Have you ever wondered how you can make money while sleeping beside your active income stream? Well, that’s where the passive income comes from!
Passive income is a great way to achieve financial independence. Now, how to achieve it? For you, here are 5 smart passive income ideas to make while you sleep.
Well, when it comes to building a passive income stream, almost everyone takes a step back by thinking about the upfront cost and time. However, some ways do not require time and investment. You have to find the perfect one and start working on it.
So, do you want a break the poverty and make a smart passive income stream? If Yes, then read below and start building the passive income stream that goes with you.
5 Smart Passive Income Ideas to make while you sleep
When it comes to creating a smart passive income stream, there are several things that you need to come down with-
- Investment
- Skill
- Time
- Crystal Clear Plan
- Consistency
Now, there are ideas available like buying real estate, which requires hundreds of thousands of bucks, then there are also ideas available like building a blog, which requires a few dollars a month besides time, skills, and risk management.
So, if you don’t have enough to invest, you can build a passive income stream that pays thousands of dollars every month.
So, without delaying more, let’s get into the five smart passive income ideas below-
Create a website (do blogging and affiliate marketing)
We believe you already know about both blogging and affiliate marketing. Blogging and affiliate marketing both are best for creating a passive income online, but why a website?
You can do affiliate marketing through social media, YouTube, website, and so on, but you need a website for blogging.
By creating a website, you can enable the opportunity of both incomes, which means you will be able to do affiliate marketing and blogging from the same website. How to start?
At first, find a niche that you are comfortable with (for example, technology, automotive, education, wildlife, etc.)
Once you found your niche, you now have to do keyword research and find the right domain name and logo designing. Once all these tasks are done, now focus on making content.
Now, you can write blogs and monetize them with Google AdSense, Mediavine, and others.
For affiliate marketing, check e-Commerce platforms like Amazon, eBay to find your reach relevant product. You can also find offers on other affiliate platforms like Clickbank, peerFly, commission junction, etc.
Once you find the right product, focus on building and uploading content, doing some SEO and promoting the post, and enjoy the sweet taste of commission.
If you can create a well-reputed website with a fair amount of traffic, then brands will also pay you for reviewing their product, or you can also charge them for several years/lifetime for that sponsor posts view. Also, if your website has good traffic, you can give it for rent as well.
Build an app
We all use apps on our phones, aren’t we? Nowadays, apps are being a way to solve problems smartly. For example, for food delivery, we have Uber eats, Foodpanda, Grubhub, etc.
For transportation solutions, we have Uber, Lyft, Sidecar, and many others. For learning academics, we have khan academy, edX, Udemy, and others.
All these app-based companies are making billions only for solving our problems. Undoubtedly, all these companies are significant and have a complicated earning system, but if you decide to build an app and earn through it, then the two best ways are-
- Monetization: Users will see ads for a few seconds while using the app.
- Subscription: Before installing the app, the user must purchase it by paying your chosen amount.
Now, you are thinking, I don’t know how to code, how can I build an application? Well, you don’t have to worry about it. There are several ways available to build an app; no coding knowledge is required.
Course Selling
Nowadays, course selling is in trend because with proper knowledge in anything (from craft, cooking to coding, and different language).
If you know about a topic/subject/skill and can teach people effectively, and committed to supporting them until they learn it correctly, this can be a way for you to make a fortune passively.
Well, selling courses isn’t an easy thing; you have to commit to your students and teach them exactly what they want to learn.
So, make sure you are making and planning according to your student’s need. This is the only way to make a passive income stream through course selling.
How is it a passive income? Well, if your course is helpful and problem-solving, students will subscribe to it, and you will continue making money even when you are sleeping.
Platforms like Udemy, Skillshare, Teachable, etc., can help you to create courses.
Invest in stocks
Dividend stock made so money people rich; it’s a traditional way of generating passive income.
Well, making money with dividend stock is quite tricky. It requires researching and analysis before investing in figuring out the profits and losses.
However, without buying and investing your money, there is nothing else to do with dividend stocks. That’s why, to see the profit, invest in good organizations stocks after checking and analyzing their financial statements.
The Art of Renting
Maybe you are seeing this phrase ‘the art of renting’ for the first time in your life. Well, renting is genuinely an art that can help you to make money passively.
When it comes to renting, most people start thinking they don’t have a house or land to give on rent, which means they can’t make money through renting something.
Well, it’s not true. You can rent your cars, RVs, boats, bikes, video games, musical instruments, and so on. Also, you can rent out your room by listing it on Airbnb.
Do you have an empty garage or a parking space that you do not need? An empty backyard? Well, you can rent all these out and make thousands of dollars in passive without doing anything.
Let’s assume you don’t have any of these above. Well, do you have clothes or an extra mattress and pillow? You can give them for rent too.
So, figure out what you have and search online if there’s any way available to give it on rent. Try it yourself, and soon you’ll learn the art of renting too.
Conclusion
So, here are the 5 smart passive income ideas to make while sleeping. If you see carefully, you’ll understand, almost all these ideas don’t focus on investment; instead, it requires skills and a problem-solving mind to make money passively.
We believe you already have a smart idea for you, and you will take action to make it happen. Your hard work will pay off. We believe in you!