income.
Buy Royalties to earn passive income
Sites like Royalty exchange offer you an excellent platform to buy royalties. When you have royalty products, the people who are going to use them must pay you. This is a simple and continues way to earn money. But you must know the things that people usually buy. Also, you can purchase royalties at a low price and sell them on your website for a high price.
Buy a Blog
If you don’t have good knowledge of creating a website and ranking it, you can buy a blog. Sites like Flippa offer you an excellent platform to purchase money making blogs. But you have to consider the current traffics, niche, content and the safety of the blog site that you are going to buy. Because someone can sell the blog sites that already have a high spam score.
Most people sell their blogs because they don’t have time to write or they are not satisfied with the income that they can receive from the blogsite. So if you are okay with the context and the money you can earn, you can buy a blog and start earning. This doesn’t require an effort, and this is an excellent way to earn passive income.
Above are just a few examples for the passive income methods. There are more ways than the methods I mentioned. It’s up to you to decide the most suitable way. Eventually, you will find it is not hard to earn money while you sleep. Hope you got a good understanding of the passive income methods. If you have more questions, please put a comment.