Money can’t buy happiness but it sure can buy a lot of things. In today’s world money is everything. No matter how much you earn you can always use some extra cash. But then again you work 8 hours a day and you have no time left to make that extra money.
What if I told you that you could make money while you sleep. It sounds a bit too good to be true but there are tons of ways out there for you to make a passive income while you sleep.
That being said, here are 5 ways for you to make money while you sleep.
E-book stands for electronic book. It’s similar to those books that you read but different in a way that your readers can download it and read it through their electronic devices.
This way you do not need to approach anyone to have your book published. If you have a certain skill that you think people would be interested in learning, then you can write an e-book on it and charge your readers per download.
This concept has been getting really popular since the arrival of kindle devices but it has skyrocketed in the past couple of years. Ebooks now cover 20% of all books published last year and it is estimated that by 2020 revenue from e-books would be an estimated $10 billion.
Even popular book writers are turning towards writing e-books because they don’t have to deal with printing, storing, and publishing their books. So, if you have what it takes to write a good book and you know how to sell yourself, you can make a lot of money with e-books.
Affiliate Marketing is basically you selling other people’s product and you make a commission for every sale through your network. Let’s take the example of a person who wrote an e-book and now he wants to sell it. He looks at you and says that he will pay you a 25% commission for every book that you sell. It’s easy money.
All you have to do is find a winning product and sell it. But to be able to sell a product you need an audience that you can market it to. Here are some ways through which you can start affiliate marketing.
- Social media influencer
- Product reviewing
Affiliate marketing is one of those ways that can generate so much money that you will be able to quit your job and do all that you have always wanted to do. Maybe travel, start taking surfing classes, anything can be done in your leftover time if you are a successful affiliate marketer.
Invest in stocks
I am sure you have heard of Warren Buffett, the third richest man in the world. How did he become so rich well he invested in stocks and today he is worth an astounding $82 billion.
Now, not all of us can achieve that but the thing with stock trading is that you don’t require any special skills for it. You just need to be able to analyze whether the stock of a company will go up or down. For some newcomers, it’s a cakewalk whereas for others it can be a disaster.
So when you start investing in stocks, go for blue-chip stocks (google, amazon, Microsoft) which have high chances of trading in positive. You can let your bank balance grow while you sleep by investing in blue-chip stocks but the return won’t be that big.
Stock investing has a general rule “high-risk high reward”. Investing in blue-chip stocks won’t make you as much money as investing in some risky lesser-known stocks. If you had invested $50 in amazon, today it would be worth $1800. But at that time amazon was not as big as it is today.
Stock trading can be a risky endeavor and it is definitely not for the weak-hearted.
Selling products online
If you are active on the internet, then you must be familiar with buying products online. According to Statista e-commerce business is estimated to be worth $4.8 trillion by 2021.
The beautiful thing about selling products online is that you don’t need to create your own product or worry about inventory. With the magic of the internet, you can select an already available product sold by a third party, take its product and start reselling it. You act as a connection between the whole-seller and the buyer.
This process called dropshipping has been popular for the past 4-5 years and there are some individuals who have made millions of dollars reselling products. You can simply pick a product from a third party seller and start promoting it through Facebook ads or other social media handles. When a customer orders a product you don’t have to worry about inventory, availability, or delivery. You just forward the details of the order to the third party seller and sit back and enjoy your passive income.
Build and Sell Apps
A lot of the popular apps that you see on google play and apple store are actually developed by individuals and small companies. The best thing about building apps is that you don’t need to create a market for your product. If you have an idea for an app that can solve some everyday problems or if it is fun to use, then you can actually make a lot of money off of it.
Instagram, Snapchat, and Uber are some really popular apps that were developed by individuals. Today these apps are worth billions of dollars.
Now you might be thinking that you don’t know how to code. Well to be honest you don’t need to know any programming languages to build an app. You can simply hire some really good developers for dirt cheap prices on freelancing websites. They can build you a fully functional product based on your desire within a month. But ultimately it is you who has to market and sell it.
Who knows maybe you’ll create the next Uber or Instagram.
These are only a few of the things that you can do to make money while you sleep. There are hundreds of other ways that you can use for making a passive income, you just need to find the right one for you.
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