10 Passive Income Ideas (How to Make Money While You Sleep)
Is it actually possible to make money without working?
How do I know it’s possible?
Well, I make more money while I “sleep” than many people make by working 40 hours a week. So how did I do it and how can you start making passive income between now and the next 12 months?
Before I share with you 10 passive income ideas you can use to make money, let me put a strong disclaimer right here; You see, making money on passive income is like driving a car, when you’re just learning how to drive, you’ll have to use all your brain power to concentrate, you’ll make
a lot of mistakes and you may even get involve in few minor accidents.
You’ll only be able to drive a car without much efforts or absolute concentration, only if you are willing to sacrifice several weeks or months to make those necessary mistakes and get better.
The same thing happens with passive income.
Some passive income opportunities require that you spend several months learning, making mistakes and building, before you can now relax and make money while sleeping.
If you can’t get through this learning and trying face, this post will be of no help to you.
If you’re still here, let me share with you 10 passive income ideas you can try out.
Invest in an Existing Business
On March 1st, 2017 a friend of mine invested about #100,000 in one of my businesses. Our terms is that I was going to pay him #20,000 every year for the next 7 years and I’ll be giving him his #100,000 investment back after the 7th years.
This person doesn’t do any single thing in my business but he is going to make #20,000 every year for the next 7 years. While you may think that #20,000 isn’t a lot of money, consider the fact that you don’t
work for it and you can have multiples of such streams.
Now, I’m not promising you that every entrepreneur out there will be willing to give you such amount watering dividend because my business is having high profit margin and that’s why I could give away a lot to bribe an investors, but there’s possibilities out there if you can meet up with some entrepreneurs who know what they are doing but don’t have money, you can invest in their business and get a percentage or good interest.
This way you can make money without working.
Write a book
My Business coach publish his first book in the year 2013. Till today that book is still making him money
every month. He does’t have to rewrite the book or do any monthly work, yet his make money from it.
Do I mean that everyone can write a book?
Not everyone can write a book but if you think you can write a book, go ahead and do so. Also learn how to sell your book and possibly automate some selling processes. If you can’t write a book, you can do other things recommended in this video.
Buy and Sell Domain Names
You know what domain names are, right?
Now, do you know that some people just buy bulk of domain names at $10 each, keep them and go to bed, only to sell those domain names for hundreds of thousands and even millions of Naira later?
Yes, I mean it.
Candy.com was sold for $3 million in June, 2009, Medicare.com was sold for $4.8 million in the year 2014.
CarInsurance was sold for wooping $49.7 million in the year 2010. As I said earlier, it usually take time and learning before you can master anything so you may not be able to buy a domain tomorrow and sell it for a million dollars next year.
In fact, you may never get enough luck to ever sell a domain for a million dollars, but what if you’re able to sell a domain you bought for #5,000 at #50,000 or something more like that and you sell one of such each year?
Crowdfunded Real Estate
Real estate for centuries has always been for the rich but that’s changing now.
People are now crowdfunding real estate which essentially means that hundreds or even thousands of people pull together their financial resource to acquire real estate properties then make passive income from rent or lease.
If you’re interested in this, go to Google and research further. If you think you can, you can!
Start a blog
I started my first blog around 2013. It failed, I cried and forgot about it.
In the year 2015 I got inspiration from a friend to start another blog. I did and worked hard on it for about one year and abandoned it.
No. not what you think.
I didn’t abandon the blog. I simply got busy with few other businesses and guess what, even though I’ve not written a single blog post in the last one year, my blog still makes me money. I mean, even if it’s one hundred dollars every month, making money while you do nothing comes with wonderful feeling.
So, if you think you have a message to communicate with the world, you can lay your hands on blogging, work hard for the first year or so and if done well, you can continue making passive income for years to come
License Your Photos
Do you know you can make money from your own photos, crazy, isn’t it?
There is a website call Shutterstock.
What they do is, accept the submission of your photos, if your photos are approved, you’ll make royalty on them whenever anyone buys any of them. Imagine selling a single piece of your picture for 100 times a year and making royalty again and again from such?
“I really have never tried affiliate marketing because I’m a selfish goat” says my coach.
Hahahaha… you see, I know people who make a lot of money from affiliate marketing, selling other people’s products, but because I love to sell my own products, so I concentrate solely on selling my own stuff.
You don’t have to be me or him.
If you have a reasonable social media or online following, you can market other companies’ products to them. These companies pay you commission for giving them customers and you can make this commission on a passive level.
Use one of your cars for Uber
We’re living in an age where broke people use luxurious cars.
You have two cars and need some extra cash?
Get one out for Uber. I don’t know how Uber operates in your country but in my country, you can drop your car for Uber, they will employ a driver on your behave and you’ll earn money from your car.
You can also employ a driver on your own for your car, use it for Uber and you make some money along the line.
Rent out a Room in Your House
You have one or two extra rooms no one is
using? Join Airbnb and get people to stay in your rooms while they pay you for it.
Create YouTube Videos
In the year 2014, my coach created a his YouTube channel and just dropped 3 carelessly made videos and forgot about it. About a year later, I saw that people were watching those videos but I still didn’t
pay attention to the channel until one day when I Googled to know the most popular websites in our country and I found his YouTube in Number 3, just after google.
This revelation shocked him and he started thinking; if millions of people could be going to YouTube every day, there should be how to make money there.
Today people make money from YouTube in two ways.
First, make some videos about the products of your company.
As at today, those videos generate about 500 views every day and my business receive calls every day and we sell to some of those lead. Selling your products from a video you have
made several months ago is a miracle.
Plus, of course, you can make ad money from your video views. Like everything else in this post, it’s
like wanting to drive a car. You must be willing to spend many weeks and months to learn and make mistakes before you can drive easily and without much consciousness.
Can you make money without work?
Can most people do it?
Will most people do it?
Well, most people of the world simple don’t want to make sacrifices on anything. They will rather spend all their lives on the jobs they hate than to sacrifice a year to learn and make mistakes on anything.
I wish you’re not one of them!
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