Have you ever heard of that quote from the best investor of all time, Warren Buffet? “If you don’t find a way to make money while you sleep, you will work until you die.” It is such a powerful quote. Since a few years ago, my goal has been to reach the point where I don’t have to trade my time in for a paycheck.
So, how to make money while you sleep?
If someone had said this to me in my early years, I would have told them that this is impossible. But here we are. Making money while you sleep is a form of passive income. Passive income is earnings you make other than your salary from your employer or a contractor. It typically requires little to no effort to maintain the income flow. One may do a lot of work upfront and may need to keep things updated to continue to generate income.
Below are how to make money while you sleep.
Buying Stocks
I talk about the stock market all the time and, it is only right that it is my number one way to make passive income. Personally, this is the single most powerful way to build wealth now and for the future. You put your money into the stocks you love and understand and watch it do the work for you. For large returns, you will need to invest more money.
You can invest in growth stocks, value stocks, dividends stocks, and ETFs. These are all great ways to get started on building wealth now and for the future.
If you have no idea where to start to invest, you can sign up for my 1:1 coaching session here. I teach how to pick, identify companies, and to create a diversified investment portfolio.
Coaching Services
Start a Blog
Bloggers make a lot of money in different ways. To get to that level, one has to put in a lot of work upfront. Some of the work includes building a website from scratch or paying someone to do it and writing a consistent blog post like the one you are reading right now. Once the blog is running and you have a decent audience, you can make money from advertising, affiliating marketing, selling ebooks, and teaching people something you are good at, etc.
Out of the three above examples, my favorite is teaching people. I am only eight months into blogging, and I have made about $1000 through affiliate marketing. However, through my stock coaching session, I have been making decent monthly returns. I don’t consider that a passive income because I have to trade in time for the pay.
I am currently working on an ebook. Although it requires many hours to finish it, it becomes passive because I can sell the course indefinitely with minimal work.
Blogging takes time, energy, and lots of work. If done well, it can be rewarding. I am still a beginner in the blogging area, and I continue to learn ways to improve.
Also, you do not have to be a blogger to create ebooks to sell. Anyone on any social media platform can create online courses and sell.
Sell Items Online
You know that saying, one man’s trash is another man’s treasure. Something that someone considers worthless may be valuable to another person. So go to websites such as Facebook marketplace, offer-up, and eBay, upload photos of items you have that you no longer want, list your price and, get paid. Yes, it is that simple. I can not tell you how many items I have sold on Facebook. These are items I almost threw away.
Rental Income
Real estate investing is one of the most common ways to make money in your sleep. You make money through rental income. It sounds so simple here, but it often requires a lot of work than many people realize. You have to spend time to learn how to make it profitable, how to attract good tenants, and the financial risks of owning a property. If you don’t take the time to learn how to make it profitable, you may lose your investment. However, if you master it, you can turn it into a long term passive income with minimal work over the years.
Start a Youtube Channel
One of my girlfriends recently started a youtube channel where she shares life tips, and I am enjoying watching her page grow. Starting a youtube channel is similar to starting a blog. Once you have a decent audience, you can start making money while you sleep through advertising, sponsorships, and selling branded merchandise.
There are many ways to make money while you sleep.
All of them take some form of investment. You will do many upfront works, and in some instances, you may have to spend money to get started. If you are going the route of purchasing stocks, you won’t become the next Warren Buffet if you invest $50 a year. If you want a large return, you have to invest more money. You also have to spend time researching and finding the right stocks to purchase.
Blogging also requires work. If successful, you can quit your full-time job, but you may only get to that point if you are willing to put in a lot of work right now with no financial gains.
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-Charly
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