How To Earn Passive Income And Make Money While You Sleep Top 10 (2023)
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How to earn passive income is one of the best things I’ve learned because you can literally earn money on something you created for years into the future.
I love passive income for many reasons.
You put in the effort upfront and potentially have the benefit of making money while you sleep for years to come.
If you’re not familiar with the term passive income here’s what it is…
In short, its income and cash flow are received on a regular basis and require minimal to little effort by the recipient to maintain.
Sounds good huh?
Well, keep reading and I’ll share with you ways you can start earning passive income too.
10 ways you can earn passive income
There are many ways to earn passive income, but these are my top 10 favorite ways that you can start today.
#1 You Can Start An Online Course
Did you know many people are learning online?
And they are willing to pay you for your knowledge.
It’s beginning to be more common than the traditional classroom setting and is a lot more
One of the most popular platforms for this is Udemy.com
A lot of the classes start at only $9.99 so you can take several classes for a
Of course, you can charge more than that price. It’s all up to you.
After you have created the course, the hard part is over.
Now you can create other courses and build up a nice passive income for yourself.
#2 Build An App
You might be thinking I don’t know anything about building an app.
Well, it’s much easier than you might think. There is an article on medium.com that helps you get started making an app.
Today there are so many smartphone users that this passive income idea alone can be very lucrative for many years to come.
#3 (REIT) Real Estate Investment Trusts
If you’d like to invest in real estate without becoming a landlord this is a great option for you.
A REIT is a company that owns and, in most cases, operates income-producing real estate.
Some of the REITs engage in financing real estate too. I like REITs because they typically pay higher dividends than stocks, bonds, and even bank investments.
Another benefit is that you can sell your interest in the REITs whenever you like.
#4 Set Up A Drop Shipping Website
One of the most used platforms for dropping is Shopify where you can start your store for much less than a brick and motor.
Personally, I have found this to be a very profitable way to earn money online, but it’s not totally passive.
You might work a few hours a week, but that’s not bad, right?
I would say this is a good option for someone that feels comfortable generating traffic to their website and knows about SEO.
The best way to go about this I have found is to start with products you have knowledge about and start there.
#5 Sell Products You Create On A Website
Similar to #4 but in this case, you will be creating products that you either own or have made yourself.
This is a perfect side hustle that can easily turn profitable very fast depending on what you’re selling and the demand for the items you have.
If you don’t have a website of your own you can go on ETSY if you are creating the products yourself.
This could be a very enjoyable way to make money while you sleep and in some cases turn into a six-figure income.
#6 Start An Amazon FBA Store
Everybody at some point in time has probably shopped on Amazon.
But maybe not so common is starting up your own FBA store on Amazon.
It’s free to sign up and very similar to drop shipping you can find items that are from places like aliexpress and have them ship your orders…
Or you can find items with a good ROI that you can purchase and ship to Amazon. They will take care of the customer service and shipping for you.
I know many making $10K and more every month doing this.
#7 Create An Ebook
This will take some time and effort upfront, but once you have finished this ebook can be sold on your own website or various online platforms that will take a small cut of your earnings.
This is a great way to earn passive income for years to come.
The reason most people miss out on this one is that it will take more time than most of the other options on this list.
#8 Let Your Hobby Of Photography Earn You Money
I’ve loved photography for years and just did it for fun.
Do you love photography too?
You can turn your hobby into a passive income source. Which makes it even more fun!
Shutterstock is a good place to go where you can sell your photos.
There are apps where you can sell your photos too.
It’s loaded with many options and websites that offer you a platform to sell your photos.
Check out their website and create your portfolio. It’s easy and a very fun way to generate income.
#9 Affiliate Marketing
If you own a blog this can be a great way to boost your income passively.
Affiliates get a bad name because some of them try to do this all wrong by sending lots of spam on social media or to your inbox…
but doing this correctly can be very lucrative and deliver checks to your mailbox over and over again with little effort on your part over time.
If you want to be more aggressive you can purchase ads and marketing campaigns that can generate thousands of dollars quickly.
#10 Become A Youtuber
Back in 2005 YouTube was mostly unknown and has quickly turned into the second most-used source for searches online.
Find a topic you feel passionate about and can create engaging videos that your audience will enjoy and tell others about.
It’s good if it’s something that will create a large following and you love to talk about.
The key is consistency.
Especially in the beginning, you’ll need to create a video a day or every other day at least as you build up your following.
You can earn money through Google Adsense and this can become a source of passive income for many years.
Benefits Of Passive Income
Passive income is earned without actively working. It lets you generate money while sleeping and has numerous life-changing advantages. Passive income might change your financial future.
Passive income gives independence. Passive income sources let you determine your work-life balance. Work when and where you want without a boss. Passive income lets you travel, work, and spend time with family.
And passive income lets you make money without working. Traditional occupations pay when you work. Passive income sources provide earnings even while you’re not working. You may make money while sleeping or taking a break.
I like Passive income because it may secure long-term finances. Diversifying your revenue sources may bring long-term financial security. Passive income sources are less susceptible to economic downturns than regular occupations.
Financial stability requires income diversification. Passive revenue streams let you diversify your income. Diversification may safeguard you if one revenue source fails or declines. Passive income helps cushion job loss and economic downturns.
Passive income may provide long-term financial stability, flexibility to work on your own terms, and income diversity.
You may change your financial destiny by developing various passive income sources. Take charge of your finances by investigating passive income sources now.
Summing Up How To Earn Passive Income
How to earn passive income is one of my favorite ways to earn money online.
Earning money while you sleep… sounds good right?
Well, choose one or more on the list above and you will be doing exactly that.
The main reason people fail is that they give up too easily or even worse don’t get started at all.
Are you doing any of the following passive income ideas on my list? What are your favorite ways to make money passively?
Leave your comments below.
We look forward to hearing from you!
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