How to Keep Money Rolling While You Sleep – 5 Ways Explained

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Year 2020 has been worse for a lot of people from multiple industries; especially tourism, aviation, leisure & hospitality. In such unprecedented times, it is crucial to gain better control of financial stability & security.

Remote working opportunities have faced a boom during COVID around the globe. Whether you want to earn extra cash, increase buying power or planning for early retirement, many people in general have involved themselves in different side-hustles.

One way to ensure a flowing stream of earning along with your full-time job is passive income and this post is exactly about that. Scroll down to learn about passive income and ways to have one for you.

What is a passive income?

The idea of passive income is not something unheard of. You might already be generating passive income by gaining profits through mutual funds or receiving payments by renting out a property.

To define it in simpler terms: a passive income is a source of money which you earn with minimum or no effort on your part. You may get up to get to work and actually work but you will still be earning while you sleep through channels generating passive incomes.

Why Consider Passive Income?

Even if you are content with your monthly pay-check, an extra cash of a few dollars every month won’t bother you for sure. If you wish to increase your wealth and gain financial freedom to some extent, then consider investing your time in ideas that could lead to an extra source of earning.

Bear in mind that you will not be earning $30,000 a month through sources of passive income. There is no quick rich scheme and every side-hustle you choose requires dedication & effort. You may read about a YouTuber or a blogger earning in thousands but you may not know how much effort they had put in day & night to achieve that success.

How to Build Passive Income – Ideas for You to Get Started

The Internet is filled with hundreds of ideas for you. Some of them are claimed to be easy while others require certain skills & investment. Whatever you may choose, we would encourage deciding on what you think is suitable as per your experience & learning.

Here we will be discussing five ideas to get money rolling:

1. Create Online Course

Do you have a particular skill or experience which you would like others to learn? Do you use particular software in your day job which might be difficult to learn for beginners? How about teaching online via course?

Selling digital products can bring a steady income and online courses are one of them. There are many platforms providing online courses. All you need to do is plan your course, break it down in segments, make it effective & launch. Every time someone decides to purchase your course, you will earn a commission. Some online course providers worth checking out include:

• Udemy
• Teachable
• Kajabi
• Ruzuku
• Teachery
• Podia
• Academy of Mine

2. Affiliate Marketing

Perhaps the most common method used for passive income is affiliate marketing/referral sales. The learning curve is low and no major investment required. All you need is to build a blog or a YouTube or Instagram channel to discuss products which you like. If a user clicks on your affiliate link and makes a purchase (with no extra cost associated) then you can earn a commission.

Consider following examples to learn how they work:

• You promote a $100 microphone at a site which pays 50% commission. If your promotion yielded 5 sales then you can earn $250.
• Similarly if you use your social media to promote a $20 ebook which pays 50% commission then generating 10 sales can land $100 to your bank account!

You can sign-up for multiple affiliate programs. You can check out following:

• Amazon
• Bluehost
• ThemeForest
• Canva
• Udemy
• FIverr

3. Write Ebook

Writing ebooks is not everybody’s game. Yes, it is true. But if you have creativity and writing skills, you can surely create your own ebook. People love to read books on self-discipline, romance & sci-fi. It will require your dedicated time from crafting the manuscript to editing & proofreading.

You can also enroll yourself in online courses to learn about digital books writing at Udemy.

Even if you think your skills are not enough to write a book by yourself, you can hire a freelance writer to help you through the process.

Once your ebook is published and available for download, you can start earning with every sale. Not every book is sold though – so make sure you follow best practices and focus on quality content instead of rambling with unnecessary words to increase the number of pages.

Where should I publish?

There are many awesome sites welcoming first-time authors’ ebooks (and experienced ones). Some of them include BookRix, Smashwords, and Apple Books.

We recommend Amazon KDP – Kindle Direct Publishing.

4. YouTube Channel

Who doesn’t use YouTube? Everyone does.

With 500 hours of videos uploaded every minute and more than 1 billion hours watched every day, YouTube is one of the largest platforms out there.

When we talk about passive income, earning from YouTube is not to be missed. Most channels (without million subscribers) earn $18 per 1,000 views; on average while some earn very little. It depends upon your content after all.

Understanding target audience, creating unique & engaging videos, applying marketing strategies are some ways to ensure a successful YouTube channel. Once subscribers reach more than a thousand with 4k+ watch hours, you can apply for monetization.

To learn more about YouTube marketing courses, you can enroll at Udemy:

5. Stock Photography 

Do you like taking photos of your cooked meals? Do you like to capture the natural scenery while out for morning walk?

Some of us love to click pictures to capture important moments. If you have a good quality camera (mobile phone’s work as well) and love of taking pictures, then you can consider selling them via stock imagery sites. Some of the websites where you can start earning with your photos include:

• Shutterstock
• iStockphoto
• 500px Prime
• SmugMug Pro
• Etsy

So, are you ready?

Whatever idea you decide to pick, the time to start working is NOW! So take out an hour from your daily schedule and let the magic begin.

If you have any suggestions, let us know in the comments below. Also, you can get in touch with us for consultation – we can help you to achieve your targets of generating money by working from home.