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How to Earn Money as You Sleep?
Is it possible to earn money as you sleep? Well yes, if you know how to! If you have read some of our previous articles on personal financial management then you will know just how important adding streams of income to your active income stream is. We are living in a world with uncertain economic conditions, so many people have lost their jobs and there is no saying where the situation may go with the pandemic still far from over. In such conditions, if you are healthy then you must try to increase your income streams in order to supplement your income and create a financial cushion.
Do not worry you do not have to leave your day job to increase your income streams, doing so would be counterproductive. In this article, we shall look at various ways of generating passive income that you can use to create multiple income streams.
1- Affiliate Marketing
We have already covered this in one of our previous articles but not mentioning this here would be like leaving something important out. Affiliate marketing is a good way to generate recurring passive income. You simply have to become an affiliate and market products through your website or blog. If the readers click on your referral links and purchase anything then you will get a commission for each sale made through your referral link.
2- Blogging
Blogging is also a good way to generate recurring passive income. A blog can be used to generate income in a number of ways. Affiliate marketing has already been discussed but another very common way of generating income through blogging is through ad revenue. You can host ads and earn ad revenue. Now, this can be done in two ways. You can either host ads through Google or you can sell ad spaces on your blog to brands and other sellers privately. Directly charging them for displaying their ads on your site.
3- Youtubing
If you have got the talent and the passion, then you can start a Youtube channel and earn recurring passive income through your youtube videos. This is a good way to set up a very strong passive income stream. Particularly if you have got any talent that you want to showcase to the world.
Youtubing, however, requires proper dedication and content creation skills so you may end up spending more time than you originally imagined.
4- Ebook
If you have got any skill or talent that you want to pen down for future generations, then you can take your time out to compose your own ebook. If you want to self publish your book, you can do so and sell your book through your site or Amazon or any other online selling platform. If you decide to use a publisher then your revenue may reduce but you will also get access to a wider audience. In any case, you will get recurring income.
5- Photography
If you have got good photography skills, then why let them go to waste? You can use your photographs to earn a little passive income. Simply register with any stock image selling site and earn money for your photography. This way you will earn money doing what you love to do best. This will also add an additional sense of purpose to your photography.
6- Make an Online Course
Got time to teach? Why not register with any online teaching platform like Udemy or Coursera and make your own online course to teach others? Sites like Udemy allow you to upload lectures and courses and every time a student signs up for a course, the teacher gets a commission from the fee deposited. This only requires one-time effort to set up and create the course and then you will get recurring income.
7- Airbnb
Got extra rooms that are not used? Why not register with Airbnb in order to rent out extra rooms and generate income, while literally sleeping.
8- Invest in a rental property
If you have got the savings or the required investment for it, then buying a house and renting it out can be the best use of your money if you want to generate passive income. Renting out your property will earn you money as you sleep. You will only be required to carry out maintenance and repairs. In order to minimise any risk of damage or loss, you being the owner can take out landlord insurance to limit any risk of loss as well.
9- Buy Blogs, Lots of them!
There are plenty of blogs on the internet laying dormant because their owners simply have no will or intention of running them anymore. Scope out blogs that have got a good reader base and good traffic and purchase them.
Your purchased blogs may come with Google ad revenue and perhaps even recurring affiliate marketing revenue. If you can buy multiple blogs and manage to run them by outsourcing the content creation then you can essentially earn money as you sleep.
This option will however require proper planning and scouting for suitable blogs. If executed properly you can have blogs generated anywhere between $250 to over $1000 on a monthly or annual basis.
10- Peer to Peer Lending
If you have already got some money then you can register with any P2P lending site and lend your money online. Doing so will allow you to generate money with a rate of return that can be anywhere between 2% to 9% or even higher, depending on your risk appetite.
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