When it comes to earning money, we tend to glorify the hustle above all other qualities. We’ve been conditioned to think that earning money has to be this hard, upward slog. Well, it doesn’t have to be! I’m here to talk about a few earning methods that literally let you earn in your sleep! I refer to this type of earning as passive income.
What is “Passive” Income Anyways?
When most people think about making money, they tend to associate it with, you know, actually working. And that’s the traditional way of thinking – if you wanna earn, you have got to hustle, right? But things have changed a bit when the internet became a thing. More and more sites have popped up, allowing money-savvy people like you and me to have more diverse earning opportunities. And one of the coolest types of money earning sites and apps are ones that give you passive income.
Passive income simply means income that you don’t have to work for on a daily (or even hourly) basis. Basically, you set things up, then you continue to earn even if you’re not actively doing anything. You will have to manage your earning methods and side hustles, of course. This isn’t entirely hands-free. But you can sit back once the money comes rolling in.
And that’s another advantage passive income has: it gives you flexibility. Once you’ve got things rolling, you can move on to another earning method. What that means is you have the ability to “stack” your earning methods one on top of another. And while passive earning methods sometimes have low individual payouts, the fact that you can stack them means you’re pretty much multiplying your earning potential!
Invest in Crowdfunded Real Estate
I’ll confess and say that I’ve always thought that investing in rental and other types of properties was way beyond my reach. Wasn’t that something only rich people did? Well, I was reading Investopedia to get a few ideas for where to put my money when I came across this awesome article about a new (at least to me) concept called crowdfunded real estate:
Real estate industry groups are already climbing aboard the crowdfunding bandwagon, touting the relatively low-risk access to the U.S. real estate market to, for now, wealthier Americans.”
‘Crowdfunding for real estate is not an entirely new phenomenon,’ said the Commercial Real Estate Development Association in a recent statement. ‘Numerous players have entered the field. Although each of these platforms has its own niche and strategy, with different levels of minimum investment, all are geared toward accredited investors who meet specific requirements for net worth and/or annual income. By contrast, crowdfunding under the JOBS Act will open the field to many more smaller investors.’
Think of this as a mutual fund, but for properties. As the name implies, crowdfunded real estate companies pool the money contributed by various individuals and invests it in various development projects. This opens a whole new world of passive, investment-based income.
Wanna give this a try? You can start by checking out sites like Fundrise, Realty Mogul, and Rich Uncles. These are all legit sites, and offer different investment packages for different incomes. These are some businesses that make money while you sleep!
Get a Time Deposit Account
Growing up, we’re all told to save our money. And for a good reason. We’ll never know when a rainy day comes, right? But after you’ve saved a certain amount – say, two or three months’ worth of expenses – it’ll be a good idea to invest any extra money instead of saving it. And the reason for that? Inflation. A basic savings account won’t earn you enough in interest to stay ahead of inflation. Keep money in your bank account long enough and you might even end up losing money since the value of your savings will go down!
If you’re not keen on investing in crowdfunded real estate just yet, you can try a time deposit account instead. A time deposit account “locks” your money for a set amount of time, but gives you a higher interest rate. If you’re interested in this, check with your local banks to learn more about their available time deposit opportunities.
If you’re looking for a really easy – borderline no-brainer – earning method, it can’t get simpler than watching videos on a rewards site. A rewards site will reward you with cash or gift cards for watching videos (as well as answering surveys, completing offers, and testing apps). There are lots of scam rewards sites, unfortunately. So stick with one legit site – ZoomBucks. I learned about ZoomBucks after reading a review on 3HUNDRD. The reviewer had this to say about ZoomBucks:
ZoomBucks is totally legit! If you’re looking for a new way to supplement your income, give ZoomBucks a try!
I’ve tried ZoomBucks, and can personally confirm that the site is legit – and awesome!
Create YouTube Videos
If you’ve got video production and editing chops, you can create video content and upload it on YouTube. The site is still a great way to monetize your content. And since you have the potential to earn long after you’ve uploaded your videos, this is practically the same as earning money in your sleep!
It isn’t as simple as that, of course. First, you need to create content based on a topic that people will want to watch. Next, you should have a unique spin to your content, since chances are many other YouTube channels will be covering the same topic. And finally, you will also have to promote your channel. But all in all, this is a great way to earn passive income!
Create Udemy Classes
This is pretty similar to YouTube, but with a slight twist. The content being uploaded on Udemy are for instructional purposes. If you have an academic background, you should give this a try! The site hosts lots of different subjects and topics!