“Make money while you sleep!”
Would you like to know how to earn with passive income? We have all seen job listings like this posted online or nailed to a telephone pole. We roll our eyes and scroll past or walk on. Sure, it would be great if we could make money while asleep, but that isn’t how the world works. Except, with the right approach, it does.
Now, you shouldn’t necessarily respond to these advertisements; many of them are, in fact, scams. But the existence of those scams does not negate the fact that there are legitimate ways to earn passive income—or, as those advertisements put it, make money while you sleep.
You invest in something or create something and then continue to earn income from it over and over again. It is natural to approach this concept with skepticism; it sounds too good to be true. However, you are likely already earning passive income in one way or another—through interest on a bank account, your investments in the stock market, or on bonds. So passive income isn’t a new or revolutionary idea.
Besides the ways listed above, what are some ways you can earn passive income? Read about a few below.
With an eBook, you invest your time only once, and then continue to profit from it for years to come—possibly the rest of your life. You do not need to be the next great novelist to do this; many different writing styles work. In fact, non-fiction how-to books sell quite well and require minimal investment of your time and money. These books tend to be short (even just 4,000 words at times) and require little more than your knowledge and an organized approach.
With handmade arts and crafts, you must make a new product every time. With digital products, you make the product only once and then sell it over and over again. Etsy is the big marketplace for this. You can make invitations, cards, art prints, and more and then sell them through Etsy as digital downloads; the customer is then responsible for printing them. In some cases, you might have to make a quick customization, but it is minimal work.
There are other marketplaces where you can do this as well. Many stock photo sites will pay you royalties on each image of yours purchased, and Teachers Pay Teachers is a great place for traditional educators and homeschoolers to make money off of the products they create for their own lessons.
Another excellent option for teachers, as well as experts who happen to be great at explaining things, is to create an online course. Udemy is just one platform for publishing these courses. You do not need to interact directly with the students who take the course; you just need to create your lessons and the materials they will need to understand the subject. Package it all together and sell it over and over again
If you know how to program, even if all you have right now are the basics, you can create apps. Learn as you go and, eventually, you will be creating awesome apps. Focus on apps that address needs you have, as there are surely others in your shoes. This will allow you to help yourself while making a profit.
Are you great at coming up with catchy phrases? Do you make some pretty cool drawings? Then you can sell t-shirts. Upload your designs to CafePress and start making money without much fuss on your part. The manufacturing and shipping are all taken care of for you.
Do you have some interesting ways you make passive income? Share them with us!