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Earning money is no easy feat. Unless you were born with a silver spoon or hit the lottery by some miracle, it entails putting in hard work and lots of hours.
Previously here on Early Morning Money, we outlined a few ways to make a quick buck, like selling your extra belongings and trading your skills for cash. However, none of these are as effortless as passive income. Not only does this type of earning money save you time, but it also requires little ongoing involvement from your end — perfect for busy people and opening up extra streams of revenue.
Although going to bed at night and waking up with more funds in the bank might sound like a pipe dream, it’s completely possible. So whoever said “you snooze, you lose” can take a few notes. That said, here are a few things you can do so that you, too, can make money while you sleep.
Thinking up ideas, writing, and producing content might sound a little labor-intensive at first, but with good-old time management and a solid set-up, it can be done on a part-time basis. Blogger Jules Tillman suggests numerous monetization options you can explore, such as affiliate marketing and advertising.
Affiliate marketing is great for newbies, because anyone can get started almost right away. All you have to do is scour the internet for companies that offer affiliate programs, where they give bloggers an incentive to share their products. Amazon, for example, already does this. On the other hand, selling ad space on your page requires you to have a fair amount of traffic and views, so it’s best to try when you’ve already built up a following.
Invest in Stocks
You don’t have to be well versed in economics or finance to invest in stocks, though it’s understandable how it can seem intimidating at first. An article on FXCM details how to make money in the stock market, which basically entails you putting in money to have a share in a business or company. And as a partial owner, you are eligible to reap the rewards of the company’s operations — all without lifting a finger. While there’s no guarantee that your money will find its way back to you tenfold, it has the potential to be a highly profitable venture if you invest smart. It’s helpful to stay on top of trends to see which stocks are hot on the market, as outlined by the U.S. News and World Report.
Create an Online Store with Drop Shipping
With the explosion of eCommerce, drop shipping has become very popular. Here’s how it works: you create an online store that offers products from certain manufacturers. A person visits your site and orders a product, and then your system sends the order to the specific manufacturer. The manufacturer then completes the order by shipping it directly to the customer.
One of the cool things about this type of business is that you do NOT need to order inventory. The customer pays for the product; you collect the profits, and the manufacturer stores and ships the products to the customer. It’s as simple as that. If you’re interested in starting a drop shipping business, consider using a platform like Shopify to build your online store.
You can virtually make a course out of anything you’re good at. You might not even realize that you’ve been doing it already, whether it’s teaching someone a recipe or guiding a friend in learning a new language. So why not make money out of it? Again, it takes a bit of work to set things up at first, but once you’ve launched, it’s smooth sailing from then on. According to an article on Forbes, teaching online recently ranked as one of the most effective ways to make a living on the web. Udemy, for example, counts over 35,000 instructors teaching and raking in income from their own courses.
Traditional Real Estate Rentals
Among the methods on this list, real estate is the most cost-prohibitive to dip your toes into, but this investment has stood the test of time in terms of earning passive income. People are just always going to need a place to live and work. Although you might have to shell out every now and then for maintenance fees, you can make it completely passive by turning things over to a property manager.
ABOUT THE AUTHOR:
Melissa Pascocci is a digital nomad with a degree in financial management. Having quit her desk job at a bank over a year ago, Melissa set out to chase the horizon and learn more about the world we live in. Currently based in Chiang Mai, she is passionate about environmental conservation and helping others find financial freedom.