How to Make Money While You Sleep? 5 Ways to Make Passive Income

Who doesn’t like getting $ in their bank accounts, all while doing nothing? While it may sound too good to be true, with the right strategies and some upfront work, it is achievable. Don’t worry! We are here to guide you about everything.

To make passive income, you need to put in some initial investment, be it money or services. However, once established, generating revenue without active participation takes no time. Imagine making money even when sleeping. Sounds unreal, right?

Besides, with the rising inflation worldwide, it is imperative to have multiple cash streams to attain financial freedom. Hence, here are 5 beginner passive income ideas to make money online.

Affiliate Marketing

Affiliate marketing means recommending products to your audience and earning a commission when your audience buys the product through your link. You can market the product through social media platforms like Instagram and TikTok or traditional blogs and emails.

According to a survey, 16.21% of marketers earned up to 150 thousand dollars through affiliate marketing in 2021. It may take some time to gain your audience’s trust, but once you get a substantial following, it’s a breeze.

Dropshipping

One of the best ways to earn passive income online is by dropshipping products through your e-commerce store. When a customer buys a product from your store, the supplier gets notified who stores, packages, and delivers the product.

The best part is that the supplier entirely manages the product handling. Research suggests that dropshipping is highly effective in lowering the cost of storage, handling, and discontinuity, thus, aiding its popularity.

Digital Products

Technological advancement has made it easier to market your skills and make money online. If you are a skilled individual, you can sell your digital products and make money online without substantial investment. This includes selling online courses, e-books, workshops, software, templates, and stock photography.

Market your products online, or get an e-commerce store to display your products, so you can earn money even while you sleep.

Blog or Youtube

If writing a book or programming are not your domain, you can make a YouTube channel or start a blog about the things you love. Whether you are a traveling enthusiast, a cooking expert, or a gamer, you can earn through your passion.

Make valuable content, publish it, monetize your blog or channel, and stay consistent. You will automatically see opportunities presenting themselves as affiliates, ADs, and brand partnerships. Ensure you are an expert in the field to make quality content and attract the audience.

Peer-to-Peer Lending

According to a survey, the value of peer-to-peer lending is expected to grow up to 1 trillion US dollars. This makes P2P an excellent option for earning passive income. However, unlike other options, you need to invest money in order to earn profit.

While the risk involved is slightly greater than other means of earning passive income, you can easily mitigate the risks through thorough research and strategies.

Final Verdict

With the popularity of passive income streams and the increase in inflation, more and more people are joining the field. As mentioned above, drop shipping, affiliates, blogging, and digital products make some pretty solid options.

As Warren Buffet rightly said, “If you don’t find a way to make money while you sleep, you will work until you die.”