Have you ever wondered what the best way to make money while you sleep might be? There are many different ways you can achieve this goal, but it depends on what stage of life you’re in and what your job entails. Here are some ways you can make money without having to do any physical labor at all!
1) Passive Income
Passive income is money that is made without continuous work and can be a powerful way of generating wealth. Passive income can come from many different sources, such as investments, royalties, and rental properties.
If you're looking for passive income, it's important to learn the basics of each potential source. For example, dividends are common in investment portfolios and are distributions from company profits. Dividends are paid out to shareholders on a quarterly or annual basis.
For instance, a stockholder might receive $1 per share of company stock held at the end of one year; this would amount to $4 per share annually or $0.25 per share every month (assuming there were no other stocks distributed during that time).
2) Dividend Growth Investing
Dividend investing means you purchase stocks that pay dividends. These are companies that are already profitable and have a long history of paying dividends, which means they can afford to return some of their profits to shareholders in the form of cash payments.
Dividends can be paid out as cash, or if a company has excess cash on hand, it might choose to buy back its own shares. Purchasing a stock that pays a dividend is like getting paid for doing nothing! Your investment will just sit there and grow until you want it back--and then you'll get your money plus any capital gains over the years.
If you invest $10,000 at 8% per year (with reinvested dividends), your $10,000 would become $16,000 in 10 years without touching the principal. And if you decide to take your original investment out after 10 years, it would be worth about $28,000. That's double what you put in with no work required at all!
3) Peer to Peer Lending
You can generate income by borrowing money from people who have the cash and don't mind making a little less in interest. The peer-to-peer lending industry has grown rapidly in the past decade, with companies such as Lending Club and Prosper Marketplace making it easy for people to lend their money.
The best part about peer-to-peer lending is that you only pay interest on what you borrow. Peer-to-peer lenders are typically looking for personal loans between $1,000 and $35,000. In order to be eligible, you need good credit, at least 18 years of age, and an annual income of at least $40,000.
If approved for a loan through Lending Club or Prosper Marketplace, there's no reason why your money shouldn't be earning while you sleep!
4) Get Paid For Doing Nothing
The good news is that there are plenty of ways you can earn passive income. Whether your goal is retirement, or paying off debt, there are several strategies for earning a paycheck without ever having to work. Here are just a few ideas:
1) Invest in stocks. If you're looking for an investment that will grow over time, stock market investing might be right for you. Stocks represent fractional ownership in companies and the value of the shares rises with the company's success.
Historically, stocks have outpaced other investments like bonds and mutual funds over time and they don't require as much involvement as some of the other options on this list. If you choose to go this route, though, it pays to do your research before making any big decisions.
2) Buy real estate. Real estate has always been one of the best long-term investments because it has consistently provided positive returns in all sorts of markets over many decades. There are three main types of real estate investments: commercial properties (office buildings), residential properties (single family homes), and raw land (undeveloped plots).
3) Buy gold coins. Gold is also a very popular type of investment because it holds its value during tough times and often holds up better than more conventional assets like stocks or bonds.
4) Get paid while sleeping!
5) Start An Online Store
The best way to make money while you sleep is by starting an online store. This will allow you to work from home and set your own hours. If you have a talent for making crafts, then Etsy might be the platform for you.
Etsy has over 54 million items for sale and it's easy to get started with the selling process. Sign up for an account, upload your product photos, create a listing, and then wait for customers!
The other great thing about having an online store is that if one business day doesn't go well, then there are always other days to look forward to. That's something that can't happen in brick-and-mortar shops because once the shop closes its doors, there's no getting back in.
6) Become a Gig Worker
One way you can make money while you sleep is by becoming a Gig worker. Gig workers are freelancers who take on short-term jobs, or gigs, that do not require a long-term commitment.
This allows them to earn some money on the side and also leaves them free to pursue other opportunities. Some examples of these gigs include tutoring, landscaping, pet sitting and teaching English online. You could even use your expertise in photography to sell your services on sites like Fiverr or Upwork.
7) Open A Trust Deed Account
A trust deed account is often used as a type of secondary bank account. Essentially, it's an interest-bearing account that you can use to save up money. When the funds in the account reach a certain threshold, it can be withdrawn by paying off the loan.
It's a way of building savings while keeping your cash accessible. If you set up a monthly transfer into this account, and live below your means, it could mean big things for your future.
8) Become A Property Flipper
One of the most popular ways to make money while you sleep is flipping houses. The costs for this type of real estate investing can vary widely, depending on the market and the number of years you have before the flip. One thing that won't change much is how long it takes--anywhere from 18 months to 3-4 years!
#1: Becoming a Property Flipper
One of the most popular ways to make money while you sleep is flipping houses. The costs for this type of real estate investing can vary widely, depending on the market and the number of years you have before the flip. One thing that won't change much is how long it takes--anywhere from 18 months to 3-4 years!